HealthHiway has raised $4 million in funding from Greylock Partners, a Silicon Valley-headquartered venture capital firm. Hyderabad-based HealthHiway is an information technology firm focused on the healthcare sector. The IT firm is planning to build a National Health Data Network. HealthHiway has also raised funding from Apollo Hospitals, one of the largest hospital chains in the country.
HealthHiway provides its solutions on software-as–a-service (SaaS) model on a hosted platform that saves on all the attached costs of developing solutions by an individual provider. The firm offers solutions for hospitals, insurance and TPAs, clinicians and physician & practitioners segment. HealthHiway currently has a network of over 250 hospitals and will also connect over 1000 clinics and physician practices over the next few months.
"The SaaS model allows the adoption of IT solutions that were previously not accessible due to complexity and high cost. Instant and secured access to patient data anywhere, anytime enables enhanced quality of patient care and increased patient satisfaction," said Ashvani Srivastava, CEO of HealthHiway.
Healthcare industry in India is pegged at $35 billion industry and is expected to reach over $75 billion by 2012 and $150 billion by 2017. With the hospital market undergoing corporatisation with big chains like Apollo Hospitals, Fortis Healthcare and Max looking to expand, both organically and inorganically, which is expected to push IT in this sector.
“There is tremendous potential in the Indian healthcare industry and Greylock is excited to play an active role in helping the country develop systems that will improve healthcare services to support the people of India,” said Arvin Babu, a Partner at Greylock.
Other funded companies active in this segment are Nextgen eSolutions and Insta Health Solutions. Delhi-based private equity fund Lumis Partners picked up a majority stake in the city based NextGen. Insta Health bagged about $1 million from Bangalore-based Inventus Capital.