Fractional CFO for health data & analytics companies
Health data businesses sit closer to enterprise software than anything else in digital health, but the data layer underneath is regulated, contracted and expensive to maintain. Pharma, payers and health systems buy on multi-year terms with heavy negotiation on data rights and audit access, and a single contract can carry a base licence, platform subscription, project analytics and milestone-linked study work.
Finance treatment is ASC 606 at the harder end. Each contract unbundles into licence, platform, services and milestone elements with different recognition; data acquisition payments accrue against the life of the contributor agreement; and gross margin is reported across licensed data, derived analytics and managed services because they behave nothing alike. NRR drives valuation and has to be measured at contract level as customers add modules, geographies or therapeutic areas mid-term.
Flow provides financial modelling, FP&A and fractional CFO advisory to health data and analytics companies across real-world evidence platforms, claims and EHR data networks, life-sciences commercial analytics, clinical trial and patient registry operators and specialty data suppliers. Our startup CFO team delivers the contract-level FP&A and financial modelling crossover investors expect.
KPIs to track for "health data & analytics" startups
We're very 'KPI-driven' fractional CFOs, and we make sure to monitor the right metrics for your startup.
ARR
Net revenue retention
Gross retention
Enterprise customers
Data partners under contract
Therapeutic areas covered
Average contract value
Gross margin
Sales cycle days
Magic number
Financial modelling for "health data & analytics" startups
As fractional CFOs, we build KPI-driven financial models that are insightful and easy to maintain.
Financial modelling is both art and science - models must be robust, but also understandable, and useful for both internal planning and VC fundraising purposes. Hire a fractional CFO who knows how to handle both sides of the equation.
Contract unbundling under ASC 606
Each enterprise deal decomposed into licence, platform subscription, services and milestone-linked study performance obligations with their own recognition pattern. The unbundling defends the revenue line against the audit treatment pharma and payer deals attract.
ARR and net retention by therapeutic area
ARR cohorted by therapeutic area, customer type (pharma, payer, health system) and module, with NRR tracked as customers extend into adjacent areas. Lets the board read expansion the way crossover investors price it.
Data acquisition cost accrual
Payments to contributing health systems, clinical sites and data partners accrued against the life of the data agreement, with refresh frequency and exclusivity premiums separated. The single largest item in COGS and the one most often misallocated.
Gross margin by stream
Licensed data, derived analytics and managed services reported with their own gross margin, since data licence margin behaves nothing like services margin. Avoids reporting a blended margin that looks weak against software comparables.
Contracted backlog and RPO
Remaining performance obligation built up from multi-year contracts with milestone tranches phased to expected delivery dates. The backlog metric pharma-data acquirers anchor valuation on alongside ARR.
Sales cycle and pipeline math
Enterprise pipeline weighted by stage with the 12-to-18-month median cycle reflected, against the bookings plan and the cash burn during the cycle. Tells the board whether ARR plan is achievable without expanding the sales motion.
Founders and investors we've worked with
We've supported winning builders across health data & analytics and beyond.
Cannadorf
As a fractional CFO we helped Cannadorf, an Israel-based pharma-grade medical cannabis leader applying tissue culture technologies, build out its financial plan ahead of scaling production.
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Cannabis Innovation Center
We acted as fractional CFO to Cannabis Innovation Center, a Tel Aviv-based medical cannabis group developing multiple cannabis-based therapies, providing internal valuation guidance.
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BiomX
As a fractional CFO we performed a confidential valuation of BiomX, a Tel Aviv-based clinical-stage microbiome therapeutics company, supporting Elevator Fund's portfolio management.
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TBô
We acted as fractional CFO to TBô, a Zurich-based tech-enabled DTC male underwear brand, building a bottom-up financial / operating model with cohort-level KPIs and positioning the company for its next venture round.
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Onlogist
We acted as fractional CFO to Onlogist, a Hamburg-based online marketplace for last-mile vehicle transfer, providing confidential valuation guidance and operating model support.
See moreRecent fractional CFO track record
See our fractional CFO and financial modelling experience across health data & analytics and beyond.
Simple pricing
No hidden costs, no complicated long-term contracts. We understand how important flexibility is for health data & analytics startups.
Per month
- Accounting / FP&A tech stack implementation
- Monthly financial statements and reporting pack
- Quarterly board pack with detailed financial analysis (with variance analysis vs. budget, relevant KPI observations etc.)
- Investor-friendly output
Per month
- Everything in Core, plus
- Operating model (via an online platform like Runway or Excel-based)
- Ongoing model maintenance, refining projections, burn/runway management
- Customer cohorts modelling, churn and retention analysis
- LTV / CAC, unit economics analysis
- Cap table management
Per month
- Everything in Grow, plus
- M&A / fundraising support; review of business plan
- Pitch deck preparation
- Investor approach strategy / list building
- Due diligence support and deal negotiation
- Valuation as required and free access to Multiples Pro
Packages shown are illustrative, final pricing is tailored to client requirements.
Explore our fractional CFO offering for similar verticals
We're a specialized fractional CFO to digital health companies.
Our fractional CFO experience spans across all digital health verticals.
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We know tech inside & out.
We provide fractional CFO services to companies operating across the entire tech.
More services
We help you scale by providing fractional CFO advice, through fundraising and a successful M&A exit.
VC fundraising for health data & analytics companies
We help you prepare materials, reach out to investors in our extensive network, negotiate fair term sheets and structure the VC round.
Learn moreM&A for health data & analytics companies
We advise winning tech companies on M&A exits, and over the years successfully executed numerous transactions with both financial and strategic buyers.
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