Medsi's Innovative Approach: Bridging Healthcare Gaps in Mexico through Financial Inclusion
In a significant move towards addressing the healthcare challenges faced by the Mexican population, Medsi, a pioneering “fintech meets healthtech” marketplace, has successfully raised USD $10 million in a debt-financing round led by CAPEM Mexico. The funds are earmarked to expedite the onboarding process of the first 30,000 Mexican customers eagerly awaiting access to Medsi’s revolutionary “Health Assurance” super app.
Addressing a Critical Need in Mexico’s Healthcare Landscape
Mexico grapples with a stark disparity in access to affordable healthcare, with a vast majority lacking health insurance or the means to cover medical expenses. The recent impact of the COVID-19 pandemic underscored the vulnerabilities in the Mexican healthcare system. Medsi strategically selected Mexico as its launch market, recognizing the urgent need to provide accessible healthcare solutions.
Fintech Meets Healthtech: Medsi’s Unique Value Proposition
Founded in January 2022, Medsi introduces a novel approach by merging fintech and healthtech, offering a marketplace that enhances accessibility to healthcare services, information, and transparent pricing. Medsi’s recent USD $10 million debt-financing injection from CAPEM Mexico positions it to address the pressing issues of financial inclusion and healthcare affordability.
Revolutionizing Healthcare Financing
Medsi’s flagship offering, a revolving line of credit for essential or elective health services, has gained traction since its launch in September 2022. The seamless three-minute application process empowers users to schedule disbursements conveniently. Via the Medsi Credit app, users can pay private doctors or clinics directly, streamlining the payment process with a user-friendly QR code interface.
Expanding its portfolio, Medsi unveiled a “savings-to-credit” solution in January 2023. This innovative model allows users to contribute towards a medical procedure, subsequently unlocking a Medsi line of credit valued at 10 times their initial down payment. Geared towards the 55 percent of Mexicans in the informal sector or those new to credit, this offering exemplifies Medsi’s commitment to incremental financial inclusion.
Tapping into Untapped Potential: The Mexican Healthcare Market
Mexico boasts the second-highest out-of-pocket healthcare spend globally, with a staggering 45 percent directly covered by patients. Only 49 percent of the Mexican population currently has access to some form of healthcare coverage, and a mere five percent have private insurance. The lack of financial inclusion compounds the problem, as only 11 percent of Mexicans have access to credit cards for medical emergencies or elective care.
Medsi’s intervention becomes crucial, especially given the prevalence of the informal sector, estimated at over 60 percent. Financial inclusion in Mexico lags at 36.9 percent, more than 20 basis points below comparable countries with similar GDP per capita.
Beyond Finance: Medsi’s Holistic Healthcare Approach
Medsi’s impact goes beyond financial solutions. The platform facilitates access to “skip-the-line” procedures overlooked by public healthcare and elective procedures generally not covered by insurance. Medical specialties covered include maternity & OBGYN, orthopedics, ophthalmology, dentistry, dermatology, and aesthetic or cosmetic procedures.
Recognizing the challenges in navigating a fragmented private healthcare landscape, Medsi offers a 24/7 Medical Concierge™ service. This service supports patients through their healthcare journey, offering expert advice and guidance to ensure quality care, ultimately bridging the information gap and improving transparency.
Leadership Insight and Future Vision
Manuel Villalvazo, Medsi CEO and Co-Founder, expressed optimism about the massive untapped demand in Mexico, surpassing expectations within just five months of commercial operation. With the savings-to-credit finance solution, a broader spectrum of customers gains access to treatments and procedures, fostering a unique form of “health-assurance” that puts control in the hands of the users.
Pablo Munoz de Cote, Medsi Executive Chairman and Co-Founder, outlined the broader vision of establishing Medsi as the first super app, a healthcare marketplace, and community hub. This ambitious goal aims to enhance connectivity between patients and doctors, automate processes, and eliminate inefficiencies by seamlessly blending technology with a personalized touch.
In conclusion, Medsi’s innovative approach to healthcare financing and accessibility stands as a beacon of hope for Mexico, addressing critical gaps in the healthcare system. As the company continues to evolve towards becoming a comprehensive healthcare super app, it is poised to significantly impact the lives of thousands, providing a model that could inspire similar initiatives globally.