Ravitej Yadalam, Founder, Pennyful.in identifies the demand supply gap inÂ Indian healthcare and thought of coming up with a business model whereÂ every penny matters. He shares his roadmap with Sharmila Das.
Was there any demand supplyÂ gap that inspired you to think ofÂ Medicash? If yes, what was that?
Healthcare costs are rising considerably,Â given the majority of the healthcareÂ is managed by the private sectorÂ in India. There are huge costs associatedÂ with setting up a healthcare institutionÂ in India, especially state ofÂ the art facilities; this directly resultsÂ in the costs of healthcare going up.
While the costs are rising, the otherÂ major gap in India is the method ofÂ financing the healthcare costs. OutÂ of pocket expense is the single largestÂ form of financing (Over 70 percentÂ currently). Health insurance isÂ around five percent and the remainingÂ is state and central GovernmentÂ related financing.Â Therefore an institution like MedicashÂ can go some way in reducing theÂ burden on the customer, for absolutelyÂ no charge, free of costs.
How do you think Medicash isÂ different from other eCommerceÂ health ventures?
Other online ventures usually connectÂ a patient with a hospital or doctor andÂ take a marketing fee which they keepÂ to themselves entirely. Our competitorsÂ such a NHO/IHO charge upto `3000 forÂ an annual membership, however ourÂ membership is absolutely free, withÂ better tie-ups. It benefits every singleÂ party involved in the transaction.
How does it work?
Medicash allows you to save on yourÂ healthcare expenses by either obtainingÂ a cashback on all your healthcare expenditureÂ with our partners or receivingÂ an upfront discount at their facilities.Â The model differs based on the merchant.Â The profile of the merchant willÂ clearly state if the nature of the rebate isÂ a cashback or an upfront discount.
Who is your target group?
Any customer looking for healthcareÂ services in India, with a focus onÂ those paying out of pocket. In additionÂ to that we also focus on those healthcareÂ treatments/services that are notÂ covered by insurance for instance,Â cosmetic surgery, dermatology relatedÂ treatments, laser correction of vision,Â infertility treatments, dental, diagnosticsÂ (both pathology and imaging),Â pharmacy, spaâs etc.
What is the revenue model ofÂ Medicash?
We market our partnersâ productsÂ and services in exchange for a marketingÂ fee when we refer our membersÂ to them. We then share this fee withÂ our member in the form of a cashbackÂ rebate. Our members may also get anÂ upfront discount. Membership is 100Â percent free.