Today, the focus of healthcare has been shifting towards patient. The growth and development of the health-tech industry is being driven by affordable healthcare services along with sustainable mobility. The medical technology industry is developing due to the evolving terrain, enhanced and improved healthcare delivery and funding ways, and a changing patient profile. Indeed, even with its flaws India’s healthcare ecosystem has a lot moving for it on several grounds.
Artificial intelligence can analyze patient data to provide decent healthcare thanks to a government-led campaign to convince medical professionals to embrace electronic health records. “The pandemic and adoption of technology in healthcare have brought a quantum shift in the sector. In recent years, we have seen some of the most significant deals, and the Indian health-tech sector has received close to $1.6 billion in funding since 2017,” said Rajeev Shah, MD, and CEO of RBSA Advisors.
ALL ABOUT MFINE-
Founded by Ajit Narayanan, Arjun Choudhary, Ashutosh Lawania, and Prasad Kompalli in the year 2017, MFine is an AI-enabled on-demand healthcare startup which aims at helping customers access to online appointments and hospital-based associated healthcare. Customers can easily get in touch with paediatricians, gynaecologists, obstetricians, and physicians from well-known hospitals of their choice via audio or video to get prescriptions as well as routine checkup with the help of company’s service.
The doctors associated with MFine, have experience to a proprietary Assistive Intelligence platform that helps in analyzing symptoms and get an accurate prediction for experts in order to analyze patients. This means that the doctor knows about the patient condition even before they visit them, that help in a quicker and more accurate diagnosis. “For now, the goal is to make our SpO2 monitoring tool as accurate, if not more accurate, than pulse oximeters available at the pharmacy,” Narayanan said.
MFine helps in a rapid and efficient communication with the renowned doctors in the well-known hospitals. It uses advanced and latest technology to keep a track of patient’s health indicators and help to keep all the health data under customer’s control and easily accessible.
HOW DID IT ALL START-
Ashutosh Lawania and Prasad Kompalli, both of them initially worked as top executives of Myntra decided to start from scratch by the end of 2016. The duo helped Myntra develop into a great e-commerce consumer brand, but with time they realized that something is missing in the healthcare industry. This is how the concept of MFine was emerged. MFine was launched as online healthcare platform in February 2017. As both of them were familiar with founding and setting up a business, MFine came out as a new experience for them. “It wasn’t easy persuading folks to join us and work with us when MFine was simply a notion on paper,” explains Kompalli.
After having a conversation with hospitals, they witnessed that the customer experience needs improvement. It was a quite difficult an tedious task for someone without a medical or healthcare background to work in a healthcare environment. “They needed an easy interface with limited typing, so we came up with a health keypad which collects data from reports without the user having to type. We ran a beta program and the results were promising,” Kompalli say
GROWTH OF MFINE-
More than 3 million customers have taken services from MFine since its inception, having more than 300,000 monthly transactions that include medical consultations, diagnostic testing, e-pharmacy, and in-patient treatment. MFine launched a new vertical to its online doctor consultation segment in October 2018 by associating with laboratory and diagnostic services, providing its customers access to more than 700 diagnostic centers in 400 locations across India. Every month, more than 100,000people make use of MFine for diagnostic testing. More than 6000 physician , that also include some of the well-known and renowned, serve for over 700 renowned hospitals and guide millions of people in more than 1000 cities across the country.
MFine accepts 100-120 cases every day from a variety of specialities. The business has associated with 20 hospitals in Bengaluru and has 70 doctors across ten specialities, offering audio, video, and chat support. The company’s founders are currently targeting on chronic illness management and the use of IoT to connect with medical equipment. After the outbreak of COVID-19 pandemic and a increase in the use of digital heath among Indians, MFine has rapidly grown to 15% month to month.
MFine is significantly researching in advanced technology to make the telemedicine experience easier and effective in order to offer high-quality treatment. According to Kompalli, the current problem is scaling innovation now that the prior hurdle of convincing people to switch to digital healthcare has passed. “We’re now facing innovative hurdles, such as how quickly we can scale up the ideas we made in the mobile and AI sector.”
MFINE BUSINESS AND REVENUE MODEL-
In spite of collecting individual physicians on its platform, MFine uses a unique and innovative technique of working with prominent and trustworthy institutions. MFine offers high-quality treatment from trustworthy doctors via a digital channel because of its hospital affiliations. Gynaecology, dermatology, paediatrics, cardiology, and general medicine are among the app’s most popular specialities. Commissions from client consultations, lead-generation fees from hospitals, and corporate tie-ups are the major source of revenue for the firm. It even has partnerships with local hospitals to offer accessible and dependable medical treatment.
MFine also earns revenue by acting as a digital extension of its healthcare partners. That is, it deducts a portion of consumer expenditure. The firm claims to have association with over 500 doctors from 100 “elite” institutions, with a strong emphasis on technology.
MFINE FUNDING AND INVESTORS-
Recently, MFine raised a funding of $3.6 billion in Series C funding round led by BEENEXT, Moore Strategic Ventures. MFine investors include Heritas Capital, Caretech Pte Inc, Alteria Capital and many more.
By Gitika Mandhana