SaveIn helps patients split medical expenses into EMIs at private hospitals

An MBA from the Indian Institute of Foreign Trade (IIFT), his expertise extends across various domains, including banking, insurance, and consulting. His track record in the financial services sector is marked by innovation and a commitment to leveraging cutting-edge technology for customer acquisition, risk assessment, payments, and collections.

Earlier, he had set up Rupeeredee, a leading fintech lender, and Fincfriends, one of India's pioneering digital NBFCs. Under his leadership, both entities issued hundreds of thousands of fully digital loans across 25 cities in India, achieving profitable business outcomes. He has all along been a passionate advocate for building high-impact and sustainable tech-enabled businesses.

Speaking to Bizz Buzz exclusively, Jitin Bhasin, Founder & CEO, SaveIN, explains how he wants to make SaveIN, an ever expanding fintech company poised to revolutionise healthcare accessibility in India

What prompted you to launch SaveIN?

We always wanted to take up pioneering initiatives in the healthcare sector. SaveIN was floated with the idea of rolling out India’s most extensive outpatient healthcare discovery platform, addressing a critical gap in the market by focusing on medical procedures not typically covered by conventional insurance provider.

What does SaveIN do, to start with?

The platform covers 300 treatments across more than 20 categories, including dental, dermatology, fertility, elective and aesthetic surgeries, hair growth and transplants, alternate therapies, and personal wellness. Our vision is to democratize healthcare in India by enhancing the accessibility of quality preventive and elective healthcare services for the masses.

With the preventive care market in India expected to double in size, SaveIN is well-positioned to cater to the evolving healthcare needs of the country. By offering a unique QR code-based payment system, 0 per cent interest EMIs, and round-the-clock access to 100 per cent digital operations, SaveIN aims to streamline healthcare financing and ensure that medical care is never delayed due to financial constraints.

In short, it is a fast-growing healthcare fintech company that helps people split their medical expenses into easy monthly installments at private healthcare practices.

What are the key challenges SaveIN aims to address in its journey?

The core challenge it aims to address is the financial burden faced by millions of Indians when it comes to planned or unplanned medical treatments. Currently, over 90 per cent of Indians lack private healthcare insurance, leading to over 75 per cent out of pocket expense towards healthcare.

Furthermore, even those with private healthcare coverage often find themselves inadequately covered in terms of treatments and products, as many crucial services remain outside the scope of traditional healthcare insurance. Additionally, medical inflation in India is 15 per cent per annum, thereby making paying for private healthcare prohibitively expensive and frictional for many. We intend to address all these problems.

How many healthcare and wellness practices have you onboarded so far? What is the plan for the future in this regard?

We at SaveIN have built one of India’s largest out-patient healthcare partner networks with over 5,000 centres across all major cities, now equipped with SaveIN QR codes, enabling practices to split medical expenses of their customers into instant 0 per cent interest monthly installments. Having on boarded over 5,000 healthcare and wellness practices into its network, we are now set to launch India's largest online discovery platform elective and preventive healthcare procedures.

We aim to expand our partner base to more than 15,000 in the upcoming one year and facilitate timely and quality care for millions of Indians. We have built customized solutions for pan India institutional healthcare brands as well as neighbourhood healthcare practices, thereby delivering a hyper-local experience across price bands to our customers.

What happens when you launch the discovery market place?

With the launch of our upcoming discovery marketplace, SaveIN promises to connect users with handpicked healthcare practices near them and unlock customised offers as well as zero per cent EMI based payment plans for all healthcare treatments.

SaveIN has partnered with leading banks and non-bank finance companies to facilitate easy healthcare payments by using customised underwriting techniques focused on healthcare, the entire process of unlocking a credit line at a SaveIN partner healthcare facility takes under 3 minutes.

How do you stand out? What makes you different from other fintech companies and other traditional NBFCs?

We are now set to cover all aspects of healthcare, starting from locating practices, fixing appointments for the procedure of choice and embedded healthcare finance with zero per cent EMI experience delivered through QR codes.

Our operations are customised to healthcare domain and 100 per cent digital, making us very different from traditional NBFCs, generic fintech lenders who look at healthcare loans as one of the many categories, as well as healthcare aggregators who largely focus on facilitating consultations.

In a country where traditional insurance systems often fall short, SaveIN is uniquely positioned to offer an end-to-end solution for private healthcare. Preventive care market in India is expected to double in size to $195 billion, from $93 billion in 2021.

As Indians look to prioritise personal health and wellness, SaveIN’s unique approach of creating an end-to-end system for availing private care without breaking the bank may just be the solution needed both by customers and medical practices alike.

It’s been more than 20 months that you have been in operation. How many customers’ applications have you processed so far?

We have processed over 1.5 lakh customer applications within 20 months of launch, SaveIN has received a request for over Rs 700 crore from customers at its partner healthcare providers thereby demonstrating the demand for such services.

What is your partnership with MyKare Health for?

SaveIN's strategic partnership with MyKare Health reflects its commitment to expanding the reach of CNPL (Credit Now Pay Later) offerings across India. By collaborating with a tech-enabled and asset-light healthcare chain, SaveIN aims to extend paperless instant checkout finance for various healthcare procedures within the network hospitals of MyKareHealth.

Let me add here that, SaveIN's innovative BNPL (Buy Now Pay Later) model has the potential to reshape the healthcare financing landscape in India. By providing healthcare providers with embedded finance and pay-later options, the company aims to bridge the affordability gap, ensuring that individuals have access to timely and necessary medical care without compromising on financial constraints.

How much have you raised so far (and from whom) to translate your vision into reality?

SaveIN has successfully raised $4 million (Rs 30 crore) in seed funding. The funding comes from a mix of Silicon Valley and European investors, including notable names such as Y-Combinator, 10X Group, Leonis VC, Goodwater Capital, Nordstar, Rebel Fund, Pioneer Fund, Soma Capital, and SCM Advisors. This substantial investment underscores the confidence of institutional investors in SaveIN's innovative approach to healthcare financing.