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MANISH MENDA Director, MYA Health Credit
CONNECTING THE MISSING LINK
R ecently, a Mumbai resident had a sudden heart attack. When rushed to a nearby hospital her family was told that the patient suffered from atrioventricular block (AVB) and immediately needed a pacemaker costing around Rs 1.8 lakh. Now, the agonising part is that this patient belonged to a middleclass family which could not source the amount right away. This is just one example. Similarly, there are millions of families who on various occasions come face to face with this harsh Indian reality: the lack of affordable healthcare. Well, affordability of healthcare is one of the major problems in India. Thanks to mounting healthcare costs and increasing high-deductible medical-insurance plans; more and more patients are finding it difficult to pay their medical bills; especially, when it comes to major surgeries. Bridging this gap between affordability and accessibility, Mya Health Credit operates in a unique manner. It is one-of-its-kind patient financing model and a remarkably new concept in India. Through its financing schemes, Mya Health Credit helps patients who may not be able to bear their treatment costs all at once by facilitating loans at low interest rates per year which can be paid in equated monthly installments (EMI). Mya Health Credit’s vast network covers a wide range of specialities and procedures at several locations including some of India’s leading healthcare companies, hospitals and clinics. Through Mya, patients
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can apply for medical loans for pre-planned medical procedures such as: fertility treatments, orthopaedic, gynaecology, ophthalmology and dental procedures, hair transplants, urology surgeries, ENT surgery, bariatric surgery and plastic surgery. Unlike mediclaims and other insurance schemes, patients availing Mya Health Credit receive medical loan in a hassle-free manner without driving them down into debts due to heavy interest rates. The medical financing loans are provided through their associate financial institutions such as Tata Capital. All that a patient has to do is apply for a medical loan through the empanelled hospital and healthcare institutions and the payment is disbursed directly to the hospital or clinic where he is being treated. For the patient there are no extra charges in the hospital. A patient only needs to bear the financing charges for the loan to be paid over a period of time. What’s more interesting about this concept is that in short span of time it has impressed reputed healthcare providers such as Hinduja Hospital, Nova Specialty Surgery, Smile Care and Global Smiles who have joined hands to partner this initiative.
the number of well reputed providers entering the Indian healthcare market, at the same time he also found out that the middle class patients in India were not able to easily access these providers nor could they afford to avail the highly priced surgery packages instantly. So, it was this realisation that directed him to begin a venture that would make a difference. A lot of backbreaking work and meetings with financial institutes as well as healthcare providers led to the birth of Mya Health Credit.
Toil, tears and sweat Menda began his journey a year ago. He knew he had to be different so, he adopted a competitive strategy that would incorporate the EMI mode- a scheme that the middle-class in India is well versed with. This move facilitated him to put his strategic plan heading in the right direction- be it tie-ups with hospitals and day care centres or tapping funding partners such as Tata Capital. With this, Menda introduced this service in Mumbai. Taking his venture to the next level, Menda has set his
The dawn of a new trend This concept was brought to India by Manish Menda, a young entrepreneur who aspired to spark a new trend in the Indian healthcare system. After completing his MBA in the US, Menda started studying the healthcare markets in various countries including India. His research uncovered significant facts about the Indian healthcare sector. Elaborating on his research findings, he informed that there is an immense dearth in
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The key will be consumer choice in the future
agenda for 2013 and plans to facilitate loans for as many patients as possible. 2013 will be a crucial year for Mya, informs Menda as their focus for the year ahead would be on quick expansions into various geographies trying to cover as many specialities as possible. He wishes to start facilitating loans to cover emergency procedures as well.
Looking for a better tomorrow In the light of the fact, that patient financing in India can be an effective tool to bridge the gap between accessibility and affordability, the venture seems to be quite impressive. Incorporating the EMI mode is definitely a good idea since it will surely attract patients to avail this service and will help them pay off their healthcare dues easily. Having said this, Mya is still a new kid on the block and is yet to prove its mettle. Menda’s biggest challenge is to educate patients about Mya and its services. For overcoming this, he has undertaken several initiatives such as conducting workshops in collaboration with empanelled healthcare providers. In addition, he has also set up an information desk at some of the healthcare provider’s premises to answer patient queries as well as give information. But that’s not all. In order to make a bigger impact, Menda will have to adopt strong marketing and branding strategies that will help them increase visibility, especially among patients. Going by Menda’s vision for his dream project, if he covers emergency procedures, then for sure Mya will bring in the winds of change in the coming years. Raelene Kambli raelene.kambli@expressindia.com
www.expresshealthcare.in
JANUARY 2013