“When you dont have any responsibilities on your shoulder – the risk appetite is infinite. While you are at it, it is extremely important to laser focus around one customer, one product, one market. Powerful companies are built on focused execution. You only diversify when you have exhausted some humanly achievable potential & there is no room to grow further or you can grow something else much faster to earn bigger. And while you are working on your dream, don’t lose the fight ever, persevere till you succeed or reach some conclusive end even if & before you jump onto your next!”– Pratik Chinchole, Co-Founder & CEO, PSTakeCare
PSTakeCare is a health-tech startup focusing on serving patients seeking hospital admission for any surgery or medical care. In such a short span of time, the company has tied up with more than 350 hospitals PAN India encompassing 40 cities and caters to more than 100 treatments & surgeries. Moreover, the health-tech startup has also made initial inroads into USD 5 billion Medical Tourism sector in India serving patients from across more than 30 countries who are looking for quality & affordable treatment in India. The company is committed to make their entire experience hassle-free & end up providing the top-notch hospitality India is known for.
|The team at PSTakeCare
In an exclusive email interaction with The Motiverge; Pratik Chinchole, Co-Founder & CEO, PSTakeCare tells more about the venture, challenges faced and future plans.
1. Please give us details about your academic career.
I have graduated from IIT Bombay with a B.Tech. degree in Material Sciences. I was part of the core team at IIT Bombay Racing & Student Alumni Relations Cell of the college. I have also pursued a minor course in statistics at London School of Economics during the same time.
2. Please give us details about your professional career.
Previously, I have worked with KPMG for about 2 years in management consulting. As part of financial services team was involved in 2 major projects in health insurance sector – one was assisting a large Indian conglomerate in their market entry strategy for health insurance product while the other one was assisting a private equity firm who was to acquire a health insurance TPA. Post this stint, ventured out on my own.
3. Why did you decide to venture into entrepreneurship? Any motivation or incident which changed your mind to become an entrepreneur?
I have been very clear about the goals I pursue in life very early on. Since my schooling days I have dreamt of starting out on my own, I just did not know what is it that I would go after. I used to nudge my friend (my business partner now) to dropout every now & then to work on any challenging opportunity I saw around, however we did not take the plunge.
Post college, my first job gave me the exposure to Indian healthcare sector providing me a 10000 feet view of the prevalent need-gaps along with the nuances & complexity it has. Just then my brother underwent an appendix surgery & we got to know about a good surgeon at a big hospital nearby using laproscopic technique to perform the surgery. We were almost finalizing to consult him when one of our relatives pointed that the same surgeon visits another smaller hospital & operates with same technique but would cost us much economical. Only difference being 5star room versus a 3star room. That was when I realized, if we were not aware of this data, we would have ended up burning a big hole in our pocket. Days after I soon got together with my friend & resolved to crack this information asymmetry in healthcare when we came up with www.pstakecare.com
4. Please give details about your entrepreneurial venture. When was it established?
Established in late 2015 with a bunch of engineers & doctors from prestigious institutions like IIT, ICT, BITS, TISS starting from a small garage on a street right across the IIT Powai campus, PSTakeCare is a health-tech startup focusing on serving patients seeking hospital admission for any surgery or medical care. We have tied up with more than 350 hospitals PAN India encompassing 40 cities & cater to more than 100 treatments & surgeries. We have also made initial inroads into USD 5 billion Medical Tourism sector in India serving patients from more than 30 countries who are looking for quality & affordable treatment in India. We make their entire experience hassle-free & end up providing the top-notch hospitality India is known for.
Patients visit our website with their requirements be it planned procedures like knee replacements, hip replacements to emergency ones like organ transplants, heart bypass surgeries etc. Our in-house doctors onboard understand patient’s expectation of hospitals or doctors around location, budget, insurance policy coverage etc & based on the same our patient care team shares a comprehensive list of hospital, doctor combination with side by side comparison of around 40+ parameters for the patient to make an informed choice all.
We also provide best loans for their medical treatment estimate. At the click of a button we help them book priority appointment with the specialist of their choice & provide an in-hospital concierge to help patient’s family with all the running around formalities. Post discharge, we facilitate patients with at-home rehabilitation from Portea Medical along with host of other value added services like diet, yoga etc for faster recovery.
5. What was the team size when you started your venture? What is the total number of employees at present?
We were about 10-odd people & 30-odd interns from IIT campus across street when we began. We have employed almost 100+ till date.
6. What was the idea behind establishing a company in this sector?
The main motivation when we started PSTakeCare was small – to solve the information asymmetry & bring in transparency to help patients discover right hospital & doctor in the most scientific manner with real value date points. It has evolved over the period as we matured & understood the market & its needs better – just as we work around the constraints the traditional healthcare carries as a legacy. The idea now is to build towards a new tomorrow where patients are at the centre of the entire healthcare ecosystem with all its participant stakeholders solving for patient benefit. We wish to create a brand which bridges the trust deficit existent today in the minds of patients & their families. All of this – with technology at its core since I firmly believe it is the only cure for this ailment.
7. How has been the journey so far?
It has been a rewarding & demanding one. We have sailed through some tough times, fortunately for us, they proved to be inflection points imparting some immense learnings, more fortunately so, we have so far managed to implement the learnings effectively to emerge much stronger & better.
8. What are the challenges faced in your journey as an entrepreneur?
As an entrepreneur, especially the ones working on new age businesses or products, you work with lot of unknowns. These unknowns are a tad many when you just begin – problem, product solution to the problem, addressable market, product-market fit, business model to scale & scale profitably, competition differentiation, market-share etc. As you are busy solving for these – the biggest challenge is to keep moving in the right direction – experimenting, failing a many times, learning sharply & bouncing back harder – all this while only if you sustain. You chose just 1 wrong direction & you may not survive. Not many go the distance as they fail to muster courage to see the right direction at the right time. Establishing conviction within the team is as important along the journey.
9. What are your future plans? How many people are you going to add more in next 2/3 years?
PSTakeCare would continue to focus on being Your Most Trusted Surgery partner. We would expand our treatment coverage along with expanding internationally to cater to patients looking for medical tourism becoming their Medical Value Travel Partner. While we grow our business, we plan to remain as lean as possible.
10. What keeps you going?
My passion & drive I have for the space I work in – is something that keeps me going in toughest of the times. I can survive series of sleepless nights just so that I solve for some problem at hand putting my best mind to it. Most importantly, I have been very fortunate to be surrounded with tremendous people – be it my parents, mentors or my team – who have given their all – towards our common cause. I would simply never stop for their contributions to stay alive.
11. What are your messages for budding entrepreneurs/startup enthusiasts?
I would strongly advise to start up as early as possible. Say 10 years of age. I wished I could have. I fail & I would go playing some game! When you dont have any responsibilities on your shoulder – the risk appetite is infinite. While you are at it, it is extremely important to laser focus around one customer, one product, one market. Powerful companies are built on focused execution. You only diversify when you have exhausted some humanly achievable potential & there is no room to grow further or you can grow something else much faster to earn bigger. And while you are working on your dream, don’t lose the fight ever, persevere till you succeed or reach some conclusive end even if & before you jump onto your next!