The Indian healthcare market is still underserved and there is a growing demand for affordable and accessible healthcare services. Healthtech startups have enough room to make a positive impact by providing innovative solutions that address the challenges faced by patients, healthcare providers, and the healthcare system as a whole, says Aniruddha Sen, Co-Founder, Kenko Health.
In an exclusive interview with Sanjeev Sinha, Mr Sen explains the impact of advanced technology on the healthcare sector as well as the need for affordable healthcare, and shares his business outlook. Excerpts:
How is the healthcare industry benefiting through advanced technology? What are your thoughts on the incorporation of artificial intelligence in the healthcare sector?
The healthcare industry is experiencing a significant transformation due to advancements in technology, including artificial intelligence (AI). Firstly, technology has improved diagnostics to a great extent in India. Advanced technology enables doctors to identify and diagnose diseases more quickly and accurately. Secondly, it enhances patient experience. Technology is helping patients receive personalized care, improving their experience through wearable devices and mobile apps. These enable patients to monitor their health in real-time.
Additionally, the use of wearable technology and Internet of Things (IoT) devices is helping improve patient monitoring and communication between patients and healthcare providers.
Various healthcare players in India are utilizing AI and ML solutions to enhance their services, leading to the emergence of different types of players in the healthcare industry. For instance, AI can analyze large amounts of data to predict disease onset and identify high-risk patients, encouraging preventive healthcare. This presents opportunities for healthcare financing companies to collaborate with providers and develop personalized and cost-effective treatment plans for patients. With the continued advancement of AI, we can expect innovative solutions that improve care quality and accessibility for all.
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How do outpatient department (OPD) expenses affect access to affordable healthcare, and what is Kenko Health doing to address this issue?
Approximately 75% of an individual’s lifetime healthcare expenses are incurred outside of a hospital, referred to as OPD (Outpatient Department) costs. Unfortunately, these costs are not typically covered under most health insurance plans, which can create a significant financial burden for many individuals, particularly in India. To address this issue, there is a need to design and offer plans that cover all aspects of health expenses, as well as to create a technology-enabled ecosystem that provides such services with ease.
Kenko Health is committed to easing this burden by providing comprehensive healthcare financing plans that cover both OPD and IPD (Inpatient Department) expenses. These pocket-friendly online subscriptions give individuals access to world-class healthcare, with a robust network of healthcare providers and a digital-first approach that makes it easy to access care from anywhere. By leveraging technology and innovative financing models, Kenko Health is working to improve access to affordable healthcare for all, helping to ensure that individuals and families can get the care they need, when they need it.
With the health tech startup market evolving rapidly and the market getting crowded in India, what are the challenges and prospects for expanding a healthtech enterprise in the country?
One of the major hurdles that healthtech startups face is identifying the appropriate technology to address healthcare needs and validating it. This is a crucial step that allows for early detection of any potential issues or challenges and enables necessary adjustments before proceeding. A methodical and deliberate approach to technology development and deployment can significantly enhance patient outcomes. With the advancement of technologies such as AI and machine learning, startups can now test their products in virtual settings and gain meaningful insights and data. The Indian healthcare sector is facing numerous challenges, such as inadequate coverage of healthcare services, lack of access to affordable healthcare, and the absence of significant financial protection against medical expenses. In order to bridge this gap, there is a need to provide healthcare financing that covers out-of-pocket expenses, such as consultations, diagnostics, and medicines. Healthtech companies that have access to digital technology are in a better position to address this issue by providing holistic solutions that are tailored to individual or corporate needs.
Securing funding is another significant challenge for startups, as strong partnerships and investor support are necessary to bring their ideas to fruition. To address these challenges, the Indian government provides financial assistance to startups for proof of concept, prototype development, product trials, market entry, and commercialization. This funding is available for conducting proof of concept trials. Once successful trials are completed and the products are introduced to the market, startups can raise funds from angel investors, venture capitalists, or banks.
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Despite the challenges, there are promising opportunities for healthtech startups in India. The Indian market is still underserved and there is a growing demand for affordable and accessible healthcare services. The government is also taking initiatives to support startups in the healthcare sector by providing financial assistance for proof of concept, prototype development, and market entry. Overall, healthtech startups have enough room to make a positive impact by providing innovative solutions that address the challenges faced by patients, healthcare providers, and the healthcare system as a whole.
In what ways is Kenko Health expanding its offerings beyond health insurance to provide holistic healthcare solutions in India?
The complexity of healthcare plans can be overwhelming as people seek seamless service delivery and quick grievance redressal. At Kenko, we envision addressing this issue by offering accessible subscription plans that cover a range of healthcare expenses, including medication, doctor fees, and hospital bills. We aim to introduce a novel health care financing mechanism that rewards individuals for maintaining a healthy lifestyle. By promoting healthy habits, we aspire to revolutionize the perspective of healthcare and change the traditional way it operates.
Kenko’s primary goal is to enhance the efficiency and effectiveness of the healthcare system by emphasizing interoperability. We aim to facilitate easy access to medical care for individuals. Together with our insurance collaborators, Kenko is revamping the product design and pricing approach while also collaborating with industry players to establish sustainable financing models for the overlooked and untapped $250 billion+ OPD market, which is not usually covered by traditional insurance companies.
With a focus on ROI, affordability, and unparalleled customer experience, they provide an exceptional healthcare financing solution. We have direct partnerships with health and wellness service providers who ensure service provision to their members. The plans commence from as low as 299/- per month.
What is Kenko Health’s strategy for growth and expansion in the coming years, and how does it plan to differentiate itself from other players in the market?
We are committed to delivering and maintaining high standard healthcare services and products for our clients in the coming years. We have identified several key initiatives that we believe will help us enhance the services we offer and provide greater value to our customers.
One of our top priorities is to promote interoperability within the healthcare system. By doing so, we aim to enhance the efficiency and effectiveness of healthcare delivery and improve access to care for individuals.
Kenko Score is a very different concept. How did it conceptualize, and how does it work?
The Kenko Score utilizes your lifestyle, medical history, and existing health concerns to generate a personalized score. The algorithm may recommend tests that we will cover to ensure you receive the most precise score possible. Within 36 hours, you will receive your score, which will indicate your health status on a scale of 1 to 1000, with a higher score being better. The Kenko Score is suitable for all age groups and demographics, and investing in your health earlier will be more beneficial and cost-effective.
The Kenko Score app is the first step in our journey with our customers. Next, we guide them through the plans that are tailored to their requirements. Plans that include online stores, digital consultation, benefits starting from day one, and a richer experience that will be unlike anything you have experienced when it comes to healthcare.
