For small hospitals, clinics and doctors, who struggle to deploy technology given the high costs, Clinivantage, a health tech startup, has emerged as one-stop solution to help them through digital transformation at a negligible cost.
Founded in 2016 by Abhay Chopada, a UK-based physician, Nilesh Jain and Dinesh Samudra from technology backgrounds, Clinivantage provides a Platform as a Service (PaaS)-based transactions through a pay-per-use model with complete end-to-end digital solutions for clinical, non-clinical, administrative, financial, inventory, OT, and payer modules with multiple integrated devices.
“It all began with the premise that how do we make healthcare patient centric. How do we create data mobility, if we give the control to the patient of their own data in digital format, and suddenly it will open up the entire world for them. It doesn’t matter where the doctor and hospital sits, the care can be continuum,” said Nilesh Jain, Co-founder and Director of Clinivantage.
“For this we decided to build a platform where the doctor or a small hospital can use our technology to run their business, in the process will be able capture the right data. Today most of the systems use technology only for billing. Ours is the first platform that does EHR, IPD, OPD, Pharmacy, billing, inventory, HR, payroll, BI, analytics everything on one platform. Think of what Salesforce did for CRM,” Jain added.
Jain said the entire platform can be accessed for as low as Rs 50 per patient per entire year for a small hospital. The bigger hospitals are charged slightly higher per patient.
“It costs 2-3 lakh per year, to use our platform, that’s much cheaper than hiring an IT resource,” Jain said.
Jain says that Clinivantage platform allows doctors and hospitals to focus on patient care and clinical outcomes, rather than worrying about non-core things like administrative and management tasks.
“With data at hand, we can actually help hospitals to standardize protocols and treatment plans, leading to cost efficiencies,” Jain said.
Expansion plans
Clinivantage is doing 38,000 transactions a day, and plans to do one lakh transactions per day by July-August. The company has launched its platform in eight countries and plans to expand to 15 in the next one year.
“We are self-funded, we have invested around $1 million, we are in the process of doing a seed round, which is $5 million,” Jain said.
Jain said the company had commitments of $1 million each. Two large HNI families from healthcare backgrounds, and another US company has shown willingness to invest.
“We want to close the fund raise in next two months,” Jain said.
Our idea is raised $100 million in next 18-20 months to fund growth and have presence across 25 countries, with each country generating about $10-$15 million, Jain said.
The company in the financial year ended March 2019, reported revenues at $2.2 million and plans to reach $5-8 million in FY20.
“We are profitable, we are investing on growth,” Jain said.
