According to Fortune Business Insights, the global telemedicine market size is valued at USD 87.41 Billion in 2022 and is projected to grow to USD 286.22 Billion by 2030. In Europe alone, the market potential of telemedicine is demonstrated to be strong and expected to grow at a compound annual growth rate of 14% in the coming years.
This case study looks at the enormous payroll challenge faced by telemedicine companies who operate 24 x 7 with a workforce that is spread across the globe.
Our client, a telemedicine company, employs 300 doctors and over 200 support staff. They operate 24 x 7 and employs staff from across the continent spanning different time zones.
They provide remote healthcare services, via real-time two-way communication between the patient and the clinicians, using electronic information and technology over the internet with audio and visual means.
Foreign Exchange Fluctuation – With a global workforce and clientele, their foreign exchange strategy can affect overall profitability. They were looking for a partner who can give them sound advice especially in protecting them against volatile exchange rates so that they can forecast steady figures for incoming and outgoing payments.
Multiple Currency Management – Based in Europe, our client gets paid by their clients in Euros. More than half of their employees, on the other hand, are based around the world and get paid in their local currencies. In addition to the foreign exchange challenge, they were looking for a financial service provider that allowed them to store multiple currencies in a single account.
How PayAlly Helped
PayAlly offered a complete set of financial services tailor-made for the demands of this business’ global footprint, managed from a single place. PayAlly consolidated what was once a fragmented network of suppliers for foreign exchange, payments and multicurrency accounts.
PayAlly’s integrated payments ecosystem removed friction from multiple suppliers and regular cross-border transactions. This was achieved by taking the client’s, their suppliers, and employees out of the traditional banking system altogether, and setting up what is, in practice, a local financial network.
After onboarding the client, select suppliers and their employees, PayAlly set them up with their own account and pay structure. After completion, the client was able to move money around their internal network at will, in the currency of their choice, without paying FX and other fees. They can hold various currencies in their multicurrency wallet. Fees were only applied when money is taken out of the system.
Guaranteed Currency Exchange Rate – With PayAlly’s forward contract option, the client was protected from foreign exchange volatility. At the start of the engagement, both parties agreed on an exchange rate for the numerous currencies that will be used in the next 12 months. This assured their staff that they receive the contracted wage in their preferred currency, on time, throughout the course of their employment.
Multicurrency Management – With just a single account, the client can pay their employees who are earning Euros from their Euro funds; those earning in other currencies from their other currency funds. This eliminated the risk of foreign exchange fluctuation during currency conversion at any given time.
Branded Cash Card – The client took advantage of PayAlly’s Card White Label solution and was able to hand out their own branded cash card to their employees. In this card, virtual and physical, the employees received their monthly remuneration and also paid for goods and services in their personal day-to-day spending.
Single Platform to Manage and Execute Payroll – With employees based around the globe, the client is able to manage wages in a single platform. Each employee was also given the option to manage their own funds via the PayAlly portal or through the phone app.
24 x 7 Support – By default, PayAlly assigns a single point of contact to all clients. The client’s dedicated Relationship Manager is available to answer any questions 24 x 7.