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Every Penny Counts

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Ravitej YadalamRavitej Yadalam, Founder, Pennyful.in identifies the demand supply gap in Indian healthcare and thought of coming up with a business model where every penny matters. He shares his roadmap with Sharmila Das.

Was there any demand supply gap that inspired you to think of Medicash? If yes, what was that?
Healthcare costs are rising considerably, given the majority of the healthcare is managed by the private sector in India. There are huge costs associated with setting up a healthcare institution in India, especially state of the art facilities; this directly results in the costs of healthcare going up.
While the costs are rising, the other major gap in India is the method of financing the healthcare costs. Out of pocket expense is the single largest form of financing (Over 70 percent currently). Health insurance is around five percent and the remaining is state and central Government related financing. Therefore an institution like Medicash can go some way in reducing the burden on the customer, for absolutely no charge, free of costs.

How do you think Medicash is different from other eCommerce health ventures?
Other online ventures usually connect a patient with a hospital or doctor and take a marketing fee which they keep to themselves entirely. Our competitors such a NHO/IHO charge upto `3000 for an annual membership, however our membership is absolutely free, with better tie-ups. It benefits every single party involved in the transaction.

How does it work?
Medicash allows you to save on your healthcare expenses by either obtaining a cashback on all your healthcare expenditure with our partners or receiving an upfront discount at their facilities. The model differs based on the merchant. The profile of the merchant will clearly state if the nature of the rebate is a cashback or an upfront discount.

Who is your target group?
Any customer looking for healthcare services in India, with a focus on those paying out of pocket. In addition to that we also focus on those healthcare treatments/services that are not covered by insurance for instance, cosmetic surgery, dermatology related treatments, laser correction of vision, infertility treatments, dental, diagnostics (both pathology and imaging), pharmacy, spa’s etc.

What is the revenue model of Medicash?
We market our partners’ products and services in exchange for a marketing fee when we refer our members to them. We then share this fee with our member in the form of a cashback rebate. Our members may also get an upfront discount. Membership is 100 percent free.

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