Startup Circle: How does MyHealthcare bridge the healthcare delivery gap using a data driven care continuum process?

MyHealthcare is a digital specialty healthcare ecosystem that partners with hospitals to build out an integrated, digital patient care ecosystem. It delivers all-around patient care services across consultation, diagnostics, health monitoring, preventive health, etc. The MyHealthcare ecosystem bridges the healthcare delivery gap using a data-driven care continuum process. This ecosystem manages the healthcare needs of over 20 million patients today, across 60+ super-specialty hospitals, over 80 specialty clinics, India’s diagnostics service providers, e-pharmacies, and home care providers.

The team

Shyatto Raha is the Founder and CEO, MyHealthcare. His experience in business strategy spans the Indian Sub-Continent, South East Asia, and the Middle East. He has worked with organizations such as the NDTV Group, Astro Networks (Malaysia and Indonesia). He was responsible for setting up and managing the operations of NDTV’s news network (STAR News, NDTV 24x7, NDTV India, and NDTV Profit).

Aneesh Nair, Co-Founder, and CTO is an alumnus of the National Institute of Engineering and IIM-Ahmedabad. He is a hardcore information security practitioner. He started his career and worked for over a decade with large enterprises automating hospitals & factories, implementing enterprise systems like ERP, HIS, SCM, MRP, CRM, and HCM. During the last decade in his various roles as CIO and CTO, he has delivered high availability Internet and eCommerce businesses, mobile applications, and enterprise digital ecosystems.

Divya Laroyia, Co-Founder and Chief Product Officer, is a media professional with 23+ years of experience in broadcast and digital content production and design. She was with the NDTV Group in various leadership roles. From heading the News Operations team of 150 people across NDTV’s three flagship channels – NDTV 24x7, NDTV India & NDTV Profit, to heading the design team as Chief Brand Officer at NDTV Worldwide. Over the past 12 years, she has focused on building digital platforms and products across sectors such as content platforms, retail, education, and healthcare sectors.

Divya, in conversation with CiOL, answers some questions about the healthtech industry and the startup. Excerpts.

What are the drivers/market trends that are shaping the HealthTech landscape in 2021?

As we brace for a third wave, digital consultations would rise further and there will be a need for a robust digital healthcare ecosystem. With 2,975 startups and an estimated 4800 healthtech companies, 2021 and the next 3 years will see cutting-edge technology in medicine and healthcare delivery in India and globally. Several healthcare organizations and doctors are using tech and a data-driven approach to provide a comprehensive patient-care experience and by embracing the use of Artificial Intelligence (AI), they are adding value to the quality of care delivered to their patients.

How is MyHealthcare tapping these market trends for growth?

MyHealthcare’s core mission is to bridge the healthcare delivery gap using a data-driven care process. As a service offering, it assists hospitals and clinics in building out their patient engagement and scaling their digital healthcare roadmap. Recently our partner hospital and clinic doctors have used our digital EMR and virtual consult platform to connect with patients. This convenience has seen great acceptance from patients, especially during the last few months.

Additionally, to support patients and hospitals amid the devastating second wave of covid which resulted in the acute shortage of hospital beds and other resources, MyHealthcare launched its digital specialty healthcare service. The support called MyHealthcare@Home was for patients who are under home isolation. Connected with a hospital team that keeps track of the patient's health and wellness, the command center of the platform allowed the medical staff to track vitals, read patient notes, view medical history, prescribe medicines among other services, all in real-time. The hospital care team can assist the patient, take readings over video and monitor the physical condition of the patient. Vital alerts & patient alerts were delivered to the hospital care team Command Centre allowing the doctor or nurse to take necessary action.

MyHealthcare also recently collaborated with Max Healthcare to launch India’s first, device-integrated patient monitoring framework, Max MyHealth+. The launch of remote patient care monitoring will allow Max Healthcare to expand its geography of care, allowing patients from across India and globally to stay connected with Max Hospitals and its doctors, and will reduce the time patients have to spend inside hospitals

How has your revenue grown with the brand evolving during the pandemic? What has 2020 changed for you? How are things now?

Revenues have grown more than 50% YoY. We’ve seen a 5X revenue growth during the last quarter alone. We witnessed a significant increase in demand for virtual consultations, homecare, and home isolation services during the second wave, compared to the peak last year, that too under national lockdowns when OPDs, etc were shut. Doctors had been doing virtual consults till midnight, 7 days a week, to keep up with the patient load. It is incredible how they managed to stay afloat during these times.

While the second wave has subsided, there is the looming threat of a third wave, and we expect online consultations to increase further. 2020 has been a tough year for everyone globally. It has helped us understand patients and their healthcare needs much better. It has also helped us push technological innovations for better diagnosis and treatment.

What are your growth priorities for 2021?

With the launch of the remote homecare monitoring of patients, we will be looking at extending this to Post IPD care. We want to try and create a home system to reduce a patient's time at the hospital. We are also introducing AI-based EMR, enabling doctors to do an accurate diagnosis based on the longitudinal history of a patient in its entirety; the updated version will come out soon. Further, we hope to become synonymous with digital healthcare ecosystems in India, and in the coming 5 years, we want to be available in even Tier 2 cities. We also wish to expand to other geographies such as Malaysia, Indonesia, the Philippines, and the Middle East

Funding

Raised USD 4.5 million in Series A - July 2019, led by Sixth Sense Ventures, with participation from Hunch Ventures and IDSMED. On track for a Series B round of funding.