Healthcare Aggregator Medsmart Hospitals Network Raises $1M
Muscat-headquartered Excel Business Solutions was founded in 2009 and offers IT services such as application development, data management and facility management and consultation in organisation change and business process management.
Bangalore-based health-tech startup Medsmart Hospitals Network Pvt Ltd has raised $1 million (Rs 6.5 crore) from IT development and integration company Excel Business Solutions, a company executive told BusinessWorld.
The investment is a structured deal involving an equity and technology partnership, where Excel will develop and maintain the Medsmart’s real-time intelligence data engine, Dr Conal Nelson, managing director of the startup, said.
Muscat-headquartered Excel Business Solutions was founded in 2009 and offers IT services such as application development, data management and facility management and consultation in organisation change and business process management. The company offers its services to organisations in manufacturing, oil and gas, retail and trading, contracting and real estate, aviation and government. Medsmart was founded in September 2016 by Nelson, an endodontist, along with P S Anand Kumar, a data scientist from the Indian Institute of Science. Medsmart connects healthcare enterprises with customers and offers diagnostics-based patient data, genetics reports, hospital intervention, insurance cover, and financial assistance.
Medsmart customers are managed by assessing them on monthly healthcare tests and linking them to root cause healthcare scenario, if found any anomaly. The startup’s preventive healthcare algorithm tracks a user’s health status in real time based on the diagnostic and genetics reports. It then communicates this information to users through its real time intelligence platform.
Medsmart designs treatment plans, recommends lifestyle modifications to users with non-critical conditions to prevent hospitalisation, and suggests the right hospitals when a medical intervention is required. The startup also works with insurance companies and hospitals. Medsmart claims that its product can help insurance companies reduce their overall internal claim ratio by preventing customers from being hospitalised with its tech-based solution. It also helps them lower their claim amounts by negotiating with hospitals to bring down medical procedure costs at hospitals. For hospitals, the company claims it can make the customer to be treated on targeted medicine and drug interference levels for faster treatment services.
Users are provided with a health card that contains their entire medical data, including gene sequencing. Hospitals that have tied up with Medsmart’s insurance partners can access a patient’s medical record from the health card. Every customer who has availed the product gets an insurance cover, which also covers his family, including spouse and two children.
“We help insurance companies by preventing patients from developing serious medical conditions by using our algorithm that tracks their health in real time. We help the hospitals to work on better effective treatment services by right drug and right dosage levels. Hospitals are more smart with Medsmart real time intelligence platform.understanding individual health parameters, a customer treated with Medsmart Network Hospital will be offered right drug and right dosage, because of this there will be no chances for trial and error, this will make the hospitals to treat the customers at faster rate than usual approach” Dr Nelson said.
Medsmart’s product is priced at Rs 15,000 per policy with insurance cover for family members of four—two adults and two children. It covers genetic sequencing and one year of preventive diagnostic intervention on month-on-month basis, with additional dental coverage and hospitalisation coverage.
The company is currently talking to non-banking finance companies to provide financial assistance to its users on its platform with guarantee repayment cover.
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