'EasyBuyHealth' is Aggregating Healthcare Service Brands in a Manner Never Done Before
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A healthcare and insurance industry veteran, Gagan Kapur came with a deep understanding of the business, the missing pieces within India's rising healthcare sector and the potential impact of technology. That led him to building a never-seen before healthcare services aggregation platform called EasyBuyHealth in 2017.
How Did EasyBuyHealth Happen to You?
EasyBuyHealth was born out of my deep understanding of the Indian healthcare system. About 85 per cent of Indians are un-insured, and the rest are usually 'underinsured'. The healthcare insurance (for a specified sum insured) that you buy today in your 30s, will not cover the health expenses you will need to cover after 20 years. While healthcare services in themselves have gotten sophisticated, they have correspondingly become more opaque, complex and expensive. Our mission is to make healthcare simple, affordable and transparent.
Can You Elaborate on the Business Model?
We are doing what Amazon or MakeMyTrip did to their respective industries. We have aggregated over 11,000 healthcare service brands/ branches of hospitals and clinics across India, over the past two years. We negotiated some unbelievable discounts from them for various health packages and used our medical advisors to curate a set of 'Outcome-based' health packages that are relevant to any individual or a company that cares about employee health welfare. For the human resource team of any company, EasyBuyHealth is the 'Employee Health Advisor' that helps them manage and monitor their 'Organizationwide Health Index'. Our platform provides healthcare services, as packages - Preventive Care, Wellness the Lifestyle, Chronic Care and Hospitalization Services, accessible from a single dashboard. For employees of that company (essentially the end-Consumer), it's a simplified and transparent access to their health data.
What's Your Unique Selling Proposition?
Practo connects individual with their doctor, Policybazaar with their insurer, Portea with their home care-giver etc., yet, there is no one that connects a customer to his/her health service provider such as a hospital, clinic etc. There isn't a player for customers to evaluate the cost and quality of a treatment. There have been attempts to aggregate diagnostic clinics, however, the aggregation of over 11,000 healthcare service brands, in the way we have done has never been seen.
How the Business Has Grown Since its Inception?
We spent over a year building our technology platform in Russia. Since going live across select companies in June 2017, we have been adding consumers (employees of large corporates) rapidly. Our current run-rate of acquiring customers will help us cross 1.44 lakh individuals, who will have done at least a blood test with us.
How Are You Engaging With Artificial Intelligence (AI)?
Our robust AI backend drives the visually attractive and relevant customer diagnostic reports. The goal is to use AI to plan an 'Outcome based' approach to manage the individual's health. For instance, it can tell you what type of tests you should do as per your age, gender, work and family history.
What Are Your Expansion Plans?
Our goal for 2018 is to cross 1 million individuals and expand to other service categories which include wellness and lifestyle, chronic care and hospitalization. We also want to open medical tourism practice area.
(This article was first published in the February issue of Entrepreneur Magazine. To subscribe, click here)