Dr. Abhay Chopada, Co-founder, Clinivantage Digital Healthcare Technology is a passionate leader with a deep understanding of healthcare issues and leveraging of technology to address global healthcare issues. He practices as a Consultant Surgeon in the private sector and is deeply involved in strategic and executive roles with healthcare institutions from operational transformation to M&As. Dr. Abhay co-founded Clinivantage.com in 2016 which now has operational presence in 9 countries including UK, India, Malaysia, Indonesia, Singapore, Kenya, Ghana, UAE and Saudi Arabia with a patient footprint in excess of 10mn patients with 35+ signed-up hospitals and global associations with IT majors like Hitachi, Edifecs and IBM. Clinivantage is an multi-award winning, disruptive solution which excels in transforming the entire patient experience.
In an interaction with Shweta Papriwal, Editor, IIFL, Dr. Abhay Chopada, Co-founder, Clinivantage Digital Healthcare Technology
said “Clinivantage Technology has the ability to revolutionize the process of care management and the way that healthcare professionals engage with patients before and after treatment.”
How does your company simplify the healthcare mechanism? Brief us about your products and services offered.
Clinivantage provides a Platform as a Service (PaaS)-based transactions through a pay-per-use model with complete end-to-end solutions for clinical, non-clinical, administrative, financial, inventory, OT, and payer modules with multiple integrated devices.
Clinivantage is working towards combining Genomics and Wearables with Smart health monitors that can collect personalized, real-time data, encouraging healthier lifestyles and collecting reams of data to feed into medical research.
Clinivantage Technology has the ability to revolutionize the process of care management and the way that healthcare professionals engage with patients before and after treatment. Predominantly, improvements simplify processes and make healthcare administration and delivery simpler and quicker for both patients and healthcare professionals. It also enables patients to use Clinivantage technology to take greater control of their own healthcare, particularly in regards to the administration and management of their wellness, and feel more involved in the treatment process.
Clinivantage can help healthcare (providers) leaders take strides in improving their digital capabilities, improve patient satisfaction levels and also boost their own efficiencies to ensure that doctors/employees’ time is maximized. As simple administrative tasks will be handled more efficiently via technology, doctor/staff will have more time to attend and spend on patient care and connect one-on-one on sensitive issues, helping boost patient satisfaction and provide quality care.
How do the patients benefit from Telemedicine?
One of the biggest advantages of Telemedicine is that it provides instant access to medical specialists even in remote areas, especially in a country like ours where access to healthcare practitioners in remote areas is a huge challenge.
The Village Social Transformation Foundation (VSTF) initiated by the Maharashtra Government, wherein Clinivantage was awarded 2 villages to build digital healthcare infrastructure to provide healthcare access to the local villagers through Telemedicine has now been successfully extended to 40 villages, proving the imminent need for digital healthcare in semi-rural and rural areas that lack basic healthcare infrastructure and trained medical practitioners.
Other considerable factors that are beneficial through Telemedicine:
Reduction in healthcare cost:
It has been proven, with the Clinivantage platform via remote monitoring and telemedicine, that healthcare costs are considerably reduced as real-time access to medical practitioners is possible through technology.
Remote analysis & monitoring services and electronic data storage significantly reduce healthcare service costs, saving money for patients, hospitals and insurance companies.
Telemedicine also reduces unnecessary non-urgent ER visits and eliminates transportation expenses for regular checkups.
Real Time Access to Medical Practitioners:
Telemedicine provides extended specialist access, with telehealth, to patients in rural or remote areas who benefit from having a quicker and more convenient access to specialists.
One can refer the patients to specific physicians they need, regardless of location.
Increased Patient Engagement:
When patients are committed to their own healthcare goals, it leads to lower costs and improved health.
Engaging your patients through telemedicine can help them maintain appointments and care schedules.
Increased engagement initiatives can also curb obesity rates and tobacco use by encouraging patients to make healthy lifestyle choices.
Improved Patient Care Quality:
Telemedicine offers patient-centric approach such as improved timeliness of care. This is critical to quality patient care.
Patients can address healthcare issues quickly with real-time urgent care consultations and learn about treatment options within minutes.
How have the patients benefited from your Patient Management System?
Implementing the Clinivantage Patient Management System (PMS) improves communications and patient care across the entire care continuum. The PMS improves data tracking and workflow management of treatment plans, especially in chronic and long-term ailments and reduces medical errors while ensuring that all patient information is securely protected and that the data is available real time in case of emergencies. This process of real-time data availability helps reduce considerable costs that can occur due to duplicate care (in absence of medical history and data), incomplete or illegible information and provides instant medical care without the need for re-assessment.
Clinivantage’s MyLife integrates all patient health data, allergies, medications, treatment, consultations, counseling and other important data from all providers involved in the care of your patient, providing vital patient history and current medical information in real time to appropriate health care providers, counselors, pharmacies, clinics, hospitals across the globe.
