Medsmart bags $1 Million fund from Excel Business Sollution
Health tech start up Medsmart hospitals Network Pvt Ltd has raised $1 million from IT development and integration company, Excel Business Solutions.
Dr Conal Nelson, managing director of the startup said “Investment is a structured deal involving an equity and technology partnership, where Excel will develop and maintain the Medsmart’s real-time intelligence data engine. We help insurance companies by preventing patients from developing serious medical conditions by using our algorithm that tracks their health in real time. We help the hospitals increase their bed occupancy rates by referring patients who require hospitalisation. Because we can assist hospitals to fill their unused inventory, we have the advantage of negotiating with them to bring down the prices of medical procedures”.
Muscat-headquartered Excel Business Solutions was founded in 2009 and offers IT services such as application development, data management and facility management and consultation in organisation change and business process management. The company offers its services to organisations in manufacturing, oil and gas, retail and trading, contracting and real estate, aviation and government.
Medsmart was founded in September 2016 by Nelson, an endodontist, along with P S Anand Kumar, a data scientist from the Indian Institute of Science. Product is scheduled to launch in the first week of November. Company connects healthcare enterprises with customers and offers diagnostics-based patient data, genetics reports, hospital intervention, insurance cover, and financial assistance.
Users can develop a health profile using diagnostics tests and gene mapping and sequencing. The startup’s preventive healthcare algorithm tracks a user’s health status in real time based on the diagnostic and genetics reports. It then communicates this information to users through its mobile app.
Medsmart also designs treatment plans, recommends lifestyle modifications to users with non-critical conditions to prevent hospitalisation, and suggests the right hospitals when a medical intervention is required.
Medsmart claims that its product can help insurance companies reduce their overall internal claim ratio by preventing customers from being hospitalised with its tech-based solution. It also helps them lower their claim amounts by negotiating with hospitals to bring down medical procedure costs at hospitals. For hospitals, the company claims it can increase their bed occupancy rates by referring them surgical cases.
Medsmart has tied up with Star Health & Allied Insurance and Bajaj Allianz Life Insurance.