Seeking to provide better price and quality health services to millions of people across all income levels in India
8 January 2014 - Bangalore, India. Unitus Seed Fund, India’s most active seed-stage impact venture investor, has invested in Commerzpoint Networks, creators of Medypal.com, a new online India healthcare marketplace. Medypal provides a new way for medical consumers to quickly get quotes for medical procedures from multiple health service providers who “bid” for their business. Medypal will soon go live with healthcare service providers across South India serving customers at all income levels Better discovery and matching benefits both consumers and providers
Healthcare services in India will be a INR 6 lakhs crore (USD$100 billion) market by 2015 with 70% of people paying out-of-pocket for services. Right now, consumers rely on friends, family and advertisements to select their service provider. There is no easy way to get objective information on service provider availability, quality and to compare pricing. This is especially challenging for low-income families who have even less information, education, connections, and financial reserves.
On the supply side, healthcare service providers often struggle to keep their facility and staff utilization high which makes it challenging for them to manage cash flow and achieve and maintain profitability. Some medical facilities are even experimenting with medical service “happy hours” to generate demand for slow periods.
Medypal creates a marketplace which (a) helps consumers find the right medical service provider at the right price; and (b) helps quality medical services providers attract customers more efficiently to improve their financial margins.