Affordplan

About Affordplan

Positioned at the intersection of finance and healthcare, Affordplan addresses the critical issue of medical expense affordability in India, a market where a significant portion of healthcare costs are paid out-of-pocket. Founded in 2016 and headquartered in Gurugram, the company operates on a B2B2C model, partnering with hospitals to offer financial solutions to patients. This approach aims to increase patient retention and revenue for hospitals while making medical treatments more accessible for individuals and families.

The company was founded by Tejbir Singh and Hemal Bhatt. A significant transition occurred in September 2023 when CEO Aditya Sharma, who joined in 2019, led a management buyout, resulting in the exit of the original founders and early investors. Sharma, with a background in private equity and an MBA from Lancaster University, brings extensive experience from the investment and healthcare sectors to his role. His journey with Affordplan began as an investor, progressing to COO and finally CEO, where he steered the company through a crucial pivot.

Affordplan's core offering is its flagship product, 'Swasth,' a healthcare savings platform. This program provides patients with a YES BANK-backed prepaid card and digital wallet that can be used for various medical services, including outpatient (OPD) and inpatient (IPD) treatments, lab tests, and pharmacy purchases. Through partnerships with hospitals, patients can receive benefits like cashback and discounts, potentially reducing their overall medical bills by 10-15%. The platform also facilitates goal-based savings for planned procedures, allowing patients to pay in installments ahead of treatment. For hospitals, the Swasth platform provides a SaaS dashboard for real-time updates, helping them manage patient journeys, gather feedback, and secure revenues through advance payments.

The company's revenue model is based on charging hospitals a fee for the technology platform, collection services, and patient lifecycle management it provides. It does not charge patients directly for the benefits. Affordplan has raised a total of approximately $13.6 million over three funding rounds, with a significant Series B round of $10 million in 2018. The firm has established partnerships with hundreds of hospitals across more than 20 cities in India.