A large number of people, especially those in the big cities and towns, prefer to use private healthcare, but lack of affordability coupled with abysmally low penetration of health insurance makes it extremely difficult for them to manage planned and unplanned expenditure on personal health and wellness. “Research says that 80% of Indians struggle to pay for private healthcare and many a times have to dip into their hard-earned savings, borrow money at usurious rates or settle for sub-optimal treatments given the lack of affordability,” says Jitin Bhasin, founder & CEO of SaveIN, a new-age startup that is fast addressing this acute need in private healthcare.
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The Gurugram-based healthcare-fintech company enables access to quality healthcare by offering no-cost EMI based repayment plans embedded across its rapidly growing network of thousands of healthcare providers across the country. The startup has already spread its network to over 2500 healthcare clinics across over 50 cities of India and has helped tens of thousands of customers access quality healthcare while splitting their bills into 0% EMIs, claims Bhasin, who teamed up with co-founders Anurag Varma and Gaurav Luthra to launch SaveIN in January this year.
“We at SaveIN have created a 100% digital, paperless and instant check-out finance platform embedded at our network of healthcare providers across the country. Our Care now, Pay later offering enables providers to split medical bills of their customers into 0% EMIs in under 5 minutes,” explains Bhasin. “Credit assessment of customers happens in real time through our financial technology stack that considers various factors into consideration including type of clinic, credit profile of customers and also alternate data in a consent driven architecture, with an intent to approve maximum number of applicants.”
According to Bhasin, there are no hidden charges and if approved, a customer can avail of the treatment of their choice while SaveIN facilitates upfront payment to the healthcare provider within minutes.
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The startup has raised over $7 million in seed funding from some of the leading venture capital investors including Y-Combinator, 10X Founders, Bayhouse Capital, Goodwater Capital among others and claims to have grown rapidly to record a 90X growth in revenue since its launch earlier this year.
On the business model, Bhasin says that the company has adopted a unique approach by focusing on outpatient treatments in its first leg of launch and its partner base comprises practices like dermatology, dental, ophthalmology, wellness, preventive healthcare, alternative medicines, veterinary among others. “We aim to enable healthcare providers to serve upto 50% more customers while making Indians live healthier lives by availing timely care,” he adds.
SaveIN is aiming to build a network of 5000 providers by the end of this financial year with an intent to create India’s largest offline integrated healthcare ecosystem, facilitating hyper-local delivery of quality healthcare while enhancing affordability through simplified finance solutions. Their technology stack is hosted on Amazon Web Services and the startup uses a host of AWS services to ensure uptime, security, availability and scalability.
CARE NOW, PAY LATER
- SaveIN provides instant, zero-cost EMIs
- Covers practices such as dermatology, dental, ophthalmology, wellness
- Has a pan India network of over 2500 clinics in 50 cities
- Aims to expand network to 5000 outlets this fiscal