Top 10 FinTech startups in the Health Industry
We all know the growing health care industry is one of the most promising industries to invest in. According to statistics, $3.23 trillion in healthcare in 2016 is projected to grow by 5% every year till 2020. The growing population combined with increasing life expectancy drives this industry’s growth. So if you are a start-up looking for a fintech niche, healthcare should be your first choice.
How is the FinTech Health Industry thriving?
Health technology or health data analytics has been around for a long time, but the idea of applying this tech to create value has never gained momentum until now. The growing public interest in personal health tracking and the increasing technological capabilities are pushing the growth of this industry. These factors have created a fertile ecosystem for startups to thrive on and gain wide acceptance from users.
This is clearly visible in the increase in the number of health tech startups. In 2014 there were only 100 health tech startups, but this number has increased to 700 in 2016 and is expected to hit 2000 by 2020. Health trackers are becoming more popular among consumers. There are already over 75 million users who have registered for such services. The major players in this market are Garmin, Fitbit, and Apple.
The increasing number of people looking to get fit using these trackers has led to various other startups offering specialized health services such as nutritional services, medical management systems, or customized workout guides. In 2015 alone, around $16 bln was invested towards creating new fitness apps and services.
Health tech has also shown promising growth in investments, particularly towards companies offering digital health solutions. The total funding raised by health startups was around $6 bln in 2015, which is a 67% increase from the previous year.
Industry problems
It is said 80% of healthcare costs are centered around chronic disease and aging populations. These factors will continue to drive up the cost of healthcare and, hence, increase companies’ expenditure on medical insurance plans. Given this scenario, if you have a fintech start-up with technological solutions in solving these problems… Then you are definitely on the road to success.
Top 10 fintech startups in the health industry (Health Tech)
In this post, we have listed some of the top 5 start-ups in the health industry, which we think can be a great investment opportunity for you. Let’s see which they are…
1: Insureon: This is an insurance technology company that offers software for healthcare companies. One of the biggest problems faced by these companies is filling out their paperwork. Insure on makes it easy for them to do so as they are a software solution provider which helps with this process. Their clients include Cigna, Uber Health, and others
2: Quantifind: Quantifind aims to be the world’s first asthma and allergy diagnostic company. It helps allergists test their patients for allergies so that they can provide them with proper treatments. Their machine learning platform makes it easy for allergists to analyze their patient’s data and get insights in real-time.
3: Accolade: This medical payments company helps hospitals and integrated delivery systems with their claims processing. They process over one million claims every month, making them the No.1 medical payments company in the nation.
4: Juno: This mobile health app allows you to find and book local doctors for your appointments on a single platform. Their solution turns doctor’s waiting rooms into cash machines. Doctors use their app to accept online payments from patients.
5: Onelink: This medical device company offers connected health devices and solutions based on cloud technology and machine learning. They offer products like vitals monitor, glucose monitoring system, patient portal software, etc. Also, they provide predictive analytics solutions for medical device manufacturers.
6: Enerlytics: This is a startup that helps healthcare companies with their energy management. Their software provides real-time insight into the use of power for these companies. This ensures higher efficiency and lower operational costs.
7:Doximity: Doximity is a social network created with doctors and other health workers in mind. The app was created to connect healthcare professionals to share information, look for jobs opportunities, etc.
8: MyClinicOnline: This is a mobile healthcare application where you can book appointments with your doctor. They have tied up with thousands of doctors and health care locations to provide this service. You can make an appointment through their website or their app, which allows you to find a doctor from your area at your preferred time.
9: Mylabbox: This is a startup to eradicate chronic diseases. They offer their users kits and services to test for medical conditions like diabetes, high cholesterol, asthma, etc. They have already engaged more than 1 million people across the globe.
10: HealthTap: This was among the first applications that offered online doctor consultations. They offer more than 4,000 medical experts online that users can connect with to get immediate healthcare guidance. More than 3 million unique users use their platform, and they have recorded 1 billion questions from their users.
However, there are many other start-ups that you can invest in if you want to go into the health industry fintech niche. These companies provide services like fee collection for medical payments and revenue cycle management software for hospitals etc. So these are your 10 best options from the lot.
Conclusion:
Health tech is one of the best business ideas for fintech start-ups as this industry is growing exponentially. Furthermore, it provides new opportunities in terms of data mining and analytics with the advancement of technology.
Also, healthcare is a sector that has witnessed a lot of fraud in recent times. Transparency is something that most incumbents lack, and we hope that solution providers like Insureon, Quantifind, and Accolade will bring some level of transparency to this industry.Have you been looking for more business opportunities? Well, PSP.Academy is the best place to find it! We have a team of experts who can help with marketing and advertising your company in order to get those new clients coming through the door – Register now to eminently propel and drive your prospect generation and conversion rates so they’ll be sky high before long!
