StartupTalky presents Recap'23, a series of in-depth interviews where we engage with founders and industry leaders to explore their growth in 2023 and their predictions for the future.
The healthcare industry focuses on providing medical services, including diagnosis, treatment, and prevention of illnesses. It involves diverse professionals, such as doctors, nurses, and support staff. Ongoing technological advancements drive innovation in treatments, telemedicine, and patient care. Accessible and quality healthcare is crucial for overall well-being, and the industry continually evolves to meet global health challenges.
The worldwide healthcare market is projected to hit $11.9 trillion by 2025. In 2023, the global home healthcare market reached a valuation of $284.96 billion, with projections indicating a growth to $461.36 billion by 2028. In 2022, India's home healthcare market was valued at $179 million, with an estimated 6.40% CAGR from 2022 to 2030. By 2030, it is anticipated to reach $295 million.
In a recent Recap'23 interview, we at StartupTalky had the privilege of connecting with Amol R Deshmukh, Co-founder and CEO of MedRabbits. We examined MedRabbits' operational intricacies in the healthcare industry, delving into their strategies and gaining insights into their unique approach and strategic positioning.
StartupTalky: What service does MedRabbits provide? What was the motivation/vision with which you started?
Amol R Deshmukh: MedRabbits, founded by Amol R Deshmukh and Anshad Ameenza, delivers comprehensive home healthcare services through a technology-centric approach. The array of services offered spans the critical spectrum of healthcare needs, encompassing the review and booking of nurses, paramedics, diagnostic procedures, ambulances, medical equipment, and specialized care plans tailored for the elderly, including preventive and intensive care. In an innovative move, the company extends its reach to health-value travel services, catering to the growing field of medical tourism.
The motivation behind MedRabbits was to address the need for more organized home healthcare options, structured job opportunities in the healthcare force, and a lack of transparency in the market. This motivation was further fueled by the founders' personal experiences, notably during the illness of Mr. Amol's father in 2017. The firsthand encounter with the complexities of caregiving and the struggle to find skilled and reliable healthcare professionals at home unveiled a significant gap in care delivery. Thus, MedRabbits was conceived to address these gaps, offering organized, tech-driven healthcare services and striving to revolutionize the way healthcare is accessed and delivered.
StartupTalky: What new services have been added in the past year? What is/are the USP/s of MedRabbits?
Amol R Deshmukh: MedRabbits has recently expanded its services into medical value travel, aiming to elevate the healthcare journey for patients considering medical treatment in India. This initiative aligns with the Government’s 'Heal in India' campaign and includes:
- Complimentary Second Opinion Video Consultations.
- Simplified Surgical Options in collaboration with leading hospitals in India, the Far East, and the Middle East.
- Effortless Travel Coordination encompassing accommodation and transportation.
- Visa Support ensures a smooth travel process.
- Tailored Concierge Service catering to individual needs for a comfortable healthcare experience.
In the past year, MedRabbits has undergone a transformative evolution, positioning itself as a dynamic force in the healthcare industry. A pivotal element of this transformation is the implementation of a user-friendly web-based booking system, enhancing accessibility and streamlining the scheduling process for a myriad of healthcare services. This tech-first approach underscores MedRabbits' commitment to providing a seamless and efficient experience for users navigating their platform.
Notably, the introduction of specialized elderly preventive care plans reflects MedRabbits' dedication to addressing the unique healthcare needs of the aging population, aligning with the company's vision of offering comprehensive and personalized healthcare solutions.
Venturing into medical value travel services further distinguishes MedRabbits, capitalizing on the growing trend of medical tourism and showcasing the company's adaptability and global perspective.
MedRabbits' unique selling propositions (USPs) contribute to its industry distinction. The tech-first approach ensures a user-friendly experience, while the Care Now, Pay Later (CNPL) model, offering 0% interest EMIs over 3-6 months, introduces financial flexibility unprecedented in-home healthcare services in India. Premium pricing signifies a commitment to delivering high-quality healthcare experiences, positioning MedRabbits as a premium service provider. The emphasis on user-friendly technology and customer convenience underscores the company's dedication to exceeding user expectations in the rapidly evolving landscape of healthcare services.
