Online marketplace for healthcare services
Lead partner: Dave Richards
Unlike most developed economy markets, the healthcare services market in India is dominated by consumer out-of-pocket spending,. Revenues are poised to reach INR 6 lahks crore (USD$100 billion) by 2015, of which 70% of the healthcare is funded directly by consumers who spend approximately 8.6% of their annual income on their healthcare. Presently patients who wish to avail medical treatments rely on references from friends, relatives and advertisements to select their healthcare service provider. There is an additional selection challenge for people in tier-2 and tier-3 cities who must travel to tier-1 cities for more complicated procedures. There is no easy way to get objective information on service provider availability, quality, and to compare pricing. These issues are amplified for low-income populations who have even less access to information, education, connections and financial reserves.
On the supply side of the market, healthcare service providers are often struggling to keep their utilizations high which is critical for them to manage their cash flow and to achieve profitability. Healthcare providers have significant fixed costs in the form of facilities, equipment and personnel, which are even harder to monetize outside of tier-1 cities. It is also expensive and time-consuming for service providers to acquire customers even if they have quality services and reasonable prices. Together this presents a classic patient-to-service match-making market opportunity.
Medypal.com is a single stop healthcare marketplace addressing the need to find and select healthcare service providers based on quality, infrastructure and cost. The marketplace will cater to all sections of the society empowering them to make informed decisions in choosing a healthcare service provider while leveraging the dynamics of a marketplace. Medypal will include a wide selection of medical procedures with a strong focus on planned lifesaving treatments. The access to healthcare providers will have a mix of online and offline point-of-purchase in tier-2 cities in partnership with organizations such as microfinance institutions and local cooperative societies to extend the reach to BoP and consumers without access to the Internet.
Over the next five years, Medypal is seeking to build a global healthcare marketplace which matches up to 4 lakhs (400,000) patients with quality healthcare providers at better prices than if they shop on their own.
Medypal was founded by serial entrepreneurs P. Rammohan and Brahmesh D. Jain with a vision to bring accessibility and transparency in healthcare services. Medypal’s online service offers a convenient and cost effective platform for patients to ascertain cost and quality across healthcare service providers. Medypal believes in empowering consumers to take informed decision while choosing their healthcare service providers across geographies for both minor planned procedures and planned lifesaving treatments. Medypal is based out of Bangalore, India.