Revolutionizing Healthcare: Mykare Health's Journey to Affordable and Transparent Medical Care
When Senu Sam found himself grappling with the complexities of his father's neuro-brain surgery, he was struck by the stark challenges inherent in navigating India's healthcare system, particularly in smaller and medium-sized hospitals.
Faced with a lack of information about his father's doctor, uncertain pricing structures, broken insurance processes, and overwhelming post-surgical bills, Sam realized that this struggle was not unique to his family.
Many middle- and lower-middle-class families across the nation faced similar hurdles when seeking medical care.
Small- and medium-sized hospitals play a pivotal role in catering to India's vast healthcare needs, but the paucity of funds often leaves them struggling to provide quality care.
Recognizing the significance of these establishments in offering affordable short- and long-term medical solutions, the Indian Medical Association advocates for their survival.
However, these hospitals' inability to deliver timely and appropriate care has resulted in disillusionment among low- and middle-income groups.
Sam identified the key factors contributing to this challenge, including a lack of administrative and pricing transparency, soaring healthcare costs, an inadequate patient-to-hospital ratio, and a shortage of quality care.
These factors, he explains, create a climate of fear around medical procedures, leading to delays in treatment and a diminished quality of life.
In response to these pressing issues, Sam, along with Rahmathulla TM (CTO) and Joash Philipose (CPO), founded Mykare Health in 2021.
Building on their prior healthcare initiatives, including the 'Doctors Story' YouTube channel that highlighted doctors' personal experiences and challenges, Mykare Health is committed to ushering in a patient-centric healthcare revolution.
The core goal of Mykare Health is to streamline the patient journey. The startup addresses a range of challenges, from ensuring transparent pricing and managing paperwork to coordinating insurance, offering free transportation, facilitating doctor-patient communication, providing zero-cost EMI options, assisting with hospital admission and discharge, and offering post-care support.
Trained counselors from Mykare Health are on-site to guide patients, alleviating financial anxieties and ensuring a seamless healthcare experience for everyone.
In addition to benefiting patients, Mykare Health also partners with small- and mid-sized hospitals to enhance their visibility, build trust, increase patient footfall, and consequently boost revenue.
Sam points out that the majority of India's healthcare facilities fall within this category, yet they remain underutilized due to a lack of visibility, trust, and positive patient experiences.
Mykare Health's innovative approach funnels demand towards these hospitals, encouraging more patients to take advantage of their resources.
The startup envisions the creation of India's largest asset-light, affordable, and standardized hospital network, catering specifically to the needs of the middle class.
The services offered by Mykare Health encompass a wide range of minimally invasive elective and aesthetic surgeries, from LASIK and hernia procedures to hair restoration, liposuction, and joint replacements.
The company boasts a network of over 20 trained counselors and 800 senior doctors, both on-site and offline, to guide patients through the process while ensuring transparency and alleviating financial concerns.
With over 85,000 patients counseled to date, Mykare Health's impact is evident. The startup operates through a web-based platform and is in the process of developing a dedicated app to further enhance the patient experience.
Importantly, Mykare Health's services are free for both patients and hospitals, and its business model aligns well with market trends. According to IMARC Group, India's minimally invasive surgery market reached $712.4 million in 2022 and is projected to reach $1 billion by 2028.
In response, Mykare Health plans to expand its presence across south India and is already operational in 12 cities.
To ensure affordability and transparency, Mykare Health collaborates with hospitals to establish fixed tariffs for procedures, eliminating uncertainties around pricing.
As the startup continues to evolve, it acknowledges the challenge of out-of-pocket expenditures and aims to make medical care even more accessible and cost-effective.
With plans to set up an international office in South Asia, Mykare Health seeks to connect patients across borders and deliver seamless care.
The company's growth is promising, with a Gross Merchandise Value (GMV) of approximately $1.5 million in FY23, reflecting a three-fold increase.
In June of the same year, Mykare Health secured $2.01 million in a seed funding round, enabling further technological enhancements and expansion efforts.
While competitors like Pristyn Care operate in the affordable healthcare space, Mykare Health distinguishes itself through its unique patient-first approach and business model.
As the startup continues its journey, it remains dedicated to revolutionizing India's healthcare landscape by empowering patients, bolstering small- and medium-sized hospitals, and ultimately delivering affordable, transparent, and quality medical care to all.