MyHealthcare launched its healthcare financing vertical – MyHealthFin. To address the pressing issue of affordable healthcare by providing innovative and paperless financing options, MyHealthFin has partnered with leading NBFCs in India. MyHealthFin plans to cater to over 30 million patients across its 130-hospital partner network, spread across Tier 1 and Tier 2 cities and towns.
Premiums of medical insurance policies have risen by 10% – 20% over the last year. Medical inflation in India is around 15% versus Consumer Price Index (CPI) inflation of 6%. The high out-of-pocket expenses, standing at a staggering 48.2% (Source: Economic Survey 2023), make quality healthcare unaffordable for many in India. Add to this the low adoption of health insurance, especially in our aging population – research data shows that almost 98% of India’s senior citizen population remains devoid of health insurance coverage due to the high insurance premiums and reduced eligibility for insurance.
Following global trends, India is now a growing chronic care market. Most chronic diseases require treatment and care management over a long time, resulting in a higher cost of total healthcare expenditure for patients.
MyHealthFin offers data-driven medical loans for patients across all healthcare needs of a patient – hospitalisation, homecare, and chronic care management. Further, to make it a seamless aid for patients, MyHealthFin is offered as disease-agnostic financing.
“At MyHealthcare, we believe that access to quality healthcare is a fundamental right for all,” says Shyatto Raha, Founder & CEO of MyHealthcare. “In India, where medical inflation outpaces cost of health insurance premiums and patients do not have adequate health insurance coverage, addressing the issue of affordability and access to quality care is paramount. Through strategic partnerships with leading NBFCs, MyHealthFin endeavours to provide quick, innovative, and paperless healthcare financing to patients, making quality healthcare more accessible to all. Our commitment is to ensure MyHealthFin helps mitigate the financial constraints for patients and supports our hospital partners in delivering the best standard of care, focussing on better healthcare outcomes for patients.”
MyHealthFin’s integration with the MyHealthcare Ecosystem, ensures a unified experience for patients and healthcare providers in managing healthcare delivery. Patients coming into hospitals can avail medical loans for all their ailments across hospitalisation, homecare, or day-care. The loan processing is a complete digital, paperless process, with loan eligibility and loan sanction amount being processed in under 5 minutes.
“We started MyHealthcare with a vision to use digital technology to improve the quality of healthcare delivery, make quality healthcare accessible to a larger population, and make healthcare more affordable. Our clinical ecosystem has delivered digitalisation of healthcare delivery, with over 96% prescriptions being processed through our EMR, clinicians are able to use the MyHealthcare data driven care pathways to help deliver effective care plans to their patients and with MyHealthFin, we will be able to ensure that patients who could not afford healthcare due to high upfront costs are able to get access to the best care they need through affordable, easy EMI medical loans” added Shyatto.
In India, the rising cost of healthcare insurance and inadequate insurance coverage leads to patients having to make healthcare choices that may not be in the best interest of the care they need. MyHealthFin empowers patients in managing their complete healthcare needs by offering flexibility to manage the cost of their healthcare from total coverage of their hospitalisation, to help top up where their insurance coverage is not enough and covering costs of treatments, which may not be covered by health insurance. MyHealthFin ensures medical loans are made available through the partner NBFC ecosystem, with low cost or zero cost EMIs over 12 to 16 months.
“MyHealthFin has been designed as a product that will help patients with timely healthcare intervention, without complex processing of documentation, etc. The product helps create a valuable proposition for both stakeholders – patient and the hospital. The swift, seamless, paperless access to medical loan coverage, spanning outpatient to inpatient services helps reduce patient drop off and allows healthcare providers to deliver effective care to their patients.” said Srishti Singh, Head of Marketing, MyHealthcare.
Through its partners, the MyHealthcare Ecosystem is integrated across all health insurance providers, government healthcare schemes and the Ayushman Bharat (PM-Jay) scheme to help process claims settlements for hospitals and patients. The launch of MyHealthFin will help boost efforts to make quality healthcare available to a larger population.