Expensive medical services? How about exciting cashbacks!
The pandemic has made us realize not only are healthcare services important but they can also burn a hole in your pocket. Mr. Bharatheesh noticed several people struggling with financing their medical bills and set out to find a solution.
He created Mediimpact, India’s only Health mobile wallet app dedicated to usage across healthcare and wellness providers. Mediimpact Healthcare private limited is a Bangalore-based company working towards excellence in Healthcare, and strives to pursue business through innovation and technology.
Mr. Bharatheesh has been in the healthcare industry for over 15 years and has been recognized as a proactive individual who can rapidly identify business problems, formulate tactical plans, initiate change, and implement effective business strategies in challenging environments to enhance Business.
In an exclusive interview with StartupLanes, Mr. Bharatheesh, Co-founder and Director of Mediimpact, talks about his journey and experiences as an entrepreneur.
Read on to know what he has to say.
Q1. How did you come up with the idea of your startup?
Bharatheesha: I spent around 15 years in the Healthcare industry working both in startups and established companies for which I often had to visit hospitals, clinics, and labs for selling products. I observed several people were asking for discounts while making payments and seeking help from families and friends. This inspired me to build a business around it and I came up with the idea of Medpass wallet.
Q2. What was the most difficult part in the early stages of the company’s growth?
Bharatheesha: I think the most difficult part was getting the first 100 paying customers and onboarding Providers/Merchants. Another challenging aspect was ensuring the smooth running of technology and backend operations. Additionally, arranging for initial capital and raising funds was also a challenge.
Q3. What was the gap in the market that you identified?
Bharatheesha: I observed a huge gap in healthcare delivery. There was no provision for an integrated health eco-system with Digital health funding combined with good quality and affordable healthcare delivery.
Q4. Can you Explain your Business model?
Bharatheesha: Our business model is B2B2C. We bring together healthcare merchants and customers on one platform benefiting all the parties. Customers save money on each transaction through cash-backs, merchants increase their footfall, and we receive our referral fee. This benefits all the players right from the first transaction.
Q5. Did your family/friends, help you with funding your startup or did you approach investors? How did you find the investors?
Bharatheesha: I did not approach family and friends for raising the initial capital. I approached my ex-colleague, Mr. Shrinivas who is not the co-founder. Mr. Sridhar later joined us as an angel investor and currently helps us as a mentor, adviser, and investor.
Q6. Which factors did you see impacting your business over the coming years?
Bharatheesha: At present, we are the only health digital wallet in the country. The emergence of competitors in the future can impact our business.
Q7. Are you planning to hire Fresh talent into your team as the company grows? What qualities do you look for while hiring?
Bharatheesha: Yes, we are currently looking to hire talented individuals to join our sales team. We are looking for candidates with good communication skills, convincing skills, and who are willing to put in the work beyond office hours if required. This would be a great learning opportunity for both freshers and experienced professionals.
Q8. What according to you are the personality traits of a good leader?
Bharatheesha: I believe a good leader is one who:
- Supports the team and provides the right directions
- Provides the right information
- Helps in difficult times both in personal and professional life
- Supports the growth of the employee
- Takes the right decision at the right time
- Gains trust from everyone and grows together
Q9. What is the best and worst part of being a CEO?
Bharatheesha: The best part is you can try to implement your own ideas and strategies and take decisions quickly. The worst part is you have to take responsibility for every outcome.
Q10. Describe a time you had to make a tough decision. What did you do and what was the result?
Bharatheesha: The most difficult decision we had to make was changing a wallet partner. However, the results were positive and we integrated one of the best gateway partners which enabled us with several distinct options.
Q11. Are you looking for any vendors to help you simplify any part of your business?
Bharatheesha: Yes, we have already outsourced some of our services and are looking for business associates for referring purposes.
Q12. What are the recent and long–term plans of your startup?
Bharatheesha: Our recent plan is to raise external funds to expand our business. Currently, we are only operating in Bengaluru and are looking to expand to other metros in the long run along with introducing additional business lines in the wallet. We are looking to help our customers with higher savings and create more job opportunities.