StartupTalky

Tag: health related startups

  • Mykare Health – Improving Healthcare with Personalized Treatment & Accommodation Facilities

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Mykare Health.

    The health care system in India has numerous public and private Health centres at different levels. There are district hospitals, primary health centres, community health centres and more. Still there are associated Challenges With it, like – poor infrastructure and low quality control. Health facilities in India is insufficient for such huge population.

    Mykare has brought affordable healthcare facilities so that every common Indian can get benefitted from their service. They encouraging innovation and collaborations to improve medical service. They help people throughout the treatment, from picking the patients to make them reach the destined centre, the treatment, and post treatment care at minimal charges.

    Read to know about Mykare health startup, founders, and the story of its growth.

    Mykare Health – Company Highlights

    Startup Name Mykare Health
    Headquarters Bangalore
    Industry Healthcare
    Founder Senu Sam, Rahmathulla, and Joash Philipose
    Founded 2020

    Mykare – About
    Mykare – Industry
    Mykare – Founder
    Mykare – Idea & Startup Story
    Mykare – Name, Tagline, and Logo
    Mykare – Products & Service
    Mykare – Business model
    Mykare – Customer Acquisition after Startup Launch
    Mykare – Challenges Faced
    Mykare – Growth
    Mykare – Competitors
    Mykare – Future Plans

    Mykare – About

    Mykare Health seeks to develop India’s biggest asset-light healthcare network for elective surgeries and preventive care, with the goal of improving the healthcare experience of every ordinary man. Mykare is a comprehensive platform powered by artificial intelligence. It’s a hassle-free platform-driven end-to-end surgical journey for patients, with AI-enabled screening, Flexible Payment & No Cost EMIs, transparent and affordable pricing, AI-enabled Insurance platform, 24*7 In-app care, 20 to 40% cost savings, unlimited post-care, pickup and drop, and free room upgrade, family-like on-ground care. All Mykare facilities are Covid SAFE and have high-quality surgeons and recognized centers.

    Mykare – Industry

    Looking at the elective surgery market size and medical travel industry in India and small number of hospitals in India, the hospitals will be mostly a place for inpatient care and most of the other functionalities will be start disintegrating.

    Mykare – Founder

    Semu Sam - Mykare Founder
    Semu Sam – Mykare Founder

    Mykare has been founded by Mr. Senu Sam, Mr Rahmathulla, and Mr Joash. Senu Sam is the key founder and CEO of Mykare. Mr Rahmathulla serves as CTO and Mr Joash is the CPO of the company.

    The founding team is from Sales, Tech and Product/ Ops background. This diversity is the key for the senior leadership. The team focus on individual strength area and coordinate each other.

    Mykare has started with 2 people and now it has a team size of 22 people.

    One of the main culture they are building is the family atmosphere. They also make sure high respect and value to every human being who comes along.

    Mykare – Idea & Startup Story

    Senu Sam got the idea to develop Mykare when his father was hospitalised to a small hospital in his native town for surgery, and he flew down to coordinate the entire process. When he put himself in the shoes of an ordinary patient, he saw the entire process develop from a different angle. This made him question how his father was one of numerous people around the country who were waiting in the hospital with no idea what they were going through. This is when he realised there was a need for an end-to-end technical platform experience with tailored and standardised treatment for patients seeking low-cost surgical care.

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    Mykare logo
    Mykare logo

    The name Mykare health has been chosen to make sure to get closer to every common man.

    Mykare – Products & Service

    75% of India’s population lives in Tier 2 or Tier 3 cities, whereas 80% of doctors and healthcare facilities are present in Tier 1 cities; as a result, a large number of patients go from tier 2 and 3 cities to tier 1 cities for better treatment. Mykare help these patients in finding out the most affordable treatment along with travelling, accommodation, and aftercare.

    Mykare has tied up with under utilized small & medium hospitals in India. It enables partner hospitals with technology, patient access, and branding. The brand utilises the underutilized facilities & their senior surgeons for the procedure.

    MyKare operates with four facilities in Chennai and plans to expand its services in the whole South Indian region including Tamil Nadu, Karnataka, Kerala, Telangana, Andhra Pradesh, and Maharashtra.

    Mykare – Business model

    Mykare works on revenue share model with the service providers.

