“Demand for digital health products predicted to grow dramatically”

In an exclusive interview, Senu Sam, Founder & CEO, Mykare Health shared his views on evolution of digital health in India, innovation of new technologies and their role in making patient care accessible. Read the complete interview:

How has the digital healthcare space in India evolved over time?

In the modern world, digital health is becoming a deciding factor. People who connect with their doctors through digital networks are taking advantage of modern healthcare. It has significantly altered health care practices by assisting them in overcoming several conventional obstacles and procedures. It gives people the ability to take control of their health by giving them access to their health information from many sources, including doctor’s offices, hospitals, laboratories, pharmacies, and even old medical records. Nonetheless, the status of healthcare continues to rely on paper files, manual procedures, and written prescriptions despite the fact that it is one of India’s major industries and a popular destination for medical tourism worldwide.

The transition that Indian healthcare providers and patients are witnessing is arguably the most pleasant one right now. This tendency is anticipated to continue to grow as a result of the expansion of the internet, market penetration on a worldwide scale, and increased mobile usage. The number of people who can benefit from technology may increase with education and awareness on the usage of digital health.

Any key emerging trends?

The demand and supply sides of the ecosystem for digital health products are predicted to grow dramatically over the next several years. India may overcome many of its existing problems by concentrating on building a foundation for a healthcare ecosystem that is supported by technology. Intelligent patient monitoring, supply chain issues, clinical inefficiencies, claim settlements, and patient safety may all be resolved with the use of a healthy internet of things (IoT), artificial intelligence (AI), 3D printing, and robotics ecosystem.

What role have digital technologies played in making healthcare patient-centric and more accessible?

Over the past 10 years, healthcare has gradually shifted from hospitals to patients’ homes, thanks to technology. As a result of the pandemic and increased digital penetration, care is now being delivered to patients in their homes with the aid of tele consultation models, mobile apps that support care delivery, IoT devices that track vitals, doorstep diagnosis, rapid self-diagnostic tests, and new asset-light hospital models like Mykare Health, which utilize underutilized small and medium hospitals.

The growing consumer interest in digital health has been reinforced by the use of technology by doctors and healthcare organizations, such as electronic prescriptions, social networks for doctors, and contact with patients through WhatsApp integrations.

In industries like radiology, surgery, and mental health, new technology is being employed more and more, albeit there is still plenty to be done. Doctors may prepare for new procedures, save money on wet lab costs, and sharpen their own abilities through surgery training in virtual reality. Mykare tracks every patient’s journey from start to finish using technology via the CareBuddy app, internal CRM, and chatbots.

How is AI making healthcare more affordable and accessible? What about data security and patient privacy? 

Artificial Intelligence has significantly transformed radiology, pathology, dermatology, surgery, and infertility. AI algorithms are boosting clinical workflows, illness identification, and disease treatment by improving procedures like image analysis, pattern recognition, and data-based evaluations. Although AI in healthcare is still in its infancy, it has immense probability of saving costs and enhancing patient access to treatment. In Tier 2 and Tier 3 cities where there are prevalent manpower and service deficiencies in the medical business, inaction and a lack of preventative treatment sometimes result in disastrous scenarios. Since technology permeates practically every part of our lives, the ideal use of these cutting-edge tech-based solutions could be to enhance saving human lives through proper treatment.

Healthcare data privacy involves a variety of actions and steps, such as how medical facilities like hospitals train their staff, the types of software utilised by healthcare institutions and organisations, how information is acquired, prepared, and sent between businesses or databases, and how important medical information is communicated to patients. But what precisely qualifies as protected health information? Any information pertaining to the patient’s health and human services received, including those that are now being supplied and those that were previously provided.

Tell us more about the current initiatives of Mykare Health? What is your business model, your offerings and target segment?

Mykare Health is empowering small and medium hospitals to take control of the cross-border patient market share, which is currently held by barely 10% of India’s top hospitals. 90% of India’s healthcare facilities are found in small and medium-sized hospitals, which lack visibility, knowledge, and the ability to create demand. These tier 2 and tier 3 hospitals also receive the least to non-existent portion of the 80 billion dollar market that the government is trying to expand. Mykare is expanding the services to make sure that access to medical care is reasonable (50% to 60% less expensive).

As it’s a digital first company, one of our main channels of communication is digital. Apart from this we have our own referral platforms, integrations, surgical screening camps and omni channel clinics. The value propositions of the company include 24×7 quality care, complete price transparency, zero-cost financing options, and administrative support- solving the problem of information, accessibility and financing in the industry.

How has the company performed in terms of revenue during the last few years? 

Mykare Health, a bootstrapped healthcare firm and a tech-enabled full-stack asset-light healthcare chain, has seen a more than 300% increase in sales since July 2020. Due to the enormous demand on both the supply side and the demand side, Mykare has evolved naturally. Mykare intends to open an additional 15+ facilities during the following six to eight months. In response to a significant demand for accessible health care, Mykare plans to extend its activities by the next year across North and North Eastern India as well as the SAARC nations.

Your expectations from the current fiscal year and in the next 5 years?

Our presence will expand all across India and to 5 other countries, where we aim to reach 1 lakh people. In addition, we will launch 5 clinics and healthcare membership plans with a monthly rate worth Rs 40.