The rising cost of healthcare has been a persistent challenge in India, pushing many families into financial distress. Addressing this issue head-on is Affordplan®, a groundbreaking platform that integrates healthcare and financial services to ease the financial burden on patients. We spoke to Dr. Pruthvinath Kancherla, Co-Founder of Affordplan®, about the inspiration behind the platform, its innovative model, and its future roadmap.
What inspired you to start Affordplan, and how did you identify the gap in healthcare affordability that your platform addresses?
Dr. Kancherla shared that Affordplan was born from the realization of the financial struggles faced by families accessing quality healthcare. According to a 2022 report by the National Library of Medicine, 62% of medical expenses in India are paid out-of-pocket, often leading to financial distress or poverty. Recognizing the low insurance penetration and fragmented healthcare services, Affordplan was designed to bridge these gaps.
“Our platform empowers patients to manage healthcare expenses through structured, affordable financial solutions like Affordplan Swasth™. With features like cashback, savings on surgery plans, and interest-free EMIs, we’ve created a model that benefits both patients and hospitals,” he said.
How does Affordplan’s business model work, and how does it benefit both patients and healthcare providers?
Affordplan operates on a B2B2C model, leveraging embedded finance solutions tailored for healthcare. The platform collaborates with hospitals to enhance patient experience, loyalty, and profitability. Patients benefit from tools like online payments, cashback points, medical loans, and micro-insurance.
“Hospitals, in turn, gain through streamlined payment systems and increased patient retention. Affordplan also extends at-home services like medicine delivery and lab sample pick-ups, enriching patient engagement even outside hospital premises,” explained Dr. Kancherla.
Can you elaborate on how technology and fintech innovations are helping Affordplan ease the financial burden on patients?
Dr. Kancherla emphasized the pivotal role of technology and fintech innovations in making healthcare expenses manageable. Affordplan combines digital payment systems with personalized financial planning to offer solutions like zero-interest EMIs and cashback on medical expenses.
“Our infrastructure includes merchant SaaS, call centers, and on-ground teams, ensuring seamless transactions and personalized experiences for patients. By integrating wellness offers and free medicine delivery, we’re redefining how families plan for and manage healthcare costs,” he said.
What have been the biggest challenges in integrating Affordplan with hospitals and clinics across India?
“Scaling operations across a fragmented healthcare market has been one of our biggest challenges,” noted Dr. Kancherla. Training hospital staff and continually innovating the platform to meet the unique demands of healthcare providers and patients were critical focus areas.
“We prioritize the needs of healthcare providers as they control care quality and pricing. Their satisfaction with our platform directly translates into better outcomes for patients,” he added.
Could you share any significant success stories that highlight the impact Affordplan has had on making healthcare more accessible?
Affordplan’s impact is evident in its achievements: a network of over 150 hospitals with 20,000 beds, 5,00,000 issued cards, and transactions worth INR 450 crores processed. Patients have collectively saved INR 40 crores, thanks to Affordplan’s innovative solutions.
“We also facilitate timely healthcare through health-check reminders and issue 15,000 new insurance policies monthly, ensuring healthcare is not only affordable but timely,” Dr. Kancherla said.
How do you ensure that Affordplan remains inclusive, especially for patients from different economic backgrounds?
Inclusivity is central to Affordplan’s approach. “There are no eligibility criteria or underwriting requirements, making it accessible to even the most marginalized sections of society,” Dr. Kancherla explained.
The platform supports multiple languages, offers physical payment assistance, and promotes social referral programs to reach underserved populations. Additionally, benefits like cashback transferability, free medicine delivery, and wellness discounts cater to diverse economic segments.
What role do you envision for fintech in the future of healthcare financing in India?
Dr. Kancherla sees fintech playing a transformative role in healthcare by offering personalized financial planning, digital payments, and instant credit solutions.
“Technologies like IoT, AI, and machine learning will enhance diagnostic accuracy and personalized treatment while reducing costs. Fintech innovations will be pivotal in building an equitable and sustainable healthcare system,” he said.
In your journey with Affordplan, what are the key lessons you’ve learned about scaling in a complex and fragmented healthcare market?
Dr. Kancherla highlighted the importance of a strong focus on healthcare providers, as they drive the success of platforms like Affordplan. Expanding into rural areas has been a challenge, but a diverse leadership team with expertise in healthcare, FMCG, and finance has enabled innovative problem-solving.
“Scaling requires precise coordination, constant innovation, and a patient-centric approach. These lessons have shaped our strategy for growth,” he noted.
What are Affordplan’s expansion plans, and do you see opportunities in international markets or other healthcare services?
Affordplan aims to become India’s largest network of healthcare providers within the next five years while exploring international markets. The platform plans to integrate curative care with hospitals, preventive care with wellness companies, and financial protection with insurance providers, creating a comprehensive ecosystem.
As an entrepreneur in the healthcare space, what advice would you give to others looking to innovate in this sector?
Dr. Kancherla advises entrepreneurs to prioritize patient needs, embrace adaptability, and foster partnerships. “Healthcare innovation should address actual patient requirements and improve access to care. Building a diverse team with expertise across fields is crucial for long-term success,” he said.
Conclusion
Affordplan is a shining example of how technology and innovation can address the pressing issue of healthcare affordability in India. By bridging the gap between financial and healthcare services, the platform has eased the financial burden on millions of patients while improving hospital efficiency.
As Affordplan sets its sights on becoming a global leader in healthcare fintech, its inclusive, patient-first approach serves as a model for others aiming to revolutionize this space. With a mission to make quality healthcare accessible to all, Dr. Pruthvinath Kancherla and his team continue to inspire with their transformative work.
