Healthcare is a space that is ripe for disruption. Information, especially historic information is extremely critical to enable accurate diagnosis and resolution of various ailments. In India, even in the metropolitan cities, there is no systematic way to review historic records. In cases such as accidents, this can often lead to fatality where the same could have been easily avoided, provided the right information is available.
I have seen many attempts at resolving the situation and several attempts at building platforms to act as a solution. LiveHealth is taking an interesting route to solving this problem. They are targeting the reporting of the diagnostic tests as a starting point, becoming the preferred solution for reporting test results.
I feel there is potential to scale this to all forms of reporting. The current solution puts them in the diagnostic center and help disseminate reports to both, the doctor as well as the patient.
Here are a few of the things that he said:
Right at the outset, we spoke to the stakeholders across the process and it became clear to us that the entire eco-system is important. Getting every stakeholder involved in the process and having all of them see the value of solution was important. If the entire eco-system was not developed, the possibility of making a successful solution was limited.
Our goal was to build a medical record ecosystem which is dependable. It could not fail at any of the points and all of the stakeholders; the diagnostic centers, the doctors and the patient had to be able to depend on the solution.
We also understood that we were not going to give the solution away for free. People don’t see value if the product is given away for free. We wanted the product to be be able to generate cash flows for the company and for our customers to understand the value being created. There has to be a source of organic income, the income had to be generated by the sale of the product that the company had. This organic income would give us the ability to sustain and improve the product continuously.
We chose to go with the SaaS model because there was a cost to maintain the infrastructure and delivering a consistent and dependable solution. This also meant that there has to be a way of getting consistent and dependable income, which was the reason we picked SaaS (Software as a Service) as our business model.
Once you get your early customers who feel the product is a perfect fit, you need to keep adding more features to bring in more and more customers into the fold. Growing a business is a challenge and the way to do it is to improve the product consistently and making is better.
Constantly listening to the users and getting feedback is the best way to come up with more and more useful features. The speed of improvement and the user feedback loop is important. You have to make the lives of the user easier at all points of time and with every update.
For us, the development of a feature does not begin with thoughts of how the feature will be monetized. We think about the revenue part later, we need solutions that have to be interesting and useful for users. If the users find the feature useful, by the virtue of the utilization we would find ways of monetizing the same.