MyHealthcare Eyes Tier 2/3 Cities, International Markets For Growth

Founded in 2017, MyHealthcare is transforming India’s healthcare landscape by building a comprehensive digital ecosystem. The platform bridges gaps in healthcare delivery, particularly in underserved areas, through technology-driven solutions. "Our mission is to ensure seamless connectivity between hospitals, doctors, and patients, aiming to improve outcomes and enhance accessibility," says Shyatto Raha, Founder & CEO, in an interview with Bizz Buzz.

With India's healthcare market projected to reach $37 billion by 2030, MyHealthcare is at the forefront, leveraging AI and cloud-based frameworks to address patient needs. Its product suite includes EMRs, managed care platforms, and financing options through MyHealthFin. As Raha notes, “By capturing and standardising patient data, we empower providers to make informed decisions.” Looking ahead, MyHealthcare aims to expand into Tier 2/3 cities and international markets, redefining healthcare experiences globally

What are the emerging trends in the healthcare industry?

According to a report by BCG, the digital transformation of India's healthcare industry is expected to grow to about $37 billion by 2030. A significant driver of this growth is the widespread adoption of tech enabled healthcare solutions, a trend that gained momentum after the disruptive impact of the Covid-19 pandemic. During that period, both patients and healthcare providers became more comfortable using technology for healthcare interactions, marking the beginning of a new era in how people access healthcare services.

Several factors contribute to this trend, including the rapid digitisation and digitalisation of healthcare, the rise of innovative health-tech platforms, collaborations between startups like the one in question and established healthcare providers, and favourable funding environments for viable business models, supported by government initiatives. As India assumes the position of being the most populous country in the world and continues to increase healthcare spending, the market for digital health solutions is on an upward trajectory, aligning with the country's economic growth. This presents a significant opportunity for startups to contribute to and benefit from the evolving landscape of healthcare consumption in India.

How is the AI changing healthcare?

AI and ML technologies are adept at sifting through vast volumes of health data—from electronic health records and clinical studies to genetic information—and analysing it at unprecedented speeds. Healthcare organisations are harnessing AI to streamline administrative workflows, liberating healthcare workers from mundane tasks and affording them more valuable face-to-face time with patients. Additionally, AI-powered virtual nurse assistants, such as chatbots and apps, are offering around-the-clock support to patients, answering queries, generating smart reports, and facilitating appointment scheduling.

Moreover, AI plays a pivotal role in fraud prevention within the healthcare industry, identifying irregular patterns in insurance claims and curbing fraudulent practices that inflate medical premiums and out-of-pocket expenses for consumers. Furthermore, AI technologies like NLP, predictive analytics, and speech recognition are enhancing communication between healthcare providers and patients, facilitating more informed discussions about treatment options and fostering shared decision-making.

One significant advantage of AI is its ability to streamline data gathering and sharing, particularly in chronic disease management like diabetes. Wearable and monitoring devices provide real-time feedback on glucose levels, enabling patients and medical teams to track and manage the condition effectively. AI assists in aggregating, storing, and analysing this data, offering valuable insights to healthcare professionals on disease management strategies tailored to individual patients.

What is the story behind inception of the company?

In 2017, the co-founders of the company, myself, Divya Laroyia, and Aneesh Nair, initiated the establishment of a pioneering specialty healthtech startup in India. my profound experience in business strategy across the sub-continent, Southeast Asia, and the Middle East, complemented by my background at NDTV Group, formed a robust foundation for their venture. Divya, transitioning from a seasoned media professional, assumed the leadership role in overseeing the product side of the business. Aneesh, drawing upon his expertise as an information security practitioner with a health tech background from Wockhardt Healthcare, contributed significantly to the founding team's efforts. In the initial stages, they dedicated their days to comprehensive research, identifying gaps within the healthcare sector.

