Bajaj Finserv Health Aims to Revolutionize India's Healthcare Industry with Consumer-Centric Approach
Mumbai: Bajaj Finserv Health, a subsidiary of Sanjeev Bajaj-led Bajaj Finserv, is set to transform the healthcare administration industry by shifting from a traditional business-to-business model to a more consumer-centric approach. The company plans to invest Rs. 1,000 crore in products and technology, including the launch of "Health Saathi" concierge services that will provide logistical support during hospitalization.
In its quest to empower policyholders with greater choice and control over third-party administrators (TPAs), Bajaj Finserv Health aims to revolutionize the industry by moving towards an open architecture that allows customers to select from a range of TPAs. However, Devang Mody, Managing Director & CEO of Bajaj Finserv Health, acknowledged that providing a seamless healthcare experience for insured customers has its challenges.
"We face several hurdles in delivering a smooth healthcare experience, including paper-based systems causing inefficiencies and delays, limited customer awareness of TPA choice rights, and inadequate understanding of health insurance policy nuances," Mody said. He emphasized the potential conflict between the business model that rewards TPAs with payment from insurance companies and the need to provide customer-centric support.
In a bid to address these challenges, Bajaj Finserv Health will introduce "Health Saathi" concierge services that will assist policyholders with hospital selection, paperwork management, and treatment navigation. Additionally, the company plans to launch a "value-based care" product for maternity that offers comprehensive support beyond financial reimbursement.
The company is also investing heavily in fraud detection technology and AI-powered engines to enhance services and trust. Bajaj Finserv Health already has a vast network of over 100,000 doctors and 16,000 hospitals and addresses out-of-pocket expenses processing 150,000 transactions a month, as per NITI Aayog's National Digital Health Mission.
The acquisition of Vidal Health Care in April 2024 has further enhanced its capabilities, bringing health administration expertise to offer comprehensive healthcare services across outpatient, wellness, and inpatient care. The digital platform seamlessly integrates key healthcare ecosystem players to make cashless healthcare accessible and affordable for all Indians.
"We believe that our shift towards a more consumer-centric approach will revolutionize India's healthcare industry," Mody said. "With the introduction of 'Health Saathi' concierge services and other innovative products, we aim to deliver a seamless and informed healthcare experience for our policyholders."