medypal changing the healthcare accessibility
Healthcare segment in the coming years is going to be an opportunistic sector with tremendous growth rate. It is expected to touch $100 billion by 2016 in India. However to acknowledge this fact, access to affordable medical service challenge needs to be overcome.
To change the healthcare scene, Commerz point network an Indian start up has put forward its foot. Commerz point network, who owns the healthcare marketplace Medypal, has raised around $400,000 in seed funding from Unitus Seed Fund. With the raised funds, Medypal will be aiding the patients to explore reliable service providers who will be bidding against each other for covering the medical procedure expenses. It will use a reverse auction process to make sure that services are priced at par and patients are able to pick the service provider as per their requirement.
Medypal is going to tap the 160 million internet user population on their mobiles, for delivering the healthcare services. They will be offering a free mobile app to healthcare consumers. The service will go live on February 1, 2014.
"The app will allow patients to search for healthcare procedures, go through the list of hospitals offering those procedures, browse through the profiles of the doctors, and check the facilities offered by hospitals before finalizing the hospitals," commented Mr P Rammohan, founder of Commerzpoint.
Commerzpoint is in the final process of signing up with 300 healthcare providers in Bangalore ranging from hospitals, diagnostic centers, and cosmetic surgical chains and so on. "There is no easy way to get objective information on service provider availability, quality and pricing," Commerzpoint said in a statement announcing the funding. This is especially challenging for low-income families who have even less information, education, connections and financial reserves.