Hyderabad based startup,
MedRecordz is an integrated electronic platform of mobile, web and client applications connecting healthcare providers such as diagnostic centres, physicians, dentists, eye clinics, hospitals and pharmacies with their consumers.
The Company's products are MedRecordz for consumers to manage their medical records, LabRecordz, an application for diagnostic centres to deliver lab reports through the MedRecordz mobile application and DrRecordz, a practice management solution for doctors.
LabRecordz is currently being used by over 85 diagnostic centers in Hyderabad. In less than 18 months, the company has created and delivered over 1,25,000 identifiable health profiles and is currently storing nearly 1 million reports. DrRecordz, which is already being used by over 100 doctors in Hyderabad since its launch last month, enables doctors to manage their patient appointments, registrations and prescriptions among others.
MedRecordz key differentiating factors are: 1) the interconnectivity between its solutions that automates consumer pain points and
2) a single point of storage for all medical records.
The interconnected solutions enable consumers to make informed and timely healthcare decisions in an easy and convenient manner. These decisions, in turn, add sustainable value to the healthcare providers in the form of increased business.
Lab reports are automatically uploaded to the consumer’s profile without any need for manual intervention. Nearly all other medical record management solutions require patients to upload their past lab reports manually to their account; for example, by taking a picture of the report.
Funding Status The two year old startup has invested INR 1.50 crores in the venture so far. INR 1 crore from the founders and INR 50 lakhs by an external investor.
Monetization The MedRecordz mobile app is free for the consumers. Revenues will come from healthcare providers (users of DrRecordz, LabRecordz and OptiRecordz), who will derive significant business value from the informed and timely healthcare decisions made by the consumers.
Market Size There are about 45,000 diagnostic centres, over 500,000 doctors and 800,000 pharmacies in India. Indians undergo 1 million diagnostic tests each day (about Rs. 180,000 crores per year) and the pharmaceutical market is over Rs. 135,000 crores per year.
Future PlansMedRecordz has robust growth plans in the next few months with focus on Product Development (new products and adding new features to existing products) and establishing sales channels in Bangalore and Chennai. With investors showing great interest and increasing consumer base the company plans to enter the top 10 metros by early 2017.
Promoters MedRecordz is promoted by Venkat Suravarapu and Sastry Chemudupaty both alumni of IIT and have more than 40 years of industrial and entrepreneurial experience. Importantly, the promoters have Technological and Marketing capabilities amongst them.
