The idea of forming HealthFin was born from a real life experience, when Parvaiz Hussain’s (CEO, HealthFin) friend lost his father, as he could not raise funds on time for the surgery. This incident left a deep impact on both Hussain and Dr Sonia Basu (Hussain’s childhood friend and COO, HealthFin). After an intense research they realised that in India, where ‘out of pocket’ expenditure amounts to 85 per cent of the total healthcare expenditure, the issue of arranging funds on time for medical treatment was not localised to certain segments or geography. It was a social issue spread across the entire strata, be it the affluent class, or among lower income groups. The duo — Hussain, who comes from a finance background, and Basu, a doctor who practised for seven years and then did an MBA in hospital administration — came together to combine their knowledge and kicked off the startup. The objective is to make a difference in the space of healthcare by leveraging expertise in finance, technology and healthcare.
HealthFin was incubated in Pune as part of The National Association of Software and Services Companies’ (NASSCOM) 10,000 startups’ programme and offers financial assistance to people who don’t have medical insurance, or those who are under-insured and require immediate funds for treatment. “It helps in reducing financial burden on hospitalisation by arranging quick patient loans through various lending partners. In short, we provide financial support to patients in need. There is no exclusion in medical services,” says Hussain.
If an individual is interested for a loan the collaterals which s/he would need for the entire process are — patients/ relatives’ KYC, relationship certificate in case relatives are taking loan for the patient, IT returns/ property papers/ electricity bills / water bills and rental agreement. The startup claims to be ‘facilitators of better health,’ however, Hussain asserts that the company stands out from the crowd offering similar services. “Most of the time, even customers who have insurance coverage find it inadequate and face challenges in arranging for the remaining amount. Our solution provides hassle-free access to finance even in this scenario. Time is a critical factor in matters relating to hospitalisation, and HealthFin understands that. We not only bring patient loans to the doorstep of the hospital where it is actually required but also ensure that the funds are delivered at the right time and at the right place for the right kind of treatment. In fact, we are one of the quickest dedicated patient loan providers across the country and can approve and give a go-ahead to the patient in as short a duration as 15 minutes,” he says.
HealthFin provides no-cost EMI option as well as a unique cashless product for a duration of 90 days. “We provide a no-cost EMI option as well as a unique cashless product for a duration of 90 days, which gives a patient enough time to recover from the medical procedure and get back his or her earning potential in order to start paying the EMIs,” he explains.
Talking about the status of health loan in India, Hussain says that as per studies and research by various industry bodies and agencies, only 15 per cent of the people are medically insured and medical loan is a recent development in a medical fraternity. “Healthcare industry is still very segregated and being one of the very few first movers, we have to educate the industry and make the patient aware that such an option is also available. I am sure once the customer starts to demand such a facility at their hospital, it’s just a matter of time that patient financing will become an integral part of the healthcare industry,” he says.
At present, HealthFin has around 3,000 happy customers and it has disbursed more than Rs 30 crore in two years. Their services and solutions can be accessed by patients across Pune, Mumbai, Nagpur, Hyderabad, Chennai and Bengaluru.
