In this blog post, we’re excited to feature Victoria Davis, Head of Finance at Medtronic LABS, who shares her professional journey and how she came to be part of the Medtronic LABS team.
Herein, Davis discusses the intersection of finance with global health and how finance plays a crucial role in facilitating positive patient outcomes for organizations like Medtronic LABS. She further addresses the need to adjust the approach to financing in the global health industry and how LABS’ approach is distinct in its ability to leverage internal support to build strong external partnerships and its focus on long-term sustainability. Finally, Davis speaks to the importance of “co-creation” in ensuring global health financing fulfills its potential.
Continue reading to enjoy the full Q&A session.
Hi, Victoria. Can you share with us your professional background and how you came to be part of the Medtronic LABS team?
Hello! It’s a pleasure to be here. And for sure. My professional journey has always revolved around the world of finance. I studied both finance and business, worked for a few smaller companies, and ended up in a finance role with Medtronic (LABS’ parent company). I started with a role in the contract and pricing department and later moved to the finance group supporting Medtronic Spine Trauma and Deformity business, where I stayed close to eight years. I worked at Medtronic in various roles within finance, including FP&A, commercial finance, cost center management, and revenue analytics, supporting various business partners such as marketing, corporate finance, and BD.
About four years ago, an opportunity presented itself within the finance department at Medtronic LABS. Two things spiked my interest regarding this opportunity: 1) the mission and the impact LABS was making for underserved populations of the world and 2) the fact that LABS was very much a startup organization, and I knew I would get an opportunity to wear different hats and use all the skills that I built up over the years. This is a very unique opportunity in the world of finance to be able to gather it all together and do it all in one role.
So far, in my experience with LABS, both of these promises have come to life: I have stayed very close to the mission and the fieldwork that LABS does and have had the privilege to build up a lot of the finance function from scratch in order to support this organization. It makes all the difference when you’re motivated by purpose-driven work.
Tell us a bit about how finance intersects with global health.
Finance plays a crucial role in the world of global health – simply put, it’s an indispensable force that contributes to the ability of organizations to achieve their mission. Our finance department at LABS has to work closely with the organization’s leadership across departments to ensure financial stability and integrity. And to secure funding, we as an organization must demonstrate that we are a suitable, trustworthy candidate for funding and have the ability to carry out the agreed-upon tasks effectively. This requires careful financial planning and transparency at every phase of our partnership strategy.
Additionally, global health work requires the strategic reprioritization of resources. Our finance team needs to balance different – and sometimes seemingly competing – priorities, such as people, technology, business, and field operations, to ensure that resources are used efficiently and effectively. It is essential to utilize our funding wisely to achieve maximum impact.
Financial forecasting and modeling are some of the vital tools that help organizations like ours plan for the future and make informed decisions about resource allocation. Without financial modeling and reporting on our financial results, creating a sustainable path for achieving long-term outcomes would be impossible. This is why the finance department plays a crucial role in facilitating positive patient outcomes in global health organizations like Medtronic LABS.
“Despite the ubiquity of money spent on achieving global health equity, we’re failing to move the needle. Half of the world’s population still lacks access to basic health services. According to recent reports from the UN, we’re ‘tremendously off track’ to meet the Sustainable Development Goals (SDGs).” How does the global health industry need to adjust its approach to financing to ensure it leads more directly to patient outcomes?
That’s a very powerful statement of fact and something that really hits home for the entire team here at LABS. Essentially, it has to be about looking beyond short-term solutions and addressing the root causes of the issues we’re trying to solve.
Looking at past financing strategies is often a faulty way of determining effective future-focused financing. It doesn’t help address the underlying issues that are driving the need for funding in the first place. Instead, we need to think about how to leverage different partners and systems to build a self-sufficient base that can continue to operate and provide the needed services with minimal investment in the long term.
To achieve this, we need to invest in the right systems and infrastructure upfront so that we can achieve a sustainable longer-term impact. This means identifying the key areas where investment is needed and setting goals to ensure that the funding we receive is being used effectively to create a long-lasting model.
It’s also important to move away from traditional service or product delivery models where sustainability isn’t the top priority. We have to focus on creating long-term financing models that prioritize measurable outcomes rather than short-term solutions. By doing this, we can ensure that the impact we create is lasting and can continue to benefit the communities we work with for decades to come.
What makes LABS’ approach to global health financing distinct? Do you think LABS has a blueprint from which other organizations can learn?
