From fitness watch to door-step facilities, the current technology is assisting one of the fastest-growing health verticals, Healthtech. It has changed the dimension of the industry as they analyse the complications at the grass-root level. Understanding the issue, various startups have joined the troop to provide accessible health to the population.
On the similar note, Visit health is aiming to solve the problem of accessibility, quality, and transparency of Healthcare services in India by creating a three-sided marketplace on its platform bringing in the consumers of the services (users on the app), healthcare providers (doctors, hospitals, diagnostic centres, pharmacies) and payers (insurers, employers, governments, individuals). The healthcare solutions are guided by vernacular, hyperlocal needs of the regional population.
The digital infrastructure solves the major operational and technological problems that have been roadblocks for Insurers to launch OPD products. The Cashless Service Layer for enabling one-click booking and hassle-free facilitation of OPD consultations, pathology and radiology requests. They also deploy Telemedicine as an added layer of convenience and acts as a gate-keeper to offline consultations and higher claims.
Meanwhile, they are building an Artificial Intelligence platform with doctors to serve this primary care market. This AI technology helps in triaging the medical symptoms and provides fitness, vitals and triaged data to the physicians, enabling efficient and data-backed care.
“We aim to be the super app for health in India leveraging AI-driven triaging, online telehealth and offline hyperlocal network of hospitals, clinics, diagnostic labs, it facilitates timely, accurate and cost-effective healthcare - preventive as well as curative,” said Anurag Prasad, Co-founder & Head of Product, Visit Health.
Additionally, they are focusing on insurers to help them better understand the consumer’s health profile, habits and healthcare expenses and subsequently design intelligent customized value-add products. Currently, it has more than 800 hospitals empanelled in all cities and has partnered with over 3000 diagnostic centres in metro cities.
When asked about the future of health tech, Prasad said, “Healthcare systems are quickly moving towards digitisation, better information to users, quicker enablement and better accessibility.”
“Patients will now have immediate access to personalised healthcare information and actions to be taken. Doctors will have ready access to relevant medical information, user health records and interpretations, reducing any possibilities of incorrect diagnosis and treatment,” added Prasad.
The current GST rate of 18 per cent is levied on Health tech services, while other primary care services viz. doctor consultations, diagnostics, etc. are exempt. “This makes it very difficult for companies in this category to raise capital, impacting business expansion and technology development,” explained Prasad.
But the investors are aware of the future of health tech space. Visit has been funded by some of the leading corporates, angels and VCs like Biz Stone (Co-Founder, Twitter), Richard Socher (Chief Scientist, Salesforce), Karthee Madasamy (Founder & Managing Partner, MFV Partners), Muthu Murugappan (Business Head, Eid Parry India Ltd.), MapmyIndia, Kunal Bahl & Rohit Bansal (Co-Founders, Snapdeal), Murali Krishna (Director, Hetero Drugs Ltd.) & Day One Ventures. They have raised a total of USD 1.4 million till date.
The health tech industry is capable of solving many problems that plague India’s health infrastructure by making available quality health care services to all in a cost-efficient way. There is a lot of scope for modifications and improvements in regulations for Health tech companies. Industry players suggest some measures like lower GST and clearly defined laws and specifications for Telehealth, E-prescriptions, E-pharmacy delivery, etc. and the role of Service Aggregators, Network Service Providers and Technology Service Companies can go a long way in encouraging this Healthtech sector, help create a healthier and a happier India.