MyHealthcare: Pioneering India’s Healthcare Revolution with Digital Ecosystem
CXOToday has engaged in an exclusive interview with Aneesh Nair, Co-Founder & CTO, MyHealthcare
Tell us about the story behind the inception of MyHealthcare
In 2017, my co-founders Shyatto Raha, Divya Laroyia, and I embarked on a journey to establish MyHealthcare, a pioneering specialty healthtech startup in India. Shyatto’s extensive experience in business strategy across the sub-continent, Southeast Asia, and the Middle East, coupled with his background at NDTV Group and Astro Networks, laid a solid foundation for our venture. Divya, transitioning from a seasoned media professional, took charge of leading the Product side of the business. Leveraging my expertise as an information security practitioner with a healthcare tech background from Wockhardt Healthcare, we delved into comprehensive research in 2016-2017, identifying gaps within the healthcare sector.
We understood that in India, the healthcare sector is dominated by private players, and mainly concentrated in top-tier cities. However, 70% of the country lacks access to quality primary and super-specialty care. Additionally, the healthcare delivery process is fragmented, requiring patients to visit multiple places for prescriptions, tests, and treatment. The inception of MyHealthcare in 2017 marked the beginning of our mission to create an entire healthcare ecosystem, seamlessly connecting hospitals, doctors, and patients using technology to enhance the quality of care as well as improve accessibility and affordability.
How has the company grown in the last few years?
MyHealthcare addresses the above mentioned challenges by creating a specialty care ecosystem. We connect hospitals, doctors, and patients digitally, offering a comprehensive solution. Starting our go-to-market strategy in 2018, we initially focused on patient care, managing nine hospitals. By 2020, our reach had expanded to encompass 45 hospitals, and we had incorporated primary care into our offerings. In 2022, we further broadened our platform, to deliver inpatient care, hospital management, home care, diagnostics, pharmacy services, and remote patient monitoring.
Today, we are proud to manage 130+ hospitals, serving more than 40 million patients. In just four years, MyHealthcare has evolved into India’s largest single-screen specialty care system. However, we view this as just the beginning of our journey, and we are committed to advancing and innovating in the healthcare space.
Share some of the recent developments in the company in terms of new products/services added.
Keeping in line with our vision to address the pressing issue of affordable healthcare, we launched our healthcare financing vertical MyHealthFin, in November 2023.
Premiums of medical insurance policies have risen by 10% – 20% over the last year. Medical inflation in India is around 15% versus Consumer Price Index (CPI) inflation of 6%. The high out-of-pocket expenses, standing at a staggering 48.2% (Source: Economic Survey 2023), make quality healthcare unaffordable for many in India. Add to this the low adoption of health insurance, especially in our aging population – research data shows that almost 98% of India’s senior citizen population remains devoid of health insurance coverage due to the high insurance premiums and reduced eligibility for insurance.
MyHealthFin has been designed to offer data-driven medical loans for patients across all healthcare needs of a patient – hospitalisation, homecare, and chronic care management. MyHealthFin empowers patients in managing their complete healthcare needs by offering flexibility to manage the cost of their healthcare from total coverage of their hospitalisation, to help top up where their insurance coverage is not enough. MyHealthFin ensures medical loans are made available through the partner NBFC ecosystem, with low cost or zero cost EMIs over 12 to 16 months.
What is the expansion plan for MyHealthcare?
We hope to become synonymous with digital healthcare ecosystems in India and in the coming 5 years, we will be available in the majority of Tier 2 & 3 cities. We also plan to expand to other geographies such as Malaysia, Indonesia, Philippines and the Middle East.
How is MyHealthcare building a structured repository of a patient’s clinical data and a patient’s longitudinal history as well as ensuring privacy of such data?
MyHealthcare is strategically constructing a comprehensive repository of a patient’s clinical data and longitudinal history through its integrated digital health ecosystem. The platform’s Electronic Medical Records (EMRs) for various care protocols and interventions are augmented with artificial intelligence, ensuring standardised diagnoses. Creating a structured repository for patient clinical data in MyHealthcare involves designing a comprehensive data model, utilising standardised formats for interoperability, and implementing encryption techniques for data security during transmission and storage. Seamless integration with various healthcare systems, strict access controls based on roles, and multi-factor authentication enhance data security. Features facilitating the aggregation of patient data over time, version control mechanisms, and robust consent management systems contribute to building a patient’s longitudinal history while respecting privacy. Additionally, leveraging a technology stack built on open-source platforms and cloud infrastructure, maintaining detailed audit trails, compliance with data protection regulations, and regular staff training on privacy policies foster a secure environment. Enabling patient access and contribution to their records, coupled with education on data usage policies, promotes transparency and engagement. This comprehensive approach ensures the creation of a structured patient data repository with strong privacy safeguards for health tech companies.
