BrightPay is transforming healthcare payments by offering both clinics and patients flexible "Buy Now, Pay Later" (BNPL) options. The platform integrates smoothly into clinic workflows, simplifying payment management for both healthcare providers and patients. In addition to providing payment flexibility, BrightPay is addressing critical gaps in pricing transparency and clinic discovery for elective procedures, enabling patients to make better-informed decisions about their healthcare.
Our Investment Thesis
1. Tackling Key Issues in Healthcare Payments
In India, 66% of healthcare expenses are paid out-of-pocket, and 72% of patients defer non-emergency treatments due to short-term liquidity challenges. This significantly restricts access to essential medical care, particularly for elective procedures like dental treatments and knee surgeries.
Healthcare providers face complexities with delayed payments, resulting in operational inefficiencies and cash flow management problems. Patients also struggle to find clear pricing and reliable information about clinics, further complicating their ability to make informed decisions regarding elective procedures.
2. A Large, Expanding Market for Elective Procedures
India’s healthcare market, particularly for non-emergency or elective surgeries, offers significant opportunities. India conducts around 30 million surgeries annually, with elective surgeries like hernia repairs, kidney stone removals, and joint replacements growing steadily. This segment represents a $19 billion market, fueled by rising awareness and increasing incomes.
However, only 30-35% of surgeries are insured, compared to 60-65% globally, leaving most patients to pay out of pocket. This financial burden is compounded by India's very high medical inflation rate, which stands at 14%—one of the highest in Asia. The combination of limited insurance coverage, soaring medical costs, along with limited pricing transparency, continues to deter many patients from opting for elective procedures.
3. Integrated Payment Solutions for Clinics
BrightPay offers no-cost EMIs (Care Now, Pay Later), making healthcare more affordable for millions of underserved patients. Their pay-over-time solution caters to middle-income consumers who typically struggle with medical expenses, whose health needs aren't covered by traditional insurance, and who might otherwise forgo care or settle for substandard options without the interest cost relief with No Cost EMIs. This point-of-care offering benefits both patients and providers.
Beyond BNPL options, BrightPay provides a fully integrated payments platform that fits seamlessly into clinic workflows. This helps clinics streamline their billing, collections, and financing, allowing healthcare providers to focus on patient care while improving revenue management. By integrating payment solutions directly into clinic systems, BrightPay ensures easy adoption without the need for complex overhauls of existing processes.
Additionally, BrightPay helps patients compare prices and discover clinics offering elective procedures like dental care, eye surgery, and joint replacements. This added functionality fills a critical information gap that often prevents patients from seeking care.
4. Positioning for Market Leadership
BrightPay’s unique combination of BNPL solutions, pricing transparency, and clinic discovery tools positions it as a leading player in this growing market. By breaking down financial barriers and providing much-needed transparency, BrightPay is poised to capture a significant share of the elective healthcare segment.
5. Social Impact and Financial Inclusion
BrightPay’s platform empowers middle and lower-income patients by offering no-cost EMI options and flexible payment terms, significantly reducing the financial burden of elective surgeries. This aligns with Callapina’s commitment to backing companies that drive both financial returns and social impact. By improving access to care, BrightPay is improving health outcomes for underserved populations.
6. Strong Leadership and Vision
Founders Sri and Akhila have demonstrated strong execution capabilities and a deep understanding of both the healthcare and fintech sectors. Within 18 months they have onboarded 1,800+ clinics in 20+ cities across India. Their commitment to solving key industry challenges and adapting the platform to market feedback strengthens our confidence in their ability to lead BrightPay to long-term success.
Our investment in BrightPay is driven by its innovative approach to healthcare payments, seamless integration into clinic workflows, and expansion into pricing transparency and clinic discovery for elective procedures. BrightPay not only makes healthcare more accessible to patients but also helps clinics improve their revenue management. With a strong product roadmap, growing market demand, and an experienced leadership team, BrightPay is well-positioned to transform healthcare payments in India and beyond.
Opmerkingen