Photo: Mark Ratnarajah of FindMeHealth
FindMeHealth is the first healthcare-related business to raise on the Eureeca platform. Healthcare is one of the most popular sectors among professional investors in markets such as the US and Europe so we’re particularly excited to offer the UK-based FindMeHealth to our investor network. We had a chat with founder and CEO Mark Ratnarajah to help shed light on FindMeHealth and how they are attempting to disrupt the UK healthcare sector.
Eureeca: Where is the UK healthcare industry headed?
Mark Ratnarajah: Individuals are becoming better informed as their expectations of healthcare and of better outcomes increase for themselves and their loved ones. Patients are becoming more like consumers of healthcare. They accept that they are largely responsible for their own health and are becoming more demanding of their health service providers. These trends will lead to greater demand for data on the quality of service provision and consumer choice of who the best providers of healthcare are.
E: For our non-UK members, how does the National Health Service (NHS) play into all of this? Don’t they provide universal healthcare to all British citizens? How does FindMeHealth fit in?
MR: The NHS faces increasing costs and demands against a backdrop of reduced health spending in real terms and the need to save over £22Bn over the next 5 years. The result of these changes is the rationing of NHS service provision, which is forcing patients to either wait until their condition worsens or fund treatment themselves privately. FIndMeHealth.com empowers health consumers to make informed decisions as to which doctor and hospital they should see or visit privately.
E: What is the market pain that FindMeHealth addresses?
MR: Health consumers want to know what is the best outcome they can expect and who are the best providers.
E: What is your main valuation proposition?
MR: FindMeHealth takes health information to the next level and empowers users to choose the best doctor and hospital; based on comparisons that go much deeper than just location and price. We use independently sourced healthcare data as well as our own proprietary data for each doctor to generate unique scores, thereby assisting patients with choosing the best healthcare provider.
E: Do you have any competitors? If so, who are they and what is your competitive advantage?
MR: Our main competitors are online health directories, which provide static lists of doctors and hospitals presented by location and price. Competitors include: Health Grades, Zocdoc, Zesty, Doctoralia and Dr Foster.
FindMeHealth differs from all other competitors both UK and Internationally by providing:
- Double quality ratings on clinical expertise and patient feedback, not just static data on location and price
- No upfront cost to clinicians to join
- Access to hassle-free online GP consultations
- Online booking and payment of consultant appointments
- Provision of valuable data analytics to government agencies and vendors
E: What is your long-term vision for FindMeHealth?
MR: To connect people wanting the best healthcare to the best providers by enabling patients to make data driven choices
E: What’s your exit strategy?
MR: The planned exit is through a sale to a online comparison website, health insurer or international new entrant into the UK market within 3-5 years.
E: Why did you decide to raise part of your round through equity crowdfunding?
MR: We wanted to allow as wide an audience as possible to participate in this opportunity and share in the future success of the business.
E: The UK equity crowdfunding industry has a lot of players. Why did you opt to raise with Eureeca?
MR: We evaluated a number of crowdfunding platforms when deciding which to go with. The Eureeca team were by far the most engaged in the process and asked all the right questions of us. Furthermore, Eureeca has cultivated strong investor networks in the Middle and Far East, which strategically are geographies of interest to FindMeHealth in terms of potential health tourism and concierge services via our platform.
E: Why should investors invest in your proposal?
MR: With over 10,000 visitors to the site last year and over 4,000 doctors listed we have proven that FindMeHealth.com works and is addressing the unmet need of our customers. We have a strong roadmap to deliver our vision and with your help we will be able to accelerate the growth trajectory of the business.
+++Remember, investments of this nature carry risks as well as rewards.