Bajaj Finserv Health, a subsidiary of Bajaj Finserv, has announced an investment of INR 1,000 crore to upgrade its health products and services. This comes after the recent acquisition of Vidal Health, a third-party administrator, by the company in April 2024. This investment will further bolster its efforts to revolutionize health access in India. The planned investment will be focused on advancing technology, developing innovative services, and expansion of existing offerings and launching the ‘Health Saathi’ concierge service.
Devang Mody, MD and CEO at Bajaj Finserv Health, said, “The persistent challenge continues to be in the smooth provision of healthcare for an insured. Amongst these, are mostly paper-based systems, and poor awareness of TPA rights, which often get them not making an informed choice.”. To address such issues, the company has launched ‘Health Saathi,’ a concierge service to navigate policyholders through the healthcare maze. It will help users choose the right hospital, handle documentation, and guide them through the treatment process. It is an essential service for people who are unaware of healthcare procedures or new to a city.
Alongside the concierge service, Bajaj Finserv Health is rolling out value-based care products. A standout example is its maternity care plan, designed to provide comprehensive support beyond mere financial reimbursement. These new programs reflect an even broader company vision concerning improving trust and service through the incorporation of more advanced fraud detection and other AI-oriented systems into its daily operations.
Bajaj Finserv Health has a network of over 100,000 doctors and 16,000 hospitals, handling 150,000 OPD transactions every month and thus is a strong contender in the healthcare sector. The company is working on the vision of the National Digital Health Mission to achieve a cashless and accessible health ecosystem for all citizens.
The acquisition of Vidal Health highly strengthens the company’s ability in healthcare administration.
By integrating digital platforms, Bajaj Finserv Health is creating a more interconnected ecosystem that seamlessly connects stakeholders across OPD, wellness, and inpatient department (IPD) care.
Looking ahead, Mody envisions an open architecture in healthcare, enabling customers to make informed choices regarding their TPAs, fostering a more patient-centric approach. With this substantial investment and expanded service offerings, Bajaj Finserv Health is poised to play a pivotal role in reshaping healthcare delivery in India.
