As part of our relentless pursuit to identify and share some of the compelling stories from the startup ecosystem, this week we invited seasoned entrepreneur Dr Brahmesh Jain for an exclusive interview with us. He is the Co-Founder & CEO At Medverve Fintech. He is also an angel investor, thought leader, active panelist, keynote speaker on numerous forums, events, industry meets and active contributor to the startup ecosystem. Let’s read more in detail about his startup, journey and his advice for our community!
Excerpts from our exclusive interview with Dr Brahmesh Jain:
Tell us a little bit about your startup and its journey, please;
Hi, I’m Dr Brahmesh D Jain, I’m Co-Founder & CEO at Medverve Fintech. We are 50 + member strong team trying to solve Healthcare accessibility/affordability problem through fintech services and financing models for hospitals. My co-founder Dr Raghuram BVS and I started Medverve a couple of years ago and today we serve large and small hospitals across the country.
Our Journey:
1 – 3,000+ crores total value of claims managed across leading hospital chains and standalone hospitals
2 – Currently managing 700+ crores of credit business annually across India
“I believe our existence should make a meaningful difference to the society we live in”. Entrepreneurship was a choice to achieve the objective. In fact, prior to launching Medverve, I founded and successfully exited Healthsprint – India’s first and largest health insurance exchange serving 100 million lives across 2,000+ hospitals.
As someone who believes that healthcare is a necessity, just as food and shelter for a nation with 1.2 billion population, healthcare needs to be accessible and affordable – and the way to make an impact is to think big, entrepreneurship is the way to go. It gives us a purpose to strive for milestones.
What gets you out of bed in the morning i.e. what’s your source of motivation?
Every day, we read or hear about people not being able to afford healthcare. Even those with means have to sometimes sell the property or take loans to simply pay medical bills.
In fact, 0.5 % of our population goes below the poverty line every year due to healthcare expenses. The only long term solution is moving towards Universal Healthcare Programmes. But hospitals are simply not signing up for these programmes. We will be able to improve health outcomes only if payors and providers are on the same platform and doctors do what they do best i.e. treat patients.
It is this challenge of serving 1.2 billion people with quality healthcare that is my biggest motivation so far.
What challenges/obstacles did you face in your journey so far?
Today, hospitals are feeling the crunch with more of their business shifting from ‘payout of pocket’ to ‘insurance’ payments. And, with over 15+ years in the industry, we strongly felt the need for financial services and healthcare value chain financing for hospitals to enable them to brace through the changing tides and keep growing. Convincing hospital managements wasn’t so much a challenge as bringing change across processes. To this day, we have been able to mitigate this via the deployment of cutting edge technology including AI-driven platforms building transparent and efficient systems to manage the credit businesses at the Hospitals.
What comes first for you – money or emotions?
The emotional satisfaction that I get when I hear that someone could access healthcare due to the solutions that we offer brings the biggest joy.
I strongly believe that money is one of the many outcomes that would come along when we sincerely try to address the problems at hand keeping in mind the interests of all. And every time we make big decisions within the organisation, we always ask ourselves “What is the larger good?”
How do you handle the pressure and manage stress?
I’m a strong believer in mindfulness and meditation. My daily yoga sessions and sports do take the edge off. But I must say I’m blessed to have a team that helps me with wise counsel and who are forthright in their thoughts – they help keep me grounded as I make big decisions.
What is one strategy that you believe has helped you grow as a person?
I always believe that there is inherent good in people – partner with and work with those who have a similar mindset. People who want to change the world and are actually doing so are few and far between, but once you find that, make them part of your journey.
In your opinion what are the keys to success?
“Patience, Persistence and Perseverance.” In addition, there is no shortcut to hard work, building trust and communication – we believe that our values influence our beliefs and behaviours. So to start off, we must have strong values within the organisation that everyone believes in. I’m reminded of this quote that says “If you want to build a ship, don’t drum up the men to gather wood, divide the work, and give orders. Instead, teach them to yearn for the vast and endless sea.”
What advice would you give to someone starting out?
Find your calling and don’t give up until you reach your goals – plain and simple!
BrilliantRead is committed to bringing stories from the startup ecosystem, Stories that reshape our perspective, add value to our community and be a constant source of motivation not just for our community but also for the whole ecosystem of entrepreneurs and aspiring individuals.
Note: If you have a similar story to share with our audience and would like to be featured on our online magazine, then please write to us at [email protected], we will review your story and extend an invitation to feature if it is worth publishing.
