Even Healthcare reports 92% revenue retention as it expands managed care model

Even Healthcare says it has achieved a 92% online revenue retention rate, highlighting member loyalty in India’s emerging managed care sector.

Founded by Mayank Banerjee, Matilde Giglio, and Alessandro Ialongo, the Bengaluru-based managed care provider combines preventive healthcare, diagnostics, cashless outpatient services, and insurance-like coverage under a subscription model.

“Our mission has always been to build a healthcare system where people feel cared for, not just treated,” said Mayank Banerjee, Co-founder of Even Healthcare. “The fact that so many of our members choose to stay with us year after year is humbling.”

The company, founded in 2020, has also reported a lifetime customer satisfaction score of 88%. About 70% of members interacted with its services at least once every three months, and 90 per cent engaged at least once over the course of a year.

Even says its members recorded a 40 per cent reduction in readmissions and nearly 60 per cent fewer fever-related hospitalisations. The company also reports a 95 per cent satisfaction score among doctors, supported by tools such as automated prescriptions and integrated electronic medical records that reduce administrative work.

Members pay a subscription for unlimited tele-consultations, diagnostic tests, preventive care, lifestyle support such as nutrition and therapy, and hospital access, while doctors are salaried and evaluated on outcomes.

For hospitalisation, Even partners with insurers to provide cashless cover, while it directly manages outpatient services and preventive programmes.

Even opened its first hospital in Bengaluru earlier this year, and plans to expand services to cover chronic conditions such as diabetes and hypertension. It is also piloting an AI-powered voice-based service for follow-ups and automated outpatient claims with fraud detection.

The company has raised more than $50 million from global investors, including Khosla Ventures, Founders Fund, and 8VC. In 2024, it closed a $30-million Series A round and reported a revenue of about $9 million, with a run rate of $28 million. 

Even's value proposition lies in its focus on preventive and outpatient care, areas often neglected in traditional health insurance. Members benefit from unlimited consultations and diagnostics, which can help detect and manage health issues earlier and potentially reduce hospital costs.

The integration of in-house doctors, diagnostics, and partner hospitals allows Even to manage quality and costs more effectively than purely insurance-led models, says the company.