Healthtech startup Innovaccer, which entered the unicorn club earlier this year, expects to maintain its high growth momentum in the coming years by doubling its revenue every year, given the demand from healthcare industry for technology-driven innovative solutions.
The Software as a Service (SaaS) startup was valued at $1.3 billion after its last funding round in February this year, which was led by Tiger Global. Innovaccer was founded in 2014 by Sandeep Gupta, Abhinav Shashank, and Kanav Hasija, and has its origins in India, with a technology centre in Noida, and is now headquartered in San Francisco. It was also part of YourStory’s Tech30 list in 2015.
The startup, which is India’s first healthtech unicorn, is very confident about its future roadmap as it has been doubling its revenue over the last of couple of years, and expects to maintain this momentum given the growing demand for its cloud-based technology solution.
Sachin Saxena, Founding Member and Senior Director – Marketing, Innovaccer
“Our unique products and services are the reason behind our projection of 100 percent YoY growth for the next few years, and our hard work is evident in the success we have achieved on that front for the past couple of years,” Sachin Saxena, Founding Member and Senior Director – Marketing, tells YourStory.
The market opportunity for technology solutions in the healthcare sector runs into billions of dollars, and more so in a country like the US, which is the major focus area for Innovaccer. However, the biggest challenge faced by this industry is that the key segments like hospitals, pharmaceutical companies, and insurance players, largely operate in a siloed manner in terms of data sharing, which deny them the opportunity to bring in higher efficiencies.
At present, Innovaccer claims to have helped healthcare organisations in the US unify health records of more than 24 million people and generate more than $600 million in savings for the healthcare ecosystem. The startup’s tech platform is used by more than 50 healthcare organisations in the US.
Unified data
Innovaccer believes its cloud platform - Innovaccer Health Cloud - will be able to solve for these challenges by sifting through a vast amount of information to deliver faster results and also provide other valuable insights for the healthcare industry.
Sachin says, “With the digitisation of the healthcare industry, we now have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of data, but also provides a platform on which new digital services and solutions can be built with native interoperability.”
According to the startup, the Innovaccer Health Cloud is able to ingest as well as aggregate multiple points of data of a patient to provide a unified record, which gives the healthcare service provider a single platform to take decisions. At the same, it is also customisable and there are developer tools available, which allows for healthcare institutions to build their own technology applications.
“From a solution and delivery perspective, we typically can ingest, normalise, and make available EMR (electronic medical records) data within six to eight weeks from the time we receive it. Most vendors take six to eight months or longer to complete the same. This speed to value makes Innovaccer an enticing option for growing and scaling organisations at a rapid pace,” says Sachin.
Navigating complexity
The healthcare industry is a complex segment where, for example, the records of a patient will require inputs from different constituencies, and this is a difficult task to perform through human intervention. It is here that technology plays a key role where it can unify all the records.
“Now, more than ever, customers need a platform that allows them to obtain a 360-degree view of their patients, drive down unnecessary IT costs, and improve care quality and cost-effectiveness,” says Sachin.
Given the rapidly changing nature of technology, Innovaccer believes in constantly evolving and improving its products where it is made flexible and configurable for the market. Besides, it is also investing significantly in R&D to enable further innovation.
The advisory board of Innovaccer comprises of healthcare professionals with vast experience, and they work in tandem with the engineering teams to develop solutions for the industry.
“With their help and expertise, we understand the industry's requirements, making something so cutting edge that it positively disrupts millions of lives,” says Sachin.
Beyond the US market
Today, Innovaccer is mainly focusing on the hospitals, and is planning to tap other segments like health insurance companies and the pharmaceutical industry.
The startup gets revenue mainly from the US market, and it has plans to get into other geographies, notably India.
“Innovaccer is an India-based organisation, and we would like to contribute to making our healthcare system in India more efficient. We were already taking steps towards this goal by engaging with the local governments of Goa and Puducherry when the pandemic hit. We are hopeful that more and more initiatives focused on digitising healthcare will see the light of the day soon,” says Sachin.
However, the big challenge for the startup to expand rapidly in India is the lack of readily available data. It has been keenly following the progress of the National Digital Health Mission, which aims to create a nationwide infrastructure to create a unified information of patients as it believes that its products and solutions would be more suitable then.
Sachin believes this would be a strong foundation for data-led solutions, which can optimise care and cost outcomes at both the population and patient-level in the country.
Given the growth momentum of Innovaccer in the past and strong projections for the future, the startup is also looking to expand its team in India and expand its presence to multiple locations across the country.
“Our ability to grow with our customers and our consistent results are what helps us stand out,” says Sachin.
Edited by Megha Reddy
Link : https://yourstory.com/2021/08/healthcare-saas-unicorn-innovaccer-double-revenue
Author :- Thimmaya Poojary ( )
August 03, 2021 at 05:15AM
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