Singapore-based SaaS well being tech firm MiyaHealth has broadened its attain into Indonesia and the Philippines by extending its proprietary product suites, MiyaPayor and MiyaProvider, by way of strategic partnerships.
These collaborations purpose to raise healthcare entry and effectivity in underserved markets by leveraging modern technological options and delivering high-quality healthcare. By means of partnerships with a third-party administrator (TPA) and a number one hospital group in Indonesia, in addition to Well being Upkeep, Inc. (HMI) within the Philippines, MiyaHealth is poised to optimise the general affected person expertise in each international locations.
These are just a few notable milestones that MiyaHealth made just lately after closing its Pre-Sequence A funding spherical in Q42023 and securing the ISO 13845:2016 Certification and CE Mark.
“We now have realized the importance of product differentiation, customisation, and certifications in addressing shopper’s wants and establishing credibility. This has granted us a aggressive edge over options. Most distributors would discover it difficult to pinpoint and customise an answer to handle all of the insurer’s present and future wants,” says Dr Ramesh Rajentheran, CEO and Co-Founding father of MiyaHealth, in an electronic mail interview with e27.
Based in 2019, MiyaHealth builds and operates digital infrastructure that powers healthcare. The corporate gives three product suites, MiyaPayor, MiyaPatient, and MiyaProvider, leveraging its AI and ML information seize, processing, and interoperability capabilities throughout the healthcare ecosystem.
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Whereas present gamers usually centered on both well being tech or insurtech, MiyaHealth intends to serve all sides of healthcare by enhancing interoperability between well being programs, main to higher affected person outcomes.
On this interview, Dr Rajentheran explains the corporate’s technique to win the Indonesian and Filipino markets and what’s arising for MiyaHealth. The next is an edited excerpt of the dialog.
You might be increasing into Indonesia and the Philippines. What drives you into these markets? What alternatives do you need to seize there? What’s your technique?
Increasing into our precedence markets, Indonesia and the Philippines, is a strategic transfer pushed by our mission to handle the unmet wants in healthcare, similar to restricted insurance coverage penetration and infrastructure shortages (e.g. shortfall of healthcare manpower) for thousands and thousands of individuals. Each markets current vital progress alternatives, provided that solely round 10-12 per cent of the inhabitants have personal insurance coverage protection. Which means as our insurer and TPA shoppers increase, we’ll develop with them.
In Southeast Asia, now we have noticed a rise in middle-income teams and prosperous populations, resulting in heightened expectations for improved healthcare high quality, characterised by a choice for simplicity and comfort. We now have acknowledged these calls for, significantly in optimising declare processing effectivity, refining well being plan design, bettering affected person care administration, and enhancing digital infrastructure for the immediate alternate of affected person info between suppliers and payors.
Most significantly, we deeply perceive how these enhancements can immediately influence sufferers, strengthening their healthcare journeys.
By getting into into two of the most important markets in Southeast Asia, we purpose to handle the unmet wants of thousands and thousands of people whereas harnessing the ample information each markets supply to refine our fashions and processes. Moreover, we’re working intently with industrial companions, leveraging our confirmed monitor report in present markets, utilising our core IP for swift platform localisation, and optimising our deployment course of to speed up the worldwide scalability of our platforms. Shifting ahead, we plan to safe extra long-term partnerships with prospects in these markets and different elements of the world.
Are you able to share an enchanting perception about your customers in Indonesia and the Philippines that you simply realized just lately?
Indonesia and the Philippines share extra demographic similarities than variations. Each international locations exhibit underpenetrated personal medical health insurance markets, signalling substantial alternatives for insurers to increase their footprint. Regardless of comparatively new authorities common well being protection schemes, a major protection hole stays, necessitating insurers’ concentrate on enhancing effectivity and managing medical declare prices.
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Furthermore, each nations expertise a shift in healthcare service accessibility and consumption, pushed by the emergence of middle-income teams. These populations reveal an elevated capability and inclination to spend money on high-quality healthcare providers and insurance coverage protection.
Moreover, the widespread availability of cellular information and smartphones has catalysed a mobile-centric strategy to healthcare entry throughout all age teams in each areas.
What are your targets for these two markets?
We’re at present engaged in ongoing discussions with quite a few potential shoppers to determine extra long-term partnerships for MiyaPayor within the Philippines and Indonesia. Furthermore, inside the subsequent 12 months, we’re gearing as much as introduce MiyaProvider and MiyaPatient within the Philippines whereas concurrently increasing the commercialisation of those merchandise into future markets of curiosity, with a specific emphasis on Asia given the sturdy inbound demand now we have skilled.
Recognising the substantial affected person quantity in each international locations, we view the penetration of insurers and suppliers in these markets as a major development towards serving 100 million people worldwide. To help these initiatives, we plan to onboard extra domestically primarily based workforce members in each international locations and domesticate extra channel and deployment companions.
What different plans do you might have this 12 months?
Within the first half of 2024, our main goal is to safe funding for our Sequence A spherical. This funding will bolster our product choices and technological capabilities, specializing in creating next-generation variations of our merchandise and core expertise.
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We additionally plan to utilise the funds to increase our operations and partnerships in present and new markets. Moreover, we purpose to strengthen our management workforce to facilitate the scaling up of worldwide well being programs, guaranteeing that we’re higher geared up to satisfy the evolving wants of sufferers worldwide.
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