[Tech30] With 20 million patient records in almost 100 countries, MphRx generates $4-6 million revenue annually
“MphRx was conceptualised to break barriers in healthcare and save lives,” says Mahesh Uberoi, Founder and CEO of MphRx, a serial entrepreneur with over 25 years of experience in business management, international marketing and product marketing.
In 2008, a child suffering from cancer was referred to Sloan Kettering Memorial from Florida. The child’s records had to be Fedexed to the hospital, which took a couple of days. Unfortunately, the child lost his life due to this delay. The oncologist later remarked that if he’d had access to the child’s records earlier, he could have helped with an experimental treatment plan that he was working on.
This incident deeply affected Mahesh. He then conceptualised MphRx in 2011 with Chetan Uberoy and Varun Anand to help ensure that healthcare information was easily accessible and interoperable. The core objective was to build this technology in a patient-centric manner.
Addressing the challenges
Headquartered in New York, with R&D, support and implementation teams based out of New Delhi, MphRx was founded with the aim of aggregating healthcare data from disparate sources and improve patient engagement and care collaboration.
It enables patient information to be sent from any desktop or mobile device to the hospitals, where it can be automatically assimilated into any health data repository.
MphRx also helps to archive data with the additional ability to pre-fetch and post-fetch data at high speeds. A browser-based viewer facilitates viewing of both DICOM (Digital Imaging and Communications in Medicine) and non-DICOM images (through a DICOM conversion technology). To expedite the turnaround time for users, the logins are role-based with an intuitive user interface.
MphRx strives to address the challenges in accessing healthcare data and services by improving patient engagement, interoperability and care orchestration using web and mobile applications.
Moreover, they have built a healthcare technology platform that leverages a new healthcare standard called FHIR (Fast Healthcare Interoperability Resources). Patients and clinical providers can access a single unified view of their entire healthcare history using this platform.
The platform also supports third parties in building their own applications (to extend capabilities and also make standalone apps) along with the existing web and mobile applications.
Mahesh claims that their flagship product, Minerva, enables the interoperability of patient records held in multiple disparate systems.
MphRx raised an undisclosed seed round before the first customer came in. According to Mahesh, the company has grown completely on revenues from paid customers in the US and India, which include some of the largest health systems like NYU, Northwell Health, Baylor College of Medicine, Hackensack UMC, Max Healthcare, Medanta, Dr. Lal and more.
MphRx raised its first institutional round from its strategic partner Agfa Healthcare in January, 2016 – after over five years of building the business through rapid growth.
We faced multiple challenges around the fact that penetrating into the Healthcare technology market is slow and extremely difficult. However, we focused on how healthcare delivery can be augmented using Cloud and Big Data technologies.”
Today, MphRx caters to users across the US, the UK, Europe, Middle East and Asia, with plans to expand to South America, Africa, Australia and New Zealand with their products installations by the first quarter of 2017.
Revenue target and expansion plans
According to Mahesh, MphRx maintains around 20 million patient records in almost 100 countries. It expects to grow to over 100 million by the end of 2017. The Gurgaon-based startup has a team of 100-150 employees. MphRx’s products and solutions are implemented in more than 26 locations worldwide. The startup MphRx generates $4-6 million revenue annually.
On being asked what it means to be a part of Tech 30, Mahesh says, “It is a matter of pride and honor.”
MphRx has an SAAS license-based revenue model.
According to IBEF, the healthcare market in India was worth close to $100 billion as of 2015 and is expected to touch $280 billion by 2020, clocking a CAGR of 22.9 percent. Of the overall market, the healthcare delivery sub-segment accounts for 65 percent.
Tencent-backed Practo, Accel Partners-backed Portea Medical, Ratan Tata-backed Lybrate, Medwell Ventures and MedGenome are some of the bigger names in the digital healthcare space. Medwell raised $10 million from Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, whereas MedGenome raised $20 million from Sequoia Capital.
A healthcare solution from India for the world, MphRx has a very experienced team which is research intensive and has a product worked out. With big names such as Dr Lal Path Labs and Max Healthcare among their customers, the company is in a position to expand and gain more ground.