The founding team of MyHealthcare quickly comprehended that in India, the predominant share of healthcare is controlled by the private sector, primarily concentrated in top-tier cities. However, 70 per cent of the country lacks access to quality primary and super-specialty care. Furthermore, the healthcare delivery process is fragmented, compelling patients to visit multiple locations for prescriptions, tests, and treatment. Consequently, the establishment of MyHealthcare in 2017 signified the initiation of their mission to construct a comprehensive healthcare ecosystem, keeping the patient at the centre. This ecosystem aims to seamlessly connect hospitals, doctors, and patients through technology, with the objective of improving patient outcomes by maintaining rich patient longitudinal history.

What is the product portfolio the company is offering currently?

The MyHealthcare operates as a cloud-based, open-source technology, microservices framework, with a data lake serving as its central integration layer. Every interaction between patients and healthcare providers captures patient demographic and clinical longitudinal data. The platform plays a pivotal role in standardising the care delivery process, minimising medical administration errors, and constructing a centralised patient longitudinal history. The product portfolio of MyHealthcare includes the following:

The MyHealthcare Patient Ecosystem serves as a managed care platform integrated across all healthcare delivery services, encompassing doctor consultations, homecare, diagnostics & e-pharmacy connects and more.

MyHealthcare EMRs (Electronic Medical Records) are designed as single-screen interfaces to streamline the CPOE (Computerized Physician Order Entry) process for doctors, CDSS to assist with diagnosis, provide care protocols to create treatment plans and generate faster prescriptions with voice-to-text features.

The MyHealthcare Enterprise Application (MHEA) functions as the core engine, ensuring efficient and optimal operational processes and best practices across all departments of the hospital. Its workflow and task based approach reduces clutter, enabling caregivers and operations teams to focus on priority tasks, billing, inventory, and other relevant clinical as well as non-clinical functions in a systematic approach.

MyHealthcare@Home oversees the continuity of care from hospital to home, functioning as a command centre for remote patient monitoring.

MyHealthFin addresses the critical issue of affordable healthcare. Launched to provide innovative and paperless financing options, MyHealthFin collaborates with leading NBFCs (Non-Banking Financial Companies) in India. The initiative aims to serve over 30 million patients within its 130-hospital partner network, spread across Tier 1 and Tier 2 cities and towns.

What are the growth and expansion plans of the company?

As the company grows, the aim is to touch more lives and contribute to providing a better healthcare experience at all touchpoints. The overarching goal is to establish MyHealthcare Technologies synonymous to digital healthcare ecosystems in India. Over the next 5 years, the company aspires to be available in the majority of Tier 2 and 3 cities in India. Additionally, there are plans to expand to other geographies such as Malaysia, Indonesia, Philippines, and the Middle East.

How is the company building a structured repository of a patient’s clinical data and a patient's longitudinal history?

By capturing patient demographic and clinical data during each interaction, the platform effectively diminishes medical administration errors, ensuring the availability of accurate, up-to-date information for enhanced patient care. The platform's data lake enables the creation of a centralised patient longitudinal history, empowering healthcare providers with data to make better-informed decisions. MyHealthcare EMRs provide doctors with a user-friendly interface, optimizing workflow efficiency, and allow doctors to allocate more time towards patient care.

Please explain the ever-increasing role of EHR and EMR.

The MyHealthcare Ecosystem has exerted a substantial influence on both the industry and society, revolutionising healthcare delivery and experiences for both doctors and patients. It serves as a pivotal force in standardising care delivery processes across various healthcare services, fostering a more uniform and efficient healthcare experience. The increase in adoption of Electronic Medical Record (EMR) systems in India has been driven by factors such as the need for improved patient care coordination, increased efficiency in healthcare delivery, enhanced data management, and streamlining healthcare operations.

EMR systems offer ease of use to healthcare providers giving them access to accurate and longitudinal patient data in a structured format enabling them to make informed clinical decisions. In addition, for clinicians, EHR/EMRs facilitate quicker generation of rich prescriptions, timely alerts on patient vitals, and the convenience to manage their practice effectively. The Indian government has also taken significant initiatives to promote the adoption of EMR systems, with the launch of the Ayushman Bharat Digital Mission, emphasising on the fact that the future of healthcare is truly technology enabled.