Glamyo co-founder promises to cut pain-points for elective surgery, claims upto 25% cost concession
- Doctor-turned investment banker-turned entrepreneur Preet Pal Thakur claims upto 25% cost concession and eliminating pain points for patients opting for Glamyo to go for non-emergency surgeries.
With out-of-pocket medical expenses draining the hard-earned savings of patients besides the ordeal of finding the right hospital, healthcare start-up Glamyo sees big opportunity in filling the need gap across the entire process of going for an elective surgery especially for those who don't have health insurance to bear the cost.
Doctor-turned investment banker-turned entrepreneur Preet Pal Thakur claims upto 25% cost concession and eliminating pain points for patients opting for Glamyo to go for non-emergency surgeries.
In a free-wheeling conversation with HT Digital, Thakur said that nearly 75% Indians pay for their medical expenses from their own pockets which is very peculiar compared to advanced countries where insurance companies take care of the cost.
"Ëducation and literacy levels in India compound the challenge when patients try to avail the healthcare services. So, by and large, there is huge information asymmetry between the hospital or service provider and service consumer who is the patient," Thakur said adding that hospitals leverage this information arbitrage of inequality to extract more money from patients.
He suggested that purchase of used car is far smoother than reaching at right touchpoints for various medical needs at a hospital and unlike in first case where the customer has a relationship manager to assist, patients are left to fend for themselves in hospitals.
Elaborating on the benefits of his platform, Thakur said that hospitals in most cases exceed the initial estimates of a surgery leaving patients with hidden surprises. In case of patients with no insurance, the additional bills add to their woes.
"What we do is in case of these patients, we are guaranteeing the price upfront. How we are able to do that? We have negotiated rates with the hospitals, wherein we pay them X amount per surgery" he said.
Thakur explained further, "Cash patients or out-of-pocket patients what we are giving comfort is their ability to underride price of the surgery upfront, so they know already that in this surgery they will have to pay ₹50,000 and not one rupee more or any hidden surprises. Because of this ability to quote the price, we are able to increase extent of high-quality surgery to a large number of population where it was not accessible earlier."
Citing example of a daily wage earner in need of surgery for piles, Glamyo Co-founder said that in most cases he would go to government hospitals where he will he treated with open surgery that will render him ineffective for two weeks.
For these two weeks he will be out of work as that is the time he would take to recover from the surgery, Thakur said.
"Because of this very nature, he will not take the treatment till one fine day it becomes an emergency and he has no choice. Enter Glamyo and we offer to him cutting edge laser treatment for Piles where the recovery time is reduced from 15 days to 2 days. I take ₹30,000 from him and in that also I am providing him EMI option. He has to pay ₹3,000- ₹5,000 upfront and remaining in zero cost EMI. He can continue with his breadwinning after 4 days doing his normal work, something which would have taken at least 14 days in normal scenario," he noted.
Started by Archit Garg and Dr Preet Pal Thakur, Glamyo Health is providing its services in 250+ pin codes across 15+ cities.