Furthermore, MedRabbits offers comprehensive medical tourism services, both domestically and internationally, managing all arrangements on behalf of the customer. The introduction of the CNPL model, unique in the Indian home healthcare sector, addresses financial constraints, making quality healthcare more accessible. Services, including elderly preventive care, palliative care, high-quality ICU care, and home-based care, demonstrate MedRabbits' commitment to diverse and specialized healthcare offerings.
- Tech-first approach for seamless service scheduling.
- Care Now, Pay Later (CNPL) model with 0% interest EMIs.
- Premium pricing for a high-quality healthcare experience.
- Emphasis on user-friendly technology and customer convenience.
StartupTalky: How has the healthcare industry changed in recent years, and how has MedRabbits adapted to these changes?
Amol R Deshmukh: In recent years, the healthcare industry has witnessed a significant shift, with a growing demand for home healthcare services. The COVID-19 pandemic, in particular, placed unprecedented pressure on healthcare resources, making qualified medical workers harder to find and escalating costs. MedRabbits adeptly navigated these challenges by proactively upgrading its technology, introducing new services, and promptly responding to customer needs.
The pandemic highlighted the necessity for innovative healthcare solutions, and MedRabbits rose to the occasion. Clients sought RT-PCR testing at home, a service MedRabbits efficiently provided even before it became a norm. The company's swift response during these critical times earned customer trust, establishing a foundation for the development of tech-based medical options.
MedRabbits' adaptation included the implementation of a user-friendly web-based booking system, enhanced service scheduling, and a mobile app. Recognizing the changing landscape, the company introduced specialized elderly preventive care plans to meet the evolving needs of the aging population. The surge in demand for high-quality ICU care, compassionate palliative care for end-stage patients, and convenient home-based services further shaped MedRabbits' strategic evolution.
Diversifying into medical value travel services, MedRabbits not only taps into the rising trend of medical tourism but also supports the government's 'Heal in India' initiative. This strategic expansion underscores the company's dedication to improving the healthcare journey for patients seeking treatment overseas.
In essence, MedRabbits not only adapted to industry changes but proactively positioned itself as a leader in providing comprehensive, tech-driven, and responsive healthcare solutions, meeting the evolving demands of a dynamic healthcare landscape.
StartupTalky: How do you stay up-to-date on the latest trends and developments in the healthcare industry?
Amol R Deshmukh: MedRabbits remains at the forefront of the ever-evolving healthcare industry by employing a multifaceted approach to stay abreast of the latest trends and developments. A primary source of insight is continuous customer feedback, providing valuable real-time data on user experiences and expectations. This customer-centric approach allows MedRabbits to adapt its services based on evolving needs and preferences.
The company maintains a strong connection with healthcare experts, fostering a collaborative environment that enables the exchange of knowledge and insights. By engaging with professionals at the forefront of healthcare, MedRabbits gains valuable perspectives on emerging trends, technological advancements, and best practices. Aided by strong doctor networks in India and overseas, MedRabbits is able to pre-empt and provide solutions for emerging healthcare issues.
StartupTalky: What key metrics do you track to check MedRabbits's growth and performance?
Amol R Deshmukh: MedRabbits employs a comprehensive set of key metrics to meticulously assess the company's growth and performance, ensuring a holistic evaluation of its impact and success in the healthcare industry. MedRabbits ensures a well-rounded evaluation of its growth and performance, encompassing operational efficiency, network strength, customer satisfaction, and financial success. This approach allows the company to make informed strategic decisions, continuously improve its services, and navigate the dynamic landscape of the healthcare industry with agility and success. Some of the key metrics are listed below:
- Number of appointments completed.
- Partnerships with healthcare professionals.
- Customer satisfaction and ratings.
- Revenue growth and doubling annually.
- Profitability and EBITDA margins.
