Date: 16-11-2024 at 14:05
Our aspiration has broadened in the past 2 years: I started a 3 month research on healthcare after being unable to afford healthcare costs in Aug 2022.
That 3 months of research made me believe that this is a large problem involving almost 90% of Indians (the need for affordable quality healthcare is for everyone).
We can’t solve this problem in a single go therefore, we positioned ourselves for India’s Missing Middle - 520 million Indians. The insights from the past month made us believe that - We are building the world’s biggest healthcare company.
I have written in the past on why India’s affordable quality healthcare model will be a global model, today, we believe - we are the best person to solve this problem.
Now, every single second of work at Jilo Health is aligned with building the world's biggest Healthcare company. Today, we have a plan for the first 20 years, which is essentially 1043 weeks.
We measure our progress weekly by asking an important question: What did we get done this week?
In the last month, I have met the functional departments of multiple Private Medical College and Hospitals with 654+ beds that cover 2000+ procedures. I have also met with CEOs Private Hospitals with 400+ beds and the insights have been unbelievable.
We will be writing these insights monthly that will help the ecosystem to make informed decisions.
Key Insights: 10 Oct to 10 Nov (These all insights are from non-metros; We are building from Patna)
Private Hospitals’ funnels in tier-2 are broken. These hospitals are spending money blindly and randomly with no countable measurement on CAC, ROI and LTV
The New Private Medical College and Hospitals (PMCH) with world class infrastructure, equipment, and beds are ultra under utilised. An example: The capacity of one of the PMCH for radiology is 5000/day and currently the utilisation rate is in single digit. The price is 70% lower compared to the other private hospitals.
The confusion between Customer Relation Management (CRM) Software and Patient Relation Management (PRM) Software. The LTV in the case of healthcare is not transactions, it is a relationship linked with their health vitals.
Note: We believe a Global Patient Relation Management (PMR) Software will be built from India - a truly global product from India, including for the developed countries.
The underutilisation of available resources (the Government schemes and the regulatory framework): We are excited about India’s healthcare future because we don’t have to spend money on consumer education as large tech companies did, initially, including Paytm and Zomato. For example: PMJAY is the best free available tool to educate consumers about Health Insurance.
The inclusion of non-healthcare expenses into the treatment: We can understand this with an example: Patna has 200+ Private Hospitals (NABH accredited) but in many cases the Non-healthcare expenses (travelling, lodging, food, misc etc) are unbearable. We believe a smart interconnected solution can be built to win the customers and improve the LTV by a factor of 5.
Importance of Offline: A healthcare company with an audacious goal to make quality healthcare affordable for 520 million Indians, can be asset-light light however, with a digital-only mindset it will be impossible.
Derisk and revenue generation from day 0: If a large number of stakeholders in Healthcare is a disadvantage, it is also an advantage - build the foundation by distributing risk and generating revenue sources from at least a few sources. We should have started with this approach - we wasted many months planning: we will do everything by ourselves.
Thanks for reading, and if you are building and thinking of building in Healthcare/Healthtech and related, we would love to chat: suman@jilohealth.com