LABS has a unique advantage when it comes to global health financing, thanks to its relationship with Medtronic PLC, which provides both funding and a strong support system. However, the finance team at LABS, myself included, recognizes the need to create a sustainable model that doesn’t rely solely on internal support and instead seeks to bring in external funding from partners who have shared goals. This requires a deep understanding of which funding sources can be used to build a sustainable model and a clear demonstration of the organization’s value proposition to potential partners.
LABS’ approach is distinct in its ability to leverage its internal support to build stronger external partnerships and its focus on long-term sustainability. While other organizations may not have the same level of internal support as LABS, they can learn from our approach to partnering and creating sustainable models.
Can you speak to the importance of “co-creation” in ensuring finance fulfills its potential?
In the world of global health finance, demonstrating measurable outcomes is crucial. Organizations need to show enrollment and impact numbers – particularly impact analytics that demonstrate long-term, positive patient outcomes in the communities they serve. This is a goal that LABS has been striving towards because it’s all about building trust with our partners and communities.
Receiving substantial external funding brings tremendous responsibility, as organizations are accountable for demonstrating measurable outcomes and financial accountability. Reporting on both of these aspects takes a lot of trust and accountability in a meaningful, impactful, and measurable way. This has been evident through LABS’ diverse partnerships, each of which is completely unique, as every country and community we touch has its own needs and priorities.
LABS’ journey towards expanding its operations internationally has been a learning experience, particularly in establishing entities and navigating legal and compliance requirements. This process requires seeking out trustworthy partners, such as business process solutions organizations or government entities, who can provide insights into how to navigate legal and regulatory requirements. LABS relies heavily on local resources and knowledge to ensure that sustainability is achieved in the long term. It’s critical to establish a trusted and transparent relationship with partners and communities, navigate legal and compliance requirements, and prioritize long-term sustainability.
What would you say is the most rewarding part of your work?
One of the rewarding aspects of being a member of the LABS team is being so close to the impact that LABS brings. Finance is traditionally a support function and often it is hard for this support function to feel close to the work being done on the ground. This has not been the case with LABS, and it has been a privilege to have such a close interaction with our operations team and the patients that they interact with on a daily basis.
Another rewarding aspect of working at LABS is the ability to collaborate closely across the entire organization. To be a trustworthy business partner, I interact closely with everyone on the LABS team. This allows me to understand every function and role in the organization. The LABS team is highly talented and works in a fast-paced environment. Collaboration is key to the success of this organization.
What are the most challenging facets of your work?
One of our main challenges is finding the balance between our growth and knowing how to best position our resources (both people and systems) moving forward. Where do we prioritize? I speak about that within our finance role/function and more broadly. What can we invest in? What should we prioritize? There are so many competing things. How do we know what’s going to have the most impact? There’s no benchmark for us to understand what must be done first. We need to make that call ourselves. How do we most efficiently spend our resources? As always, resources—people, systems, financials—are limited.
When we talk about prioritization, it’s all about the ROI. I think that takes looking into larger horizons, looking at forecasts/models out five-plus years even to ensure everything is well-aligned. And that is a challenging task. We approach this by starting with brainstorming sessions to understand what each team needs here at LABS, where we want to expand, where our operational bottlenecks are… Then we bring in all the internal stakeholders to discuss and form a strategy. It’s done through a lot of communication and collaboration, pointing back to the impact we’re trying to make and our organizational goals. What will have the biggest impact from an ROI standpoint? It’s very challenging – there are a lot of great ideas and things that deserve attention.
Is there anything else you’d like to mention?
We covered most of the key points. I just want to reiterate one thing that I find particularly exciting and rewarding about working at LABS: the culture of collaboration between teammates, regardless of their function or role. I truly believe that our ability to make informed decisions and move things forward is rooted in every team member’s input and expertise. As an organization, we all strive to solve problems and recognize that the best ideas can come from anyone, anywhere within the team. This collaborative spirit has been a driving force behind our growth over the past several years.
More efficient, strategic financing to spur measurable global health innovation
We hope you enjoyed this comprehensive interview with our Head of Finance, Victoria Davis, overviewing the critical role of finance in global health and how organizations need to prioritize long-term sustainability to achieve positive patient outcomes.
LABS’ unique approach to financing, with its emphasis on sustainability and co-creation, offers valuable insights for other organizations looking to create lasting impact. Organizations must work collaboratively across different departments to ensure efficient resource allocation. By doing so, we can help achieve global health equity and bring essential services to those who need them most.
If you enjoyed reading this conversation, please share it with your network. You can read our previous team member Q&As on our blog, along with other exciting insights and stories. Stay tuned for more team profiles in the coming weeks and months.
To get in touch with us, please visit our contact page. Together, we can transform global healthcare systems and deliver essential care to those in need.