StartupTalky: What were the most significant challenges MedRabbits faced in the past year, and how did you overcome them?
Amol R Deshmukh: Some of the significant challenges in the past year have been the development and expansion of the medical value travel business. The challenges in this unorganized sector highly excite the company to develop technology to solve some of the mistrust issues in the ecosystem.
StartupTalky: Good service is something everyone is talking about in the service industry. How do you ensure that the clients of MedRabbits are happy?
Amol R Deshmukh: At MedRabbits, ensuring client happiness is a paramount focus, achieved through a multifaceted approach centered on customer-centricity and innovative service offerings. The company places a high value on customer feedback, actively seeking and analyzing input to understand user experiences, concerns, and preferences. This continuous feedback loop serves as a foundational element in adapting and refining services to align with evolving client needs.
The introduction of the Care Now, Pay Later (CNPL) model is a distinctive feature designed to enhance customer satisfaction. Offering 0% interest EMIs over 3-6 months, this financial flexibility addresses the diverse financial situations of clients who may find upfront payments challenging. This unique approach not only ensures accessibility to quality healthcare but also demonstrates MedRabbits' commitment to accommodating and prioritizing customer convenience.
Moreover, the implementation of premium pricing reflects the company's dedication to delivering a high-quality healthcare experience. By positioning itself as a premium service provider, MedRabbits aims to exceed customer expectations, providing not only essential healthcare services but a level of care and service that elevates the overall client experience.
MedRabbits combines active listening through customer feedback, innovative financial models like CNPL, and a commitment to premium service to ensure that clients not only receive the healthcare they need but also feel valued, satisfied, and well cared for throughout their journey with the company.
Additionally, in the rare instance of a dissatisfied customer, we offer a full refund policy.
StartupTalky: What are the different strategies you use for marketing? Tell us about any growth hack that you pulled off.
Amol R Deshmukh: Most of our customers are referred to us by other customers and treating doctors. We rarely conduct any paid marketing campaigns. The power of a positive customer referral has a much faster customer conversion rate as compared to thousands of rupees spent on marketing. Our customers are our greatest investors and brand ambassadors.
StartupTalky: Foreign clients- this is what most of the service-based companies are looking for. What has been your experience?
Amol R Deshmukh: MedRabbits has strategically expanded its services to cater to foreign clients, particularly in Bangladesh, Africa, and the Middle East, aligning with the Government's 'Heal in India' mission. This extension into international markets, especially in the context of medical tourism, has been a positive and strategic move for the company.
The decision to offer medical tourism services reflects MedRabbits' commitment to providing high-quality healthcare experiences to a broader clientele. Additionally, the home care services offered by MedRabbits add an unparalleled extension of service at the patient’s hotel or accommodation. The Government’s 'Heal in India' campaign provides a supportive framework for such initiatives.
The experience with foreign clients has been very positive, contributing to MedRabbits' overall growth. Engaging with clients from different cultural backgrounds not only diversifies the company's customer base but also enhances its reputation on an international scale. Positive word-of-mouth from international clients can further strengthen MedRabbits' position in the global healthcare market.
MedRabbits' expansion into catering to international clients, notably in Bangladesh, Africa, and the Middle East not only resonates with Government healthcare initiatives but also serves as a platform for the company to exhibit its proficiency and dedication to high-quality healthcare on a global platform. This endeavor aims to cultivate favorable experiences, thereby bolstering the organization's success and advancement.
StartupTalky: What are the important tools and software you use to run MedRabbits smoothly?
Amol R Deshmukh: We have always been a tech-first company and utilize a number of in-house as well as outsourced technologies in order to ease operations and conduct data analysis. We are a keen follower of Zoho and subscribe to several of their accounting products. There are two reasons for this: Firstly, to support an Indian company and Secondly, to emulate a successful bootstrapped company. Our tech team is also very talented and has developed a lot of the CRM and customer user experience tools in-house.