How is MyHealthcare implementing AI and ML technologies?
MyHealthcare strategically implements Artificial Intelligence (AI) and Machine Learning (ML) technologies across various facets of its healthcare ecosystem. Leveraging AI for clinical decision support, MyHealthcare employs ML algorithms to analyse patient data, aiding in diagnosis and treatment recommendations. Additionally, natural language processing (NLP) algorithms are utilised for extracting valuable insights from unstructured medical records, facilitating more comprehensive patient profiles. The platform integrates AI and ML into its EMR to analyse and interpret a patient’s clinical history, mapping diagnoses to globally accepted standards such as ICD and SNOMED-CT. MyHealthcare has deployed a robust voice-enabled clinical data entry platform which allows doctors to dictate e-prescriptions efficiently. Additionally, AI is integrated into the platform’s virtual consultation system, enhancing the overall patient experience. The AI capabilities extend to the MyHealthcare@Home ecosystem, where the scalable platform can monitor a large pool of patients from a central command center, including remote patient monitoring and home isolation monitoring. MyHealthcare’s commitment to leveraging AI and ML technologies contributes to the platform’s ability to provide data-driven care, improve clinical outcomes, and enhance overall healthcare delivery.
Share some of the Healthcare technology trends expected in 2024.
Emerging Trends in the Healthcare Industry for 2024
As the healthcare sector evolves into 2024, it is witnessing transformative shifts, largely driven by technological innovation and changing healthcare delivery models. In addition to the previously discussed trends, another critical aspect shaping the future of healthcare is the financial dimension, particularly in the context of rising healthcare costs and insurance premiums. Here, we expand on the top trends, incorporating this vital financial perspective.
1. Integration of Artificial Intelligence and Machine Learning: Artificial Intelligence (AI) and Machine Learning (ML) remain at the forefront of healthcare innovation, revolutionising diagnostics, personalised treatments, and predictive analytics. These technologies facilitate more accurate diagnoses and tailored treatment plans, with predictive analytics playing a crucial role in personalised medicine and early intervention strategies.
2. Telemedicine and Remote Patient Monitoring: The expansion of telemedicine and remote patient monitoring continues to redefine healthcare delivery. These technologies make healthcare services more accessible and efficient, especially for patients with chronic conditions, enhancing continuous health monitoring and patient empowerment.
3. The Rise of Personalised and Precision Medicine: Precision medicine, propelled by advancements in genomics and molecular research, is tailoring treatments to individual genetic profiles. This approach marks a significant shift towards more effective and personalized patient care.
4. Increased Focus on Cybersecurity and Data Protection: With the digitalisation of healthcare, data privacy and cybersecurity are becoming increasingly crucial. Healthcare organisations are investing in AI and ML to enhance cybersecurity measures, ensuring the protection of patient data and building trust.
5. Addressing the Rising Costs of Healthcare and Insurance Premiums: In 2024, a significant trend in the healthcare industry is the rising cost of healthcare services and insurance premiums. This increase is driving the need for alternative healthcare financing solutions, such as medical loans. As out-of-pocket expenses for patients continue to grow, there is an emerging market for healthcare financing options that provide patients with the necessary funds to manage their healthcare expenses. This trend is not just about providing financial relief but also about ensuring that high-quality healthcare remains accessible to a broader segment of the population, irrespective of their immediate financial capabilities.
The healthcare industry in 2024 is defined by a blend of technological innovation and a response to evolving financial challenges. While AI, telemedicine, value-based care, precision medicine, and cybersecurity are at the forefront of transforming healthcare delivery and outcomes, the industry is also adapting to the economic realities of rising healthcare costs. The emergence of healthcare financing solutions like medical loans reflects a commitment to maintaining access to quality healthcare, even as financial barriers increase. These trends collectively signify a move towards a more accessible, efficient, and patient-centric healthcare system, adapting to the needs and challenges of the modern world.
