OurHealthMate, a technology platform that connects patients, providers and payers in India, is planning to foray into the Philippines market soon. The company has also set its eyes on Mexico, Indonesia, Vietnam, Thailand and Bangladesh markets.
"We have partnered with 30,000 doctors in India, who collectively offer 4,50,000 different medical services. We will be launching in the Philippines in a year because the country has a similar model to India with regard to insurance and immigrant population. The country has English speaking people, and the corporates which are in India, also have offices in the Philippines," Abhinav Krishna, Co-founder and CEO of OurHealthMate said.
When the company was started, it was targeting NRIs who were living in Singapore, the US and the UK.
"We initially marketed our portal to NRIs until 2014 before we gained traction in the corporate sector. In that year, US and UK-based companies started using our portal to provide their employees with healthcare in India. Soon the product gained traction among some of the senior management in the corporates. Currently, more than 80% of the business is coming from the corporate sector," said Krishna.
OurHealthMate has divided the market into three types- where the insurance penetration is low; the out-of-pocket payment is high; and where immigrants send a lot of money back home. The money transfers could be international or inter-city.
"If any of these points apply to a country, our portal would be helpful to them. We have also set our eyes on Mexico, Indonesia, Vietnam, Thailand and Bangladesh markets," said the co-founder.
The portal provides users with complete verified information about various doctors, hospitals and medical services. OurHealthMate at present has 5.7 lakh total users and Tier-II Indian cities are very popular on the platform.
The company has received initial funding of $3 million, and it is growing 20% month-on-month. "We are profitable from May 2017, and transactions in the current fiscal will be $12 million. We are looking to raise Series A funding by the end of this year," he said.