    Mykare – Customer Acquisition after Startup Launch

    Due to the population of India, it’s a country with a lot of demand for affordable healthcare. Connecting these patients to the right affordable centre is the first challenges in the demand side. Mykare started developing POC centres in every city through which they onboard the patients. On the other hand, Supply facilities are available and underutilized.

    Like any other startup journey they have tried out a lot of options. Their initial focus was only on a market place model, however they came across many situations where the experience for the patient who has to travel has a lot of challenges when they reach the facility. This is the reason they decided to take care of the end to end journey of the patient right from first touch point, on ground and Post Care.

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    Mykare – Challenges Faced

    Maintaining the quality of the patient care and their experience was the big challenge initially. After the learnings, they have deployed out of care teams to make sure this is taken care of.

    Mykare – Growth

    Mykare is operating its business at 4 Domestic and 1 International Locations. They are planning to start 20+ centers and 10 Demand cities. They have been approached by 1500 patients in last 9 months and 420 surgeries were performed. They are growing with 300% YOY revenue growth.

    Mykare – Competitors

    Mykare top competitors are:

    • Pristyn Care
    • Glamyo Health

    Mykare – Future Plans

    Moving forward they are planning to partner with some international companies in healthcare space.

    FAQs

    Who is the founder of Mykare?

    Mykare has been founded by Senu Sam, Rahmathulla, and Joash Philipose.

    When was Mykare founded?

    Mykare was founded in 2020 at Bangalore.

    What is the service offered by Mykare?

    Mykare help patients in finding out the most affordable treatment along with travelling, accommodation, and aftercare.

  • Startup Ideas for Medical Practitioners During Pandemic

    Every domain has certain gaps that can be filled only through out-of-the-box solutions. The field of medicine is no exception. Doctors and other practitioners in every capacity and designation can also come up with innovative ways of earning cash through secondary sources. These alternate methods if given the time and dedication, can eventually become a primary income source.

    “The concept of entrepreneurship and startups is only for those dealing with technology.”

    This is not true anymore. The above statement was good to be true if these were earlier times when startups just getting into the market. Now it all depends on how creative and ingenious an individual is.

    Startup Ideas for Medical Practitioners
    FAQ’s
    Conclusion

    Startup Ideas for Medical Practitioners

    Here are some startup ideas for medical practitioners to introspect on and realize their dream of starting their own venture.

    1. Online Consultancy

    People are actually busy these days, they are so busy that they tend to not go to the doctor, till it’s necessary.  It’s common for people to look up their symptoms and identify probable diagnoses using the power of the internet and the countless health-related websites it has to offer. A doctor specializing in a domain of medicine such as cardiology can leverage this trend in today’s generation. By starting a website, he or she can provide online consultation services at a lower cost than what it’d take to visit a practitioner in real.

    2. Medical Prescription Query Services

    A lot of patients end up not being able to purchase medicines due to an incomprehensible doctor’s prescription. While pharmacists are there to help you out, won’t it be a plus if someone could suggest you generic medicines instead of the expensive ones that health specialists usually recommend? Mind you, in order to be able to cater to a variety of prescriptions, it is suggested a group of medical specialists start such an initiative as a team in order to cover as many health domains as possible (cardiology, dentistry, orthopedic, etc.)

    3. Online Medicines Store

    The following is the lifeline of many people in urban areas. Especially, for elderly people, as they are not able to go to medical stores often. For this purpose, this online medical store is getting on-trend. You will be able to get all kinds of medicine, at a cheaper cost and at your doorstep. Easy-peasy right? Hence, these online medicines store a good form of a startup in the medical field.

    4. Consultant to Big Pharmaceuticals

    Companies such as Pfizer, Sun Pharma, Ranbaxy, and many others need expert advice from medical practitioners when it comes to drug trials. As a strategist to these big-shots, doctors can earn good money without working for long hours. Moreover, getting to be a part of something that’s likely to affect the lives of many in the form of medicines is worth the effort!

    5. Reviewing Health Insurance Claims

    Insurance companies don’t want to spend a lot but still protect people. The job requires time and a laptop to review the insurance claims. Medical specialists can take advantage of this kind of outsourcing that big insurance companies usually indulge in. While the idea is great for a startup venture but is a great way to earn some extra income in addition to the primary job for any doctor.

