Mayank Kale, CEO and Founder, Loop Health, says, “There are financial incentives in the healthcare system to over-prescribe surgeries, diagnostics and drugs. I saw how people suffered because of the lack of medical education.” Loop Health, an insurance startup wants to change that by bringing products where physicians and insurers are involved in the long-term health and wellness of users.
Pune-based Loop Health has raised $12 million in a Series A round co-led by Elevation Capital and General Catalyst. The round also saw participation from other investors including Vinod Khosla through Khosla Ventures, YC Continuity Fund and Tribe Capital. In an e-mail interview, Kale discussed the Loop Health model and more. Edited excerpt:
Are there so many insurance startups with a focus on healthcare? How different is loop health? What new products and services do you bring to market?
Loop Health aspires to create a health assurance system in which physicians and insurers are involved in the long-term health and well-being of their clients. We have brought together primary care physicians, specialized networks and health insurance companies under one roof.
we are disrupting the traditional health insurance By adding a layer of preventive care on top of it, emphasizing health rather than disease, and turning it into a more empathetic, accessible and preventive system.
Is Loop a healthcare provider or insurance provider? How many doctors are on your in-house medical team? How does this work?
We are a health insurance broker who also provides primary care to all our clients. We play the role of a family doctor for all our members.
Group health insurance (Profit) is an untapped sector in the country, with most of the purchases done by the HR departments of companies through traditional offline brokers. Existing brokers generally ignore the mid-market and SME segments, which are often served by smaller brokers or not served at all to focus on major enterprise clients. Furthermore, their services are limited to minimum health insurance coverage. We focus on health care assurance through integrated primary care and insurance programs.
We partner with companies to offer employees health insurance plans. With 12+ doctors on board, staff have access to preventive care, a dedicated medical counselor, and additional health and wellness plans like yoga and meditation sessions, free mental health counseling, discounts on lab tests and medications, and tailored care plans. Is.
Many startups that are engaged in connecting doctors and patients are struggling and are now trying to focus on drug delivery. Platforms connecting patients with doctors are not working in India. Why?
The lack of a comprehensive and empathetic approach to health concerns is the primary reason health tech startups focused on tele-consulting may struggle to bring value. Patients need much more than just free tele-consultation; They want a medical advisor who can help them understand their symptoms, provide basic care, and in emergencies refer them to the appropriate specialists and hospitals.
What is the impact of the COVID-19 pandemic on group health insurance?
After the global COVID-19 pandemic, group health insurance industry has developed significantly. Businesses recognized the need for comprehensive health insurance coverage in case of medical emergencies.
In recent years, investing in the health insurance business has expanded. To meet the rising expectations of customers during the pandemic, insurance companies have implemented a variety of reforms, including the launch of covid-specific health insurance products, provision of flexible solutions for customers, digitization of onboarding and claims process and increased claims. a settlement.
We have over 150 customers and insure and care for 50,000+ employees across these organizations, including Shaadi.com, Rediff.com, Helpshift, Knorr Brems, Shopimize, Weekfield, Moonshine Meadry, to name a few.
In how many hospitals is loop insurance approved? Do you also cover procedures like robotic surgery?
We collaborate with almost all major group health insurance providers in India. Insurance is approved in all hospitals with at least 25 beds, which is around 25,000+ in India. Keeping in mind the recent technological breakthroughs and medical experiments, insurance regulator IRDA has advised insurance companies to include robotics surgery in health insurance.
Some insurance providers in India offer plans that cover up to 50% of the cost of procedures such as robotic surgery. The coverage ratio varies by company as it results in higher insurance premiums.