Fintech Meets Healthcare: In conversation with Gaurav Gupta, Co-Founder and CEO,Carepay

CXOToday has engaged in an exclusive interview with Gaurav Gupta, Co-Founder and CEO, Carepay

What was the Eureka moment that led to the inception of CarePay?

The Eureka moment that led to the inception of CarePay occurred after seven years of dedicated work in the healthcare sector, where the team had successfully built India’s second-largest EMR (Electronic Medical Records) company. This journey involved collaborating with thousands of doctors, and during this extensive interaction, a recurring issue emerged. Nearly every specialist expressed that their patients encountered a specific problem. To delve deeper into the issue, the team engaged with 2000 patients to gain a comprehensive understanding of the challenges they were facing within the healthcare system. It was through this hands-on experience and direct communication with both healthcare professionals and patients that the critical insights emerged, ultimately paving the way for the creation of CarePay to address these identified challenges.

How does CarePay connect the fintech and the healthcare industry? What is the problem CarePay is trying to solve?

CarePay bridges the gap between the fintech and healthcare industries by offering a solution that directly addresses the financial challenges faced by patients in accessing healthcare services. The problem CarePay is trying to solve lies in the financial barriers that often prevent individuals from obtaining timely and necessary medical care. Through its platform, CarePay provides patients with real-time credit at zero cost at the point of care. By doing so, CarePay eliminates the immediate financial burden on patients, enabling them to access better healthcare without worrying about upfront costs. This seamless integration of fintech into the healthcare system enhances affordability and ensures that financial constraints do not hinder individuals from receiving the medical attention they need.

Tell us about your technology integrations? What technologies are being used?

Our technology integrations at CarePay are designed to provide a user-friendly experience for patients while leveraging key components of digital public infrastructure. We’ve developed our technology in-house from the ground up, implementing a unique user flow that prioritizes simplicity and ease of use for patients. This custom-built technology ensures a seamless and intuitive experience when accessing our products. Additionally, we have strategically integrated our platform with digital public infrastructure, including Aadhar and NSDL (National Securities Depository Limited). These integrations enhance the efficiency and security of our services, allowing for robust identity verification and streamlined interactions within the broader digital ecosystem.

Could you shed some light on your tie-ups and partnerships so far  that have contributed to CarePay’s success?

CarePay’s success is significantly attributed to strategic tie-ups and partnerships with key players in the healthcare and related sectors. Over the last two quarters, the company has successfully onboarded over 400 merchants, strengthening its network and reach. Among these partnerships are collaborations with a prominent 100+ center healthcare chain, emphasizing wellness services. Additionally, CarePay has established ties with a substantial 250+ center healthcare chain dedicated to chronic disease management, addressing a critical aspect of healthcare. Furthermore, the company has partnered with a multinational hearing solutions provider with a presence in over 900 centers, showcasing a commitment to holistic healthcare solutions. Notably, CarePay has also forged a partnership with a dental prosthetic solutions giant in India, spanning across an extensive network of 1000+ centers. These collaborations underline CarePay’s commitment to diversifying its offerings and expanding its impact across various healthcare domains.

How do you evaluate the future of this domain?

We evaluate the future of our domain as highly promising, given the substantial market size and its consistent growth trajectory. Our target market represents a significant $40 billion industry, and it is experiencing an impressive Compound Annual Growth Rate (CAGR) of 23-25% each year. This substantial and sustained growth indicates a strong demand for the services and solutions offered within our domain. The positive market dynamics, coupled with the increasing reliance on healthcare and fintech solutions, position us well for continued success and expansion within this evolving landscape.

What does your technology roadmap look like?

Our technology roadmap is focused on pioneering advancements in the fintech space through the development of industry-first products. At the core of our roadmap is the integration of cutting-edge technologies, primarily leveraging Artificial Intelligence (AI) and a Data-Processing Infrastructure (DPI) tech stack. By incorporating AI, we aim to enhance the intelligence and adaptability of our products, enabling them to evolve with the changing needs of our users and the industry. The DPI tech stack provides a robust foundation for efficient data processing, ensuring that our systems are not only innovative but also scalable and capable of handling the complexities of financial and healthcare data. This strategic combination positions us to stay at the forefront of technological innovation in our domain, offering groundbreaking solutions to our users.