    6. Opening a Fitness Center/Spa

    Ordinary spas are in abundance. But if you’re a GYN/OB, then you can utilize the knowledge of yours to provide special treatment. Physiotherapists and orthopedic specialists have a large consumer base to tap into if they decide to open such kind of startup—fitness enthusiasts are willing to splurge cash to get into shape. This kind of setting is a glimpse of the future; fitness trainers will soon be accompanied by medical experts!

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    7. Becoming a Tutor

    The number of aspirants aiming to get into medical universities for education is staggering. The blossoming of coaching institutes means that the demand & supply is not entirely balanced. Moreover, the quality of educators is not of the standard at all institutes. If you had an exceptional preparation phase while attempting the medical competitive examinations and finally end up studying at a prominent institute solely on merit, then helping students in the same by teaching them is a proven way of making a good income.

    8. Facilitating Sale of Medical Equipment

    A doctor makes innumerable contacts, be it during practice hours or after that. These include pharmacists and medical items, vendors. Patients often lookout for medical equipment at cheap rates—oxygen cylinders, wheelchairs, etc. By leveraging their connections, practitioners can open online platforms dealing in the buying and selling of such items.

    9. Opening a Private Clinic

    This is by far the most common one and a sure-shot case of success. There will be maintenance costs, staff salaries, and other kinds of initial investment expenditures but once the clinic takes off, there’s no looking back. The point to consider is that opening a private practice is possible only after gaining significant experience either in public or private hospitals/institutions. Moreover, the location where the clinic would be set up is also decisive; if the locality is one where medical assistance is rare and not accessible to everyone for whatever reason, then even a small practice can generate significant revenue. But then if the same is to be established in a place already teeming with hospitals and clinics, then experience and popularity as a practitioner decide the level of success that is achievable.

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    10. Healthcare Apps

    We love different apps for different services. Also, people are actually concerned about their health but lack of time, concentration makes it difficult for them to keep track of their health. Hence, a good healthcare app is the need of the time. A complete app that provides all health care benefits like a nutritionist calorie counter, footsteps counter, etc. If the features include, a consultancy with a certified nutritionist, dietician, trainers then it is the perfect icing on the cake.

    11. Rehabilitation Center

    Substance abuse or commonly known as drug abuse is a common problem in today’s generation. To get away from such habits, parents, guardians, NGOs are constantly looking for a rehabilitation center. Hence, this area is also an area to have a startup. It’s not a niche area to work but it serves both public service and private profit. Make sure the center has good doctors, good medical staff, and moral support to the addicts, for their good recovery.

    12. Skincare Line

    This is not a very familiar startup in the medical field but trust me it is a very effective startup. You are not believing me, check Dr. Barbara Streum. She is a trained dermatologist who crafted plenty of skincare products used by celebrities, common people across the globe. Hence, if you tried a dermatologist who has come up with a new formula, different textures treating people’s issues then you should start your own skincare line Of products. It sounds like a new concept but it is an extremely profitable startup idea if been created with innovation.

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    FAQ’s

    How do I start a healthcare startup?

    To start a healthcare startup follow these steps:

    • Create a business plan.
    • Register with the state.
    • Obtain Medicare and Medicaid certifications.
    • Hire a great staff.
    • Get your clients.

    How many healthcare startups are there?

    There are approximately 2,500 startups in the healthcare sector right now, split into 34 categories. If you can successfully navigate the healthcare landscape, your startup will reign supreme.

    How can I start a healthcare company in India?

    If you are planning on starting a healthcare business in India that will have Application based Services which includes telemedicine services, you will be required to be registered as an ‘Other Service Provider’ (OSP) with the Department of Telecommunications. All drugs must be sold under a license.

    Why do digital health startups keep failing?

    A miscalculated profit margin, a too high or too low price tag, and a generally misplaced pricing strategy could mean the end of a promising digital health start-up.

    Is healthcare a profitable business?

    According to a 2015 Forbes report, healthcare was projected to be one of the most profitable industries of 2016. Perhaps not surprising, though, since the healthcare market is such a large part of the national GDP.

    Conclusion

    Doctors are uniquely qualified to be excellent healthcare tech founders and even operators as they are more familiar with the domain. They are famously termed as entrepreneurs with medical degrees who will drive much of the healthcare innovation to come in the next few years. These medical practitioners might not be immediately familiar with the startup world but they bring invaluable knowledge of the complex healthcare system to the table. They are familiar with how money moves internally, how incentives work inside the organization, and which regulations apply in which circumstances under the healthcare domain.