StartupTalky: What opportunities do you see for future growth in the healthcare industry in India and the world? What kind of difference in market behavior have you seen between India and the world?
Amol R Deshmukh: The future growth prospects for MedRabbits in India and globally are very promising, presenting opportunities to expand services and tap into emerging trends.
Domestically, there is substantial room for growth by expanding services to new cities within India, reaching untapped markets, and addressing the evolving healthcare needs of diverse communities. Additionally, entering new international cities aligns with the global trend of seeking quality healthcare services, particularly in neighboring countries. The hyper-growth in assisted living centers for the elderly population is also a very interesting opportunity for domestic growth.
The medical value travel sector represents a significant growth opportunity for MedRabbits on a global scale. As the company extends its services to patients traveling to India for medical treatment, it not only capitalizes on the flourishing medical tourism industry but also aligns with the broader trend of seeking healthcare solutions beyond borders.
MedRabbits recognizes a shift in market behavior, especially in India, with an increasing acknowledgment of the importance of home healthcare services. The pandemic has accelerated this recognition, emphasizing the convenience and safety of receiving healthcare in the comfort of one's home. The company has also observed a notable trend wherein healthcare professionals, including physicians and nurses, are in high demand in developed countries.
MedRabbits is strategically positioned to leverage both domestic and international growth opportunities by adapting to evolving market behaviors and staying at the forefront of emerging trends in the dynamic healthcare landscape.
StartupTalky: What lessons did your team learn in the past year, and how will these inform your future plans and strategies?
Amol R Deshmukh: One of the most important lessons learned in the past year has been team building and organization towards new projects and the importance of setting up SOPs for these projects. As an organization evolves, SOPs play an important role in ensuring consistent delivery of services.
StartupTalky: How do you plan to expand the customers, service offerings, and team base in the future?
Amol R Deshmukh: MedRabbits envisions a comprehensive growth strategy centered around expanding its customer base, diversifying service offerings, and fostering team growth. To enhance its customer reach, MedRabbits plans to deepen its presence in existing cities, leveraging the trust and relationships established within these communities. Simultaneously, the company is set to embark on international expansion, entering new markets and addressing global healthcare needs.
Diversifying service offerings is a key focus, with MedRabbits aiming to launch innovative services that align with emerging healthcare trends. This could involve introducing specialized healthcare plans, incorporating advanced technologies, and staying at the forefront of industry developments. The goal is to position MedRabbits as a dynamic and comprehensive healthcare provider catering to a broad spectrum of medical requirements.
Team base expansion is inherent to these growth initiatives. MedRabbits places emphasis on attracting, retaining, and nurturing a skilled workforce. This involves recruiting committed medical professionals, fostering a culture of continuous learning, and adapting to evolving industry standards.
Throughout this expansion journey, MedRabbits remains dedicated to excellent customer service. The company will leverage technological innovations to enhance service delivery and establish strategic partnerships with medical experts, ensuring a collaborative and holistic approach to healthcare. By aligning these strategies, MedRabbits aims to solidify its position as a leading and forward-thinking healthcare solution provider.
StartupTalky: One tip that you would like to share with another Service company founder?
Amol R Deshmukh: One crucial tip I'd like to share with another Service company founder is -
- Time can be your greatest ally and your fiercest opponent: What I mean by this is one needs to move quickly to identify opportunities and execute them. At the same time, you need to spend adequate time in the business to bear the fruits. A drive for quick profit and exit invariably results in incorrect decision-making. Tardiness in executing new opportunities invariably results in the opportunity being lost.
- Evolution is the cornerstone of any business. If a company does not evolve, it will inevitably perish: Embrace the philosophy that there are no failures, only learnings. Building a successful company demands time, patience, and perseverance. It's imperative to nurture a highly motivated team. Sustaining their motivation is an ongoing challenge every entrepreneur encounters. Their dedication and contributions are the bedrock of your company’s triumph.
StartupTalky extends its gratitude to Mr. Amol R Deshmukh for dedicating his valuable time and generously sharing his insights with all of us.