MyDoc and UST Global Establish Joint Venture to Provide More Accessible and Affordable Healthcare for Millions of Working Professionals in India
|Dr. Snehal Patel (left) and Dr. Vas Metupalle (right), who are co-founders of MyDoc|
- Singapore-based MyDoc announce partnership with UST Global to increase access to healthcare, optimise healthcare costs, and improve quality and coverage of medical treatment in India. It also looks to reduce the discrepancy in quality and coverage of medical treatment in India.
- This partnership is the first of its kind in India; it will leverage technology to simplify how healthcare delivery is organised, measured and reimbursed.
Bengaluru and Mumbai, India, and Singapore - 29 January 2019 – MyDoc, Asia’s most established value-based digital managed care platform, has formed a joint venture (JV) to cut health costs for millions of working professionals in India. The MyDoc-UST Global JV is aimed at helping people stay out of hospitals and stay well for longer. The unique partnership combines MyDoc’s best practices, battle tested in one of the world’s most advanced healthcare systems, with one of India’s largest technology solutions provider to deliver healthcare services at scale to the Indian public.
Starting with over 14,000 employees at UST Global centres throughout India, the new company will tackle employee health and take aim at the prevalence of people living with lifestyle-related chronic diseases and the rising cost of care in India.
“The traditional healthcare market in India is led by hospital based groups and prices in the sector have increased beyond reach for the middle class. The average annual increase in healthcare premiums borne by employers have been growing by as much as 50 percent since 2005 - with premium ratios rising over 110 percent,” said Dr. Snehal Patel, CEO and Co-Founder of MyDoc.
“Companies face mounting costs threatening to hurt corporate profits and employee well-being. We must shift away from a supply-driven health care system organized around what clinicians do, toward a patient-centric system organized around individual patient needs.“
MyDoc starts every patient on a personal care pathway that ensures each patient receives the right care at the right time. It does so by identifying individual patient health profiles through an integration of objective clinical lab test results and subjective health data from both lifestyle and clinical-grade wearables, as well as the language patients use when describing their symptoms and case notes from attending clinical care teams. Using technology-enabled clinical decision support tools within a patient-centric clinical triage tailored to individual patients, physicians will deliver prognoses and treat patients with greater accuracy and confidence while being freed from administrative tasks and silos.
The MyDoc-UST Global JV has established direct partnerships with healthcare providers, pharmaceutical companies, and diagnostic laboratories to launch the MyDoc value-based digital managed care model in Bangalore. The company will deliver healthcare services to employees of banking and technology multinational corporations (MNCs).
“Healthcare delivery has undergone a major transformation in the last decade with the incorporation of digital technologies, data-science, and artificial intelligence capabilities,” said UST Global’s CEO Sajan Pillai. “Through this joint venture, UST Global and MyDoc will deliver patient-centric care through personalized digital interventions, disease awareness, and home-based care. The platform will improve the outcome for chronic illness through improved access to care and better care coordination.”
In Singapore, Hong Kong and Malaysia, MyDoc has established successful and ongoing implementations with the largest insurers and Fortune 500 companies including AIA, Aetna and Cigna. The company is in the advanced stages of discussions with other players and will be rolling out new solutions across the region.
In September 2017, UST Global made a strategic investment in MyDoc to expand its digital offerings in healthcare. The investment funded MyDoc’s ongoing initiative to drive population-wide digital health programmes, including disease management and health data tracking.