Bengaluru, June 09, 2022.
Digital Health platform MFine today announced the launch of MFine Wallet to cover out-of-pocket OPD expenses and simplify OPD reimbursements for corporate employees. Currently, MFine is used by over 500,000 corporate employees and their families for preventive health checks, specialist doctor consultations and advanced screenings. More than 500 corporates have partnered with MFine to offer a wide range of healthcare services and the MFine Wallet will now make it easier for their employees to avail cashless OPD benefit. Several organizations have already signed up with MFine Wallet as part of the corporate wellness programs for their employees.
Post Covid-19, many organizations have started rolling out corporate wellness programs that go beyond hospitalization benefits and in-patient expenses. Most of them now include telemedicine as part of their employee health programs and the focus has shifted to outpatient expenses such as regular medical check-ups, pharmacy benefits, etc. to help employees manage their health and productivity better. A constant worry for most organizations is employees not opting for medical treatment unless absolutely essential to avoid significant out-of-pocket expenses that are not covered under their medical insurance or corporate wellness initiatives. The current process to avail the OPD benefit, where it exists, is manual, cumbersome and time consuming with employees having to keep track and submit physical receipts of the expenses and then claim reimbursements. The tedious process involved makes many employees not use the benefit at all.
MFine’s Corporate Wallet addresses these challenges and makes it easier for the employee to manage their OPD expenses and reduce out-of-pocket healthcare expenses. The Wallet is pre-loaded by the corporates in line with the OPD cover and can be used on the go for any online or offline transactions. With MFine’s Wallet innovation, corporate employees are able to use their preloaded Wallet balance and pay at any healthcare establishment via the regular UPI QR code of the provider. MFine already partners with thousands of healthcare establishments such as diagnostic centers, pharmacy stores, clinics and hospitals across the country where this pay-by-wallet feature is accepted.
The friction-free process also allows the organization to have complete visibility on the process and makes it easier for them to add dependents, keep track and top-up the balance for each employee. It also gives them an insight into bucket-wise expenses to help them offer personalized OPD covers as required.
The launch of the MFine Wallet is a crucial step for MFine to further grow its corporate subscription business. MFine has seen a 4x growth in the number of corporates and users using MFine services over the last one year. MFine is taking a deeper bet on this segment and recently underwent a strategic restructuring to focus and aggressively scale the corporate channel. It will continue to focus on providing innovative on demand services and health tools for users to manage their health and access high quality services.
Corporate wellness including OPD expenses is a INR 23000 crore market, growing 25% CAGR. MFine wants to take a substantial share of this expansive market with its broad services and tools platform that they have built over the years.