An exclusive interview with Nupur Khandelwal, Co-Founder of CarePay, a full stack fintech startup in the healthcare industry
Welcome to this exclusive interview with Nupur Khandelwal, the Co-Founder of CarePay, a trailblazing full-stack fintech startup revolutionizing the healthcare industry. With a visionary approach and a passion for innovation, Nupur has played a pivotal role in shaping CarePay into a dynamic force for change.
Leveraging her expertise in finance and technology, she has led CarePay to the forefront of the intersection between healthcare and financial services.
Through this interview, we delve into Nupur’s journey, her insights into the challenges and opportunities within the healthcare fintech landscape, and the inspiring vision driving CarePay’s mission to transform healthcare accessibility and affordability.
Can you tell us about your background and what inspired you to start CarePay?
Nupur Khandelwal: The inception of CarePay was inspired by a pivotal moment after four years of dedicated work in the healthcare sector. During this time, our team successfully built India’s second-largest EMR (Electronic Medical Records) company, collaborating with thousands of doctors.
Throughout this journey, a recurring issue surfaced as nearly every specialist expressed that their patients faced; the availability of capital. Patients chose to delay their treatments or compromise with the quality to avoid having to pay a large amount in one go.
To delve deeper into this issue, we engaged with 2000 patients, aiming to gain a comprehensive understanding of the challenges they faced. This hands-on experience and direct communication with both healthcare professionals and patients provided critical insights. It became evident that there were significant challenges within the healthcare system that needed immediate attention.
Motivated by these insights, we founded CarePay to address the identified challenges. The goal was to create a solution that not only streamlined healthcare processes but also enhanced the overall experience for both healthcare professionals and patients.
CarePay’s inception was rooted in the commitment to improving access to healthcare by providing easier financing options to patients at the point of payment, thereby reducing immediate financial burden on the patient so they can get the care they need without having to worry about the fee.
How does CarePay differentiate itself in the crowded fintech and healthcare space?
Nupur Khandelwal: CarePay stands out in the crowded fintech and healthcare space by uniquely bridging the gap between these two industries. It addresses a crucial problem that many individuals face – the financial challenges hindering access to timely and necessary healthcare services.
Unlike traditional models, CarePay’s solution is designed to tackle the immediate financial barriers that often prevent patients from seeking medical care.
CarePay focuses on the upfront cost of healthcare services. This innovative approach eliminates the immediate financial burden on patients, allowing them to access quality healthcare without the worry of upfront expenses.
By seamlessly integrating fintech into the healthcare system, CarePay enhances affordability at Point of Care and ensures that financial constraints do not become obstacles preventing individuals from receiving the medical attention they need.
In essence, CarePay’s differentiation lies in its commitment to breaking down financial barriers to healthcare, fostering a system where individuals can prioritize their well-being without the immediate worry of financial constraints. This unique positioning sets CarePay apart in the competitive landscape, making it a transformative force at the intersection of fintech and healthcare.
As a full-stack fintech startup, how does CarePay leverage technology to improve healthcare financial solutions?
Nupur Khandelwal: Revolutionizing healthcare financial solutions is deeply rooted in our strategic leveraging of technology. To ensure a patient-centric approach, we have meticulously designed our technology integrations to provide a user-friendly experience and make the complete process real-time.
By developing our technology in-house, starting from the ground up, we have crafted a unique user flow that places simplicity and ease of use at the forefront for patients. This custom-built technology guarantees a seamless and intuitive experience when accessing our products.
Furthermore, our platform is strategically integrated with key components of the digital public infrastructure, such as Aadhar and NSDL (National Securities Depository Limited). These integrations play a pivotal role in enhancing the efficiency and security of our services, facilitating robust identity verification and promoting streamlined interactions within the broader digital ecosystem.
CarePay stands as a testament to the transformative power of technology in improving healthcare financial solutions, ensuring accessibility, and safeguarding the integrity of our users’ experiences.
How does CarePay collaborate with healthcare providers to integrate its financial solutions into their systems?
Nupur Khandelwal: CarePay’s success is deeply rooted in its strategic collaborations and partnerships with key players in the healthcare and related sectors, demonstrating a commitment to integrating financial solutions into existing healthcare systems.
A patient can scan the QR code provided to each healthcare provider and in three easy steps, they can avail easy or No Cost EMI options, saving them from immediate financial burden. As a result of this seamless user experience, over the last two quarters, CarePay has successfully onboarded over 400 merchants, a testament to the company’s efforts in strengthening its network and expanding its reach.
One notable collaboration involves a partnership with a prominent healthcare chain boasting over 100 centers, primarily focused on wellness services. This strategic tie-up emphasizes CarePay’s dedication to enhancing the overall well-being of individuals.
Additionally, CarePay has established crucial partnerships with a substantial healthcare chain consisting of over 250 centers dedicated to chronic disease management, addressing a critical aspect of healthcare and providing tailored financial solutions.
To further extend its impact across various healthcare domains, CarePay has partnered with a multinational hearing solutions provider with a presence in over 900 centers, showcasing a commitment to holistic healthcare solutions.
Notably, the company has also forged a partnership with a dental prosthetic solutions giant in India, spanning an extensive network of 1000+ centers. These collaborations underline CarePay’s commitment to diversifying its offerings, integrating financial solutions into various healthcare services, and expanding its impact across diverse healthcare domains.
CarePay’s approach involves close collaboration with healthcare providers, aligning financial solutions with specific healthcare needs, and fostering a comprehensive ecosystem for improved healthcare accessibility.
How does CarePay ensure a seamless and user-friendly experience for both healthcare providers and patients?
Nupur Khandelwal: CarePay ensures a seamless and user-friendly experience for both healthcare providers and patients through its holistic approach to healthcare financing. The innovative model not only caters to the needs of patients but also extends its benefits to healthcare providers. CarePay achieves this by offering flexible financing options to patients, enabling medical institutions to ensure that patients receive timely and necessary care.
All the patient has to do is scan the QR code provided by CarePay, follow three easy steps and we will take care of the rest. This, in turn, fosters trust and long-term relationships between healthcare providers and their patients.
By eliminating affordability as a barrier to care, hospitals and clinics partnering with CarePay find it easier to attract and retain patients.
Moreover, our integrated approach to healthcare financing plays a crucial role in alleviating the burden on public health systems. In a country like India, where many individuals rely on public healthcare services, the strain on these facilities can be overwhelming.
CarePay indirectly contributes to the decongestion of public healthcare facilities by enabling individuals to access private healthcare services through flexible financing options. This not only improves the overall efficiency of the healthcare system but also ensures better service for those who have no alternative but to rely on public facilities.
CarePay’s impact on the healthcare sector goes beyond financial aspects; it is transforming the way medical needs are financed and contributing to the nation’s health and wellness. By making quality healthcare services accessible to all, regardless of their financial background, CarePay ensures that individuals do not have to compromise on their health.
In a country where healthcare is a fundamental need, CarePay stands as a beacon of hope, illuminating a path towards a healthier and happier future for all.
In conclusion, our conversation with Nupur Khandelwal, Co-Founder of CarePay, has shed light on the transformative potential of fintech in the healthcare sector. Nupur’s dedication to leveraging technology to address systemic challenges reflects not only her entrepreneurial spirit but also her commitment to creating meaningful impact.
As CarePay continues to innovate and expand its reach, guided by Nupur’s visionary leadership, it stands poised to reshape the landscape of healthcare finance, making quality healthcare accessible to all. We extend our gratitude to Nupur for sharing her invaluable insights and wish her and CarePay continued success in their noble endeavor.
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