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START-UP CORNER with over a 120 hospitals in Delhi and the NCR alone. We are trying to expand in tier-I and tier-II cities. Discussions are on with corporate hospitals as well. Few of the big names we are associated with are Batra hospitals, Strand Life sciences, Eye care in Noida and Sharp Sight centre. Apart from hospitals, we also partner with 100 pharmacies who are retailers and standalone entities. We are a healthcare technology platform where you can save for your medical expenses and get benefits in return. Patients can come for diverse needs like maternity, cataract, chemotherapy, bariatric procedure, dental implant and IVF. The elective procedures is where the savings-led products is more applicable and we don't constrain the hospitals with limited verticals. There are a number of products in the pipeline, be it open ended or

pre-payment, high risk insurance and medical lending products. How innovative and different is Affordplan from other health insurance schemes? Most of the health insurance schemes today do not cover many major elective ailments like IVF, dental, wellness, bariatric etc. Maternity, eye care and ortho are covered with a lot of procedures attached to it. Many times, despite having insurance, things need to be planned well in advance to get the expenses. Affordplan itself is an innovative model in the healthcare finance segment. For this, we had to develop an intelligence on various areas like the ailment, patients and hospitals. We have three-pronged approach where we collect the information like - did the patient contribute on time or not, was his/her installment

delayed, did he/she change his/her plan value or cancel it. So, we are developing a database of the middle and the lower income group and will harness this intelligence for other financial products that would be useful in the healthcare vertical. Brief us about the Affordplan app. We have an Affordplan web app, which is an end-to-end solution for the patient. They get login and password with which they can access and see the plan progress, cancel or add value of the plan. They can order medicines, schedule a test or OPD visit, or ask queries asked to the doctors. We do not charge for this. How potential is this health fin-tech market? The intent for us is to extend the financial discipline and planning to any elective proce-

dure that a person could think of. The majority of the business for small and mid sized hospitals comes from the elective ailments and the insurance penetration in these hospitals are not high, many of them who visit this facilities come and pay in cash. It is a published statistic that 87 per cent of all medical spends are out-of-pocket, which means the middle income and lower income group can be put to debt or driven to poverty. So, we want to build a robust system where we can help these income groups to plan for the health, not just elective procedures but even for medicines, which are expensive in certain cases. What worries you the most and what encourages you the most as a start-up? Affordplan fin-tech is at the intersection of healthcare, finance and technology. Health-

care business needs high quality of execution and many of us come from the core operations experience in TaxiforSure, which is very helpful. We have been fortunate enough to partner with two very high quality investors one is the deepest fin-tech portfolio in the country which helps us to connect with banks, financial institutions. The other is the Kaalari Capital which brings in great networks and operational experience. I think the situation for the start-up depends on the eco-system that they are able to create around themselves, be it with investors, partners or employers. We have been fortunate enough with good investment partners and adoption of hospitals is fairly robust as it is 120 in ten months. Healthcare is not e-commerce business we are cognizant about that.



June 2017

Profile for Indian Express

Express Healthcare (Vol. 11, No. 6) June, 2017  

India's Foremost Healthcare Magazine

Express Healthcare (Vol. 11, No. 6) June, 2017  

India's Foremost Healthcare Magazine