HealthHiway - receives investment of US$ 4 million from Greylock Partners
HealthHiway - a National health data network to revolutionize India healthcare landscape
Bangalore, 3 Sep, 2009. HealthHiway, announced investment of US $4 million by Greylock Partners, a premier global venture capital firm from Silicon Valley. HealthHiway is an industry initiative towards building a National Health Data Network.
HealthHiway provides service infrastructure for Healthcare Providers, Physicians, Practitioners and Clinics to facilitate better collaboration within the healthcare ecosystem and collate patient data on a unified platform as a step towards building the Health Data Network. HealthHiway provides a diverse set of software solutions for the healthcare segment on an Easy to Deploy, Easy to Use and Easy to pay system. HealthHiway's dynamic solutions built on Software- as -a- Service (SaaS) Model offers healthcare global best in class software solutions on a hosted platform that saves on all the attached costs of developing solutions by an individual provider.
Speaking on the occasion, Mr Ashvani Srivastava, CEO of HealthHiway said, "Our solutions are based on Industry Best Practices and hence offer tremendous value to Healthcare Providers, Clinics, Pharmacies and Health Insurance providers. HealthHiwya's suite of software solutions brings in both cost containment and enhanced patient satisfaction. The SaaS model allows the adoption of IT solutions that were previously not accessible due to complexity and high cost. Instant and secured access to patient data anywhere, anytime enables enhanced quality of patient care and increased patient satisfaction".
Healthcare, a US$ 35 billion industry in India, is expected to reach over US$ 75 billion by 2012 and US$ 150 billion by 2017. Indian healthcare delivery has become corporatized with the emergence of healthcare conglomerates. India needs an immediate investment of US$ 82 billion to make up for the back-log. An additional US$ 465 billion is needed to catch up with demographic shifts as well as improvement in healthcare indicators in the next 10 years (i.e. by 2018). Indian healthcare industry stand at the threshold of an exciting opportunity to design and engineer sustainable healthcare delivery systems, develop numerous commercially viable & customizable delivery formats for the growing, demanding and health conscious Indian populace. Greylock, a premier global venture capital firm based in Silicon Valley, is enthusiastic about partnering on this important Indian healthcare industry initiative. Announcing the venture investment in HealthHiwayT, Mr Arvin Babu, a Partner at Greylock said, "There is tremendous potential in the Indian healthcare industry and Greylock is excited to play an active role in helping the country develop systems that will improve healthcare services to support the people of India." Leading industry players including Apollo Hospitals have also invested in the venture.
As an industry initiative, HealthHiway is working closely with leading players from the healthcare industry to develop standard based solutions that will ensure and enable continued growth of the industry. An Industry advisory board has been formed to provide guiding strategy ensuring that the solutions are in line with Global standards and best practices. The Board comprises of key industry leaders across the Healthcare Industry, Insurance and Technology companies.
Ms Sangita Reddy, Executive Director of Apollo Hospitals Group said "HealthHiwayTM is an example of the way healthcare is changing in India. The solutions offered by HealthHiway are representative of the reforms that the sector needs to drive efficiencies in care delivery at reduced cost. Since the solutions integrate the healthcare ecosystem, the undertaking will play an important role in long term goals like Clinical Research, Public health policies etc. We are excited to embark on this unique nationwide initiative".
HealthHiway offers solutions for Hospitals, Insurance and TPAs, Clinicians and Physician & Practitioners segment. The range of solutions includes ClaimsConnectTM (Electronic Claims Management), ClinicConnectTM (Practice management & patient Administration Solution) ImageConnectTM (Teleradiology and PACS solution). More products like HIS, Learning Management etc are in the pipeline. HealthHiway currently has a network of over 250 hospitals and will also connect over 1000 clinics and Physician practices over the next few months.