MyLife/PMS implementation is most likely inevitable in all aspects of addiction and behavioral health services. The safe, efficient transmittal of patient information and the production of accurate reports are vital to ensure better patient care and healthier patient lifestyles, improve the coordination of patient services, and reduce wastage and costs.
Which segments contribute the most in revenue generation? What was your revenue and profitability in the last quarter?
It’s too early to comment on the revenue generation as we started deployment about 5 months back, around May 2018. We have managed to create a global network by signing with over 65 hospitals across 6 countries including USA and Africa.
For growth and profitability, we are addressing all the critical areas of healthcare improvement in both public and private sectors:
Affordability: The affordability of healthcare continues to be one of the most pressing consumer concerns and needs.
Continuity: Many consumers lack continuity in their healthcare ecosystem (e.g., in care delivery or health insurance).
Digital: An increasing number of consumers are using digital healthcare tools, and interest in greater digital engagement continues to rise
Engagement: Consumers are willing to engage in solutions to reduce healthcare costs, but most believe that they cannot do so today
Do you think there is enough awareness regarding the products and services offered by you?
We are the “new kid on the block” with a transformational story and product portfolio.
Our vision is to have a Clinivantage Playstore (Apps for Healthcare) and we are working towards building that. We are deploying our products and services across a massive healthcare network to make our platform open source by 2022. With this, the possibilities are immense as this gives us data and market access for the launch of other related innovative products and services into the healthcare market. This is very revolutionary in our vision.
Below are the three main focus areas for Clinivantge:
Digital Health: Platform as a Service (PaaS)
We are the first startup globallyto launch PaaS and are already a proven technology across 6 countries. This includes Platform Software for Hospitals, Clinics and Doctors to go digital with connected devices and make the whole ecosystem patient-centric with consumer applications.
Infrastructure as Service:
We are working towards building low-cost, high-tech enabled Primary Healthcare Centres (PHC) and Nursing Homes. This asset-light model will have connected devices across all centres and nursing homes that will provide real-time access to medical records and patient history in case of emergencies or during follow-ups. This gives us the opportunity to create a "startbucks like experience" in healthcare, wherein, the patient gets the same level of treatment and care, irrespective of the health centre he visits. This is a huge opportunity as there there are 23,236 PHCs in India with a shortage of 30%. As per this data, we have the opportunity to scale by at least 7,000 PHCs in India alone. We've not even scraped the surface in other countries including UK (advanced nations) and other LMIC countries and developing nations.
Healthcare Application Store: API as a Service
Another area that we are working towards is offering advanced research into real-world medical practice via Artificial Intelligence (AI) and Machine Learning (ML). We are focusing on mental health and COPD lung analytics of CT and MRI (radiology) data to begin with.
With novel deep learning algorithms, recurrent neural networks, and generative models that can learn efficiently from Clinivantage structured visual and clinical data, non-clinical, pharmaceuticals and creating AI from thousands of pathology slides to change the clinical diagnosis and treatment of cancer. We can develop disease-specific solutions.
Bottomline, this gives us a ability to partner, collaborate, and launch applications in areas of healthcare that are unimaginable.
Clinivantage is working towards a HIPAA-compliant healthcare blockchain network which allows patients to access and share their medical records with researchers and physicians. In addition, the new solution will help patients consolidate their data and even profit from sharing it with different entities such as drug researchers, marketing agencies, etc. Patients using the platform can be paid in cryptocurrency in exchange for sharing their medical data with researchers. Clinivantage Platform’s breakthrough technology will be a victory for patients, academicians, researchers, insurance, pharma and providers everywhere, while rocking the healthcare medical industry for the betterment of humanity, we are very aspirational in our goals, but then who says we can’t go for the moonshots in healthcare.
Are you planning to come out with an IPO anytime soon?
This is a multi-billion dollar opportunity and if you take the example of similar service companies in China, companies like WeDoctor have raised over $500mn at a valuation of ~$6bn & Ping An Good Doctor, formally known as Ping An Healthcare and Technology Co. Ltd, raised $1.1bn through an IPO.
We are preparing ourselves to go for an IPO in the coming 5 to 7 years. The market is very receptive for healthcare opportunities, especially the ones which have high traction like ours. Startups like KRY, & Babylon have raised $100+mn in funding and are expanding globally. Why would Clinivantage be any different? We have better execution capabilities, a much more advanced platform and technology, and an integrated solution.
Brief us about your geographical presence in India and abroad.
Apart from India, we are operational in 6 countries, including USA and Africa. We will soon start operations in UK. In India, we are operational in 4 states (Gujarat, NCR, Maharashtra, and Karnataka) with some public and private deployments.
We started deployment in May 2018, and have, currently, tie-ups with nearly 65 plus hospitals, clinics around the globe and have over 15 million consumer records. We process close to 2,000 transactions on a daily basis.
Our goal for 2019 is to have over 100+ hospital tie-ups with a record over 50 million consumers and process over 50,000 transactions per day. We have a strong leadership team representing Dr. Abhay Chopada and Dinesh Samudra who along with me are working towards providing healthcare to a billion lives.