“With this latest quantum of investment raised, HealthMetrics will be working to expand its services to other healthcare verticals to provide a more comprehensive employee medical benefits platform for corporates,” said Max Thum, lead business strategist at HealthMetrics.
The startup helps corporates manage employee healthcare plans efficiently while saving them hours of administrative work. It also helps streamline the payment process for healthcare providers.
Led by CEO Alvin Yuan, HealthMetrics was awarded a grant of RM 500,000 by Cradle Seed Ventures from CIP 500, a technology commercialisation fund, in 2016.
The startup was subsequently selected for the Google Developers Launchpad Batch 4, the first from Malaysia to do so, and received a further $50,000 in equity-free funding in 2017.
About 85 per cent of businesses in Malaysia, including large companies, manage their employee healthcare plans on their own.
“Should a provider help to automate the healthcare process whilst providing actionable metrics to their organization, businesses are willing to invest to improve their workflow. HealthMetrics sits in this unique position in which it provides a solution to businesses to automate their employee healthcare whilst getting actual feedback on whether the benefit plan addresses the needs of their employees,” said Thum.
To date, it claims to have disbursed over RM 6.5 million across its partner network of over 1,500 healthcare providers.
However, Thum said most clinics usually lack the manpower to handle businesses from multiple corporates, resulting in them not being able to process an invoice on time for corporates which affects their cash flow.
“With HealthMetrics, the portal acts as a personal assistant to independent clinics to verify patients and invoice corporates at the exact moment each time. For these clinics, we provide a means for them to offer their professional services without incurring larger headcounts,” said Thum.