What does Loop Health do and how is it different from what was already being done in the healthcare field? What problem does it solve?
Loop’s mission is to improve the lives of 10 million Indians through better health, by 2030. We are focused on improving health, which not only involves caring for the sick, but also to work with them to prevent disease. This is where we are different, because the current healthcare system is designed to only treat the sick, and even that is not working properly.
In our current phase of growth, we are focusing on improving the health of corporate employees and their families, as India employs more than 0.5 billion people and by serving this segment and their families, we can cover a large part of the Indian population. Other companies solve one-off problems in insurance, healthcare, or wellness with technology services. We are building a health system from the ground up.
Loop raised funding in 2020, in the midst of the worst pandemic humanity has ever seen. How has the post-investment journey been, how has the company evolved?
Loop is backed by renowned global investors like Vinod Khosla, Optum and General Catalyst, who believe in the vision of solving the preventive and curative aspects of healthcare. We were able to raise our Series B during the pandemic and also during one of the most challenging funding crises in recent times, which is a testament to Loop’s impact on the ground and the urgency with which we need to resolve the health care problem. -face. The pandemic has actually seen Loop’s operating model adopted by hundreds of businesses across India: we have used technology to provide 24/7 access to our in-house team of doctors and advisors medical professionals, who in turn managed tests, treatments and health outcomes. On the insurance front, we ensured that claims were handled transparently and we also helped Loop members (our clients’ employees) with the hospitalization and discharge processes so that they could focus on treating their family.
What services has Loop launched that have impacted the health and well-being of the employees of the clients it works with?
In healthcare, we have the Loop app which allows our members to access a medical advisor or doctor 24/7. They can plan and interact online through the app. We have seen over 300% year-over-year growth for these services and they cover a variety of medical categories like family and internal medicine, obstetrics and gynecology, pediatrics, skin care, etc. . We host hundreds of wellness sessions for Loop members each year, educating on the multiple dimensions of wellness: physical, mental, spiritual, professional, financial, etc. In 2022, more than 16,000 Loop members have attended these sessions.
On the insurance side, we offer top-ups to Loop members so that they can supplement the health coverage provided by their company (also through Loop). This becomes essential as families grow (40 percent of Loop members are in their 20s) and there is an increasing need to avoid out-of-pocket costs for medical care (India has l one of the highest OOPE ratios, at 50 percent and above). We are also working on curated programs for the management of lifestyle diseases, such as diabetes, hypertension and cardiac care, which we will share more about in 2023.
How has the industry performed in the area you are focusing on over the past 12 months? What concrete developments can define the year 2022 in terms of employee health prevention?
2022 was the year when Indian businesses finally looked beyond health insurance and moved towards healthcare solutions. The preventive healthcare market is experiencing strong appeal. The pandemic has been a driving force behind this, along with Loop’s efforts to educate HR leaders and founders across India on the value of investing in employee health. 2022 was the year when businesses invested in educating their employees on how to stay healthy and achieve holistic well-being in all dimensions.
Mental health has now become a topic of discussion in boardrooms and industry leaders are increasingly aware of the need to look after the mental health of employees. We have helped several clients create EAP programs around mental health and work with HR leaders to define policies to help employees manage mental health.
They were also willing to provide preventive health services to their employees for proactive medical consultations, discussions with medical advisors, discounted laboratory tests (offered by Loop), annual health check-ups, health camps on site, fun health-building activities (such as stepathons) and many more. .
What trends do we predict for 2023 in employee wellness and preventive health?
2023 is the year companies will build in 2022 to focus on 3 areas
Improve health outcomes: fewer sick employees, fewer cases of lifestyle-related illnesses, holistic well-being across multiple dimensions. Health will become an outcome, not just caring for the sick.
Prevent, reverse and manage diseases – many efforts will be made to prevent diseases and, in some cases, reverse them (such as hypertension or type 2 diabetes) or the underlying causes of disease (obesity, lack sleep, stress, poor diet, lack of exercise, etc.). There will be need for organized programs for the same, in which employees will need hand-holding and guidance in prevention and management.
Trusted, empathetic medical advice – it’s a rare experience and our goal is to make it ubiquitous. Care with the patient at the center, seeking only to solve their problem or to prevent or cure an illness, care that resembles that which a family doctor would provide – with kindness, clarity and familiarity, care that uses the best of technology and data, but does not lose the human touch
What do you expect from policymakers who will help you grow your business and your sector?
Today, no one in the healthcare system has any incentive to keep people healthy. Policymakers should focus on creating a charter for all parts of the healthcare ecosystem – doctors, clinics, hospitals, diagnostic services, insurance companies, brokers and medtech companies – to focus as much on preventive care as on caring for the sick.
