Singapore-based SaaS health tech company MiyaHealth has broadened its reach into Indonesia and the Philippines by extending its proprietary product suites, MiyaPayor and MiyaProvider, through strategic partnerships.
These collaborations aim to elevate healthcare access and efficiency in underserved markets by leveraging innovative technological solutions and delivering high-quality healthcare. Through partnerships with a third-party administrator (TPA) and a leading hospital group in Indonesia, as well as Health Maintenance, Inc. (HMI) in the Philippines, MiyaHealth is poised to optimise the overall patient experience in both countries.
These are just some notable milestones that MiyaHealth made recently after closing its Pre-Series A funding round in Q42023 and securing the ISO 13845:2016 Certification and CE Mark.
“We have learned the significance of product differentiation, customisation, and certifications in addressing client’s needs and establishing credibility. This has granted us a competitive edge over alternatives. Most vendors would find it challenging to pinpoint and customise a solution to address all the insurer’s existing and future needs,” says Dr Ramesh Rajentheran, CEO and Co-Founder of MiyaHealth, in an email interview with e27.
Founded in 2019, MiyaHealth builds and operates digital infrastructure that powers healthcare. The company offers three product suites, MiyaPayor, MiyaPatient, and MiyaProvider, leveraging its AI and ML data capture, processing, and interoperability capabilities across the healthcare ecosystem.
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While existing players typically focused on either health tech or insurtech, MiyaHealth intends to serve all facets of healthcare by enhancing interoperability between health systems, leading to better patient outcomes.
In this interview, Dr Rajentheran explains the company’s strategy to win the Indonesian and Filipino markets and what is coming up for MiyaHealth. The following is an edited excerpt of the conversation.
You are expanding into Indonesia and the Philippines. What drives you into these markets? What opportunities do you want to seize there? What is your strategy?
Expanding into our priority markets, Indonesia and the Philippines, is a strategic move driven by our mission to address the unmet needs in healthcare, such as limited insurance penetration and infrastructure shortages (e.g. shortfall of healthcare manpower) for millions of people. Both markets present significant growth opportunities, given that only around 10-12 per cent of the population have private insurance coverage. This means that as our insurer and TPA clients expand, we will grow with them.
In Southeast Asia, we have observed an increase in middle-income groups and affluent populations, leading to heightened expectations for improved healthcare quality, characterised by a preference for simplicity and convenience. We have acknowledged these demands, particularly in optimising claim processing efficiency, refining health plan design, improving patient care management, and enhancing digital infrastructure for the instant exchange of patient information between providers and payors.
Most importantly, we deeply understand how these improvements can directly impact patients, strengthening their healthcare journeys.
By entering into two of the largest markets in Southeast Asia, we aim to address the unmet needs of millions of individuals while harnessing the ample data both markets offer to refine our models and processes. Additionally, we are working closely with commercial partners, leveraging our proven track record in current markets, utilising our core IP for swift platform localisation, and optimising our deployment process to accelerate the global scalability of our platforms. Moving forward, we plan to secure more long-term partnerships with customers in these markets and other parts of the world.
Can you share a fascinating insight about your users in Indonesia and the Philippines that you learned recently?
Indonesia and the Philippines share more demographic similarities than differences. Both countries exhibit underpenetrated private health insurance markets, signalling substantial opportunities for insurers to expand their footprint. Despite relatively new government universal health coverage schemes, a significant coverage gap remains, necessitating insurers’ focus on enhancing efficiency and managing medical claim costs.
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Moreover, both nations experience a shift in healthcare service accessibility and consumption, driven by the emergence of middle-income groups. These populations demonstrate an increased capacity and inclination to invest in high-quality healthcare services and insurance coverage.
Additionally, the widespread availability of mobile data and smartphones has catalysed a mobile-centric approach to healthcare access across all age groups in both regions.
What are your targets for these two markets?
We are currently engaged in ongoing discussions with numerous prospective clients to establish additional long-term partnerships for MiyaPayor in the Philippines and Indonesia. Moreover, within the next 12 months, we are gearing up to introduce MiyaProvider and MiyaPatient in the Philippines while simultaneously expanding the commercialisation of these products into future markets of interest, with a particular emphasis on Asia given the robust inbound demand we have experienced.
Dr Ramesh Rajentheran, CEO and Co-Founder of MiyaHealth. Image Credit: MiyaHealth
Recognising the substantial patient volume in both countries, we view the penetration of insurers and providers in these markets as a significant advancement toward serving one hundred million individuals worldwide. To support these initiatives, we plan to onboard more locally based team members in both countries and cultivate additional channel and deployment partners.
What other plans do you have this year?
In the first half of 2024, our primary objective is to secure funding for our Series A round. This funding will bolster our product offerings and technological capabilities, focusing on developing next-generation versions of our products and core technology.
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We also plan to utilise the funds to expand our operations and partnerships in existing and new markets. Furthermore, we aim to strengthen our leadership team to facilitate the scaling up of global health systems, ensuring that we are better equipped to meet the evolving needs of patients worldwide.
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Image Credit: xixinxing, 123RF Free Images
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