Digital medical records, which reward.
Medical emergencies don’t give prior notices.
- It’s difficult to retrieve the latest medical records during the times of need.
- Adding and segmenting our records from Day 1 is an onerous process and thus, avoided.
- Incomplete medical records are as good as no medical records.
Is it a problem worth solving?
India’s healthcare sector is expected to grow three-fold to $372 billion by 2022 from $110 billion in 2017. It’s primarily because healthcare is not a one-time thing. Chances are that, over the span of our lives, we will visit several different doctors over several different health issues.
Without updated data, we are picking up at the start, every single time. It makes doctors prone to mistakes, as well as patients prone to repeat visits, re-tests and wrong medication. Reliable online medical records ensure safety and efficacy in the system while reducing costs for the end patient.
An online platform storing the patient’s updated medical records and providing them with rewards for taking care of their health. This is how it works:
- Verified data collection professionals target households in specific localities.
- They add historical medical records of members in exchange for a nominal annual fee.
- The data can then be accessed by patients on their app, online or offline.
- Records can be easily updated and shared within the family and with doctors.
- Rewards are unlocked on positive movements.
- There are no lock-ins. Patients can download their data anytime.
For the platform to make sense for all stakeholders, it should have the numbers. Thus, it’s important to make the data collection and management affordable. The pricing is as follows:
With properly-trained professionals, a stable platform and focused offline marketing (the online counterpart comes after an initial foothold in a city or town is gained), this is assumed:
- 3 medical data collection professionals initially
- 3 adjoining localities being targeted by each one
- 20 data collections each per day (5 families on an average with 4 members)
- 25 working days a month (6 working days a week and 1 day for training).
- 500 data collections per professional per month (20 daily * 25 days)
₹15,000 | Company incorporation expenses.
₹90,000 | 3-month security deposit for a humble office to begin with.
₹6,50,000 | Hybrid mobile app for iOS and Android for patients. Native Android app for professionals.
A separate app is required for professionals for quicker record entry via the provided Android tablet.
₹7,55,000 | Total fixed expenditure
Note: This assumes we target 3 adjoining localities at the start. If more, increase office deposit.
Estimated monthly expenditure
₹1,00,000 | Brand endorsement by a local, medical influencer, known in the 3 localities
₹90,000 | Highly-targeted, offline advertisements (₹30,000 * 3 localities)
₹90,000 | Salary of professionals (₹30,000 * 3)
₹60,000 | Salary of customer support executives (₹20,000 * 3 individuals)
₹40,000 | Salary of operations head, who also partners with companies for adding partner rewards on the platform for free (at the very start)
₹30,000 | Office rent
₹20,000 | Other office expenses, e.g. electricity
₹3,000 | Android tab EMI for data entry (₹1,000 * 3)
₹30,000 | Platform maintenance expense
₹10,000 | 3rd party SaaS expenses, like GSuite
₹10,000 | Compliance and ‘other’ expenses
₹0 | Server expense (Cloud companies waive-off server fees for promising businesses for 1-2 years)
₹4,83,000 | Total monthly expenditure
Note: These costs, along with revenue, will keep increasing as we target 3 additional localities every quarter.
Estimated monthly revenue
₹0 | Revenue from rewards providers, i.e. offers. Partners would first see the response before paying us a fee.
1500 | Monthly patient data collection (500 daily per professional * 3 professionals)
₹400 | First-year subscription per patient (collected before-hand or at the time of data collection)
₹6,00,000 | Total monthly revenue
Note: We have taken the first-year subscription revenue as a part of our monthly collection, as there are no additional servicing fees for the next 12 months, apart from the common support expenses shared amongst all the users.
₹6,00,000 | Revenue, i.e. inflow
₹4,83,000 | Expense, i.e. outflow
₹1,17,000 | Net monthly inflow
Note: It is assumed that the initial investment is not borrowed. If it is, deduct the EMI from the above amount.
Since the model is cash-positive, i.e. it pays for itself, we recommended increasing the localities by at least 3 every quarter. Growth rate depends on your management bandwidth.
Also, you can expect to convert at least 30% of any given locality into customers, within a year of operations.
Good luck! 🙂