Reverse pitch for healthcare start-ups: Profitable OPDs1 min read . Updated: 10 Oct 2018, 06:16 AM IST
Indian Angel Network is looking for healthcare start-ups that would disincentivize unnecessary tests and make OPDs profitable, says its co-founder Alok Mittal
The healthcare space in India is ready for disruption. We look for companies having the ability to imagine a sector or problem and use technology to solve the problem.
The healthcare space may have many issues that need to be addressed, but the business has enormous potential, far more than what current start-ups are looking at, and can solve a large number of problems. For example, affordable healthcare is a huge problem, and, in the current system, even people who can afford it do not get the best treatment. Start-ups need to address chronic diseases and make out-patient departments (OPDs) profit-making. We are looking for start-ups that would disincentivize unnecessary tests and make OPDs profitable.
There should be no hidden costs. The current start-ups in this space are looking at appointments and getting you the same doctor again. But the industry can be disrupted if firms look at changing the business model and making OPDs a money-making business as well.
Besides, the availability of medicines and therapy in addition to treating chronic ailments should also be a priority and there is a huge untapped market, which can benefit all stakeholders—hospitals, start-ups, and the customer. The idea should be create a branded franchise model around providing these services.
This will strengthen each individual establishment as well as the company, which must look to provide high quality and transparent services. The creation of a brand will enable each outlet and franchisee to draw from the benefits of other outlets. The principle of a profitable OPD and the absence of unnecessary tests and services should be present across establishments and a brand will be the best way to scale the business across geographies.