Start-ups Are Making The System More Efficient: Senu Sam
What according to you is outlook of the secondary care surgery market, what are the challenges that the industry faces and how is Mycare planning to address these challenges?
The market size of secondary care surgery is estimated to be US$ 20 Billion in FY 2021 for the surgery tech player current penetration is estimated to be just 0.1 per cent. However, it is poised to grow at more than 100 per cent CAGR over the next 5 years to reach 5 per cent by FY 2026. Minimally invasive surgery without extensive hospitalisation, which can easily be done by skilled surgeons outside major hospital chains in smaller/mid-sized units, is poised to be a nearby $80 billion market in India.
The majority of estimated 30 Mn Surgical Procedures carried out in India every year are conducted in small & medium size hospitals. In such cases patients often find it difficult to discover and place their faith.
International Medical travellers are choosing India as a destination, and they are currently visiting only the 10 per cent of premium hospitals and paying 40 to 60 per cent higher cost
There are almost 44,000 private hospitals in India and only 10 per cent of these are in the organised sector and mostly centred around Tier 1 Metros, thus preventing people in Tier 2 & 3 towns from accessing quality healthcare. Some of the key pain points during an inpatient journey for patients include discovery & placing trust on the right hospital and doctors to get the surgery done, getting an advisor who can provide the right guidance while maintaining privacy, hassles of dealing with insurance claims and anxiety through the process.
We intend to offer problem solving solutions for both sides of the medical and healthcare universe. On the supple side 80 per cent of India's healthcare facilities are in small and mid-sized hospitals. The small and medium facilities and there resources are struggling to build visibility and footfalls, They don’t have the strength to capture market, They lack discoverability, building trust Infront of patients and are often underutilised on resources. On the demand side, the patient journey to a small and medium hospital is completely fragmented, unorganised and full of operational inefficiencies, and we intend to make this a seamless process. Mykare helps these facilities to increases their earning and conversions and patients to get superior service at affordable cost
How do you think the Indian health-tech startups are supporting traditional medical care?
Indian healthcare start-ups are coming up with innovative solutions to addressing the supply chain, logistics and patient care issues being faced currently. India is a very large and diverse country with diverse health care needs and a very strong gap between urban and tier 2 and tier 3 cities when it comes to offering quality healthcare. Start-ups like ours are making the system more efficient.
What are your views on the Electronic Health Records (EHRs) and its interoperability? How will it be useful for your business?
Yes. That will be a great boost for the industry. This has to come from the Govt and they are doing this through NHA . It will help us to have a seamless sharing of records with our partner hospitals.
What is your business model of Mykare Health?
Our Vision is to build India’s largest trusted and affordable hospital network by utilizing underutilised small and medium facilities and surgeons. We aim to build a platform that empowers small and medium hospitals by providing full stack technology that increases their earning and conversion. Bringing trusted and affordable surgical care that patients can seamlessly book from onboarding to surgery, with ease and end to end care.
How has the journey been so far for Mykare and what are your future plans?
Mykare was founded by me and my co founders in 2020 with a vision of transforming the healthcare experience of every common man by providing the most affordable, personalised and standardised care when they travel to small and medium hospitals for treatment. Mykare Health is a tech-enabled full-stack asset-light healthcare provider in India. The brand delivers an affordable and standardised surgical care and wellness care for domestic & international patients, ensuring maximum utilisation of small & medium hospital facilities. The idea for Mykare Health came to me, when my own father was admitted in a small and medium hospital for a surgery and I had to fly down to take care of him. And my entire experience was painful on the discovery, pre surgical process and post care. This is when I felt the need for an end-to-end tech platform experience with personalised and standardised care for patients who are looking for affordable surgical care.
It is also the need of the hour, as on the hospital side, 80 per cent of India's healthcare facilities are in small and mid-sized hospitals. They lack visibility, discoverability, building trust in front of patients and often face under utilisation of resources. Mykare helps to address those concerns. On the patient side, the patient’s journey to small and medium hospitals is completely fragmented, unorganised and full of operational inefficiencies. We want to make the patient experience better.
In the future outlook we will be expanding our services to pan India with a presence of 300+ facilities in the next eight months. We will use the technology to seamlessly coordinate with our patient at last mile connectivity.
