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About MEDI ASSIST HEALTHCARE SERVICES LTD
MEDI ASSIST HEALTHCARE SERVICES LTD Subsidiaries
1. Mandala Wellness Private Limited (“Mandala”)
Phasorz Technologies Private Limited (“Phasorz”)
3. Buddhimed Technologies Private Limited (“Buddhimed”)
MEDI ASSIST HEALTHCARE SERVICES LTD Revenue Segmentation
· Identifies factors and trends that drive losses.
· Analyze historical and current claims data to ensure that providers are charging for the proper treatments.
· Improve investment by using payer data-backed evidence to demonstrate and defend the success of a program or strategy
MEDI ASSIST HEALTHCARE SERVICES LTD Assets
· The following are some of the major investments and developments in the Indian insurance sector.
·Companies are trying to leverage strategic partnership to offer various services as follows:
·In February 2021, Edelweiss General Insurance signed a partnership with Okinawa Autotech Pvt Ltd. to leverage the extensive dealer network of Okinawa (350 dealerships as of Feb. 2021) across India to provide easy, end-to-end, digital-driven solutions to ensure superior customer experience.
·In February 2021, Star Health Insurance partnered with PhonePe to offer digital health insurance on PhonePe, through its Arogya Sanjeevani policy.
·In February 2021, Future Generali India Insurance launched ‘Health Super Saver’ insurance plan, with an 80% premium discount.
·In February 2021, Bharti AXA General Insurance launched its ‘Health AdvantEDGE’ health insurance scheme to provide holistic cover against accelerating costs associated with medical requirements and other healthcare facilities.
·The Government of India has taken number of initiatives to boost the insurance industry. Some of them are as follows:
·Union Budget 2021 increased FDI limit in insurance from 49% to 74%. India's Insurance Regulatory and Development Authority (IRDAI) has announced the issuance, through Digilocker, of digital insurance policies by insurance firms.
·Under the Union Budget 2021, Finance Minister Ms. Nirmala Sitharaman announced that the initial public offering (IPO) of LIC will be implemented in FY22, as part of the consolidation in the banking and insurance sector. Though no formal market valuation has been undertaken, LIC’s IPO has the potential to raise Rs. 1 lakh crore (US$ 13.62 billion).
·In February 2021, the Finance Ministry announced to infuse INR 3,000 Cr. (US$ 413.13 million) into state-owned general insurance companies to improve the overall financial health of companies.
·Under Union Budget 2021, fund of INR 16,000 Cr. (US$ 2.20 billion) has been allocated for crop insurance scheme
MEDI ASSIST HEALTHCARE SERVICES LTD Strengths
·Total income has been rising at 2-year CAGR of 17%
·The company has long-term relationships with large corporates and insurance companies.
·The technology deployed by the company has so far been able to achieve a success rate of 17% in the detection of fraudulent claims during the first nine months of FY21 which resulted in savings of close to ₹ 86 crore for insurers.
MEDI ASSIST HEALTHCARE SERVICES LTD Shortcomings
MEDI ASSIST HEALTHCARE SERVICES LTD Opportunities
●Rising income levels, greater health awareness, increased occurrence of lifestyle diseases and improved access to insurance are key drivers contributing to the growth of healthcare market in India. Compared to other developing nations, India’s per capita healthcare expenditure (USD 73 in 2018) is on the lower side, which is expected to gain momentum with increasing public and private health expenditure along with rising enrolment in healthcare insurance.
●Over the last four to five years, the out-of-pocket healthcare expenditure as a percentage of current healthcare expenditure has shown a decreasing trend and with increasing health insurance penetration, it is expected to reduce further over the next five years
MEDI ASSIST HEALTHCARE SERVICES LTD Threats
●Their business depends on their ability to effectively manage and expand their network of healthcare providers. Their inability to ensure significant volume of business for such providers may adversely impact their ability to maintain preferential pricing arrangements.
●Their dependence on few clients exposes them to risks associated with their client’s internal management, financial condition an creditworthiness, and major events affecting these clients.● The biggest risk that Medi Assist faces is competition. While the industry is crowded with 23 players, a small number own the bulk of the market. As of FY20, there were only four players which generated a revenue of more than ₹ 100 crores, while the remaining six generated revenues in the range of ₹ 45-88 crore. This opens up the possibility of mergers and/or acquisitions
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