MyHealthFin offers data-driven medical loans to cover various healthcare needs, including hospitalisation, home care, and chronic care management.
MyHealthcare, a healthtech startup, has unveiled its healthcare financing vertical, MyHealthFin, to address the critical issue of affordable healthcare in India. MyHealthFin aims to provide innovative and paperless financing options by partnering with prominent Non-Banking Financial Companies (NBFCs) in the country.
The platform intends to cater to over 30 million patients across its extensive network of 130 hospitals, spanning Tier I and II cities and towns.
The rising premiums of medical insurance policies, increasing medical inflation, and the significant out-of-pocket expenses (currently at 48.2%, as per the Economic Survey 2023) have rendered quality healthcare unaffordable for many in India.
Coupled with the low adoption of health insurance, especially among the elderly population, the need for innovative financing solutions has become more pronounced.
MyHealthFin addresses this gap by offering data-driven medical loans to cover various healthcare needs, including hospitalisation, home care, and chronic care management. The financing is disease-agnostic, providing flexibility to patients in managing the cost of their healthcare.
Shyatto Raha, founder & CEO of MyHealthcare, said, "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, focusing on better healthcare outcomes for patients."
Raha further said, MyHealthFin is seamlessly integrated into the MyHealthcare Ecosystem, to ensure a unified experience for both patients and healthcare providers.
The platform offers a digital, paperless process for medical loans, with eligibility and sanction amounts processed in under five minutes. This integration facilitates a streamlined patient experience, providing medical loans for various healthcare needs.
MyHealthFin's role extends beyond traditional healthcare financing, particularly in India's growing chronic care market. Chronic diseases often require long-term treatment and care management, resulting in higher healthcare expenditures for patients.
The platform aims to empower patients with timely healthcare intervention, offering low-cost or zero-cost EMIs over 12 to 16 months through its partner NBFC ecosystem.
Through its integration with the MyHealthcare Ecosystem, MyHealthFin ensures a comprehensive approach to patient care, covering outpatient and inpatient services while reducing the burden on patients with high upfront costs.
In a similar development, in September, Narayana Health, renowned for its 'Walmart model' approach to healthcare, announced that it is branching out into the health insurance sector to provide more affordable treatment options. The move comes as the healthcare chain faces increased infrastructure and service costs.
Narayana Health has applied for a licence from the Insurance Regulatory and Development Authority of India (IRDAI) to establish Narayana Health Insurance Company, which will manage its foray into the health insurance market.
The College of Healthcare Information Management Executives (CHIME) is an executive organization dedicated to serving senior digital health leaders. CHIME includes more than 5,000 members in 56 countries and two US territories and partners with over 150 healthcare IT businesses and professional services firms. CHIME enables its members and business partners to collaborate, exchange ideas, develop professionally and advocate the effective use of information management to improve the health and care throughout the communities they serve. CHIME's members are chief information officers (CIOs), chief medical information officers (CMIOs), chief nursing information officers (CNIOs), chief innovation officers (CIOs), chief digital officers (CDOs), and other senior healthcare leaders. The CHIME India Chapter became the first international chapter outside North America in 2016 and is now a community of over 70+ members in India. For more information, please visit www.chimecentral.org