Research says that in 2013 almost 7 million people globally travelled from their homes for medical care. In the U.S. alone, around 1.2 million people have travelled to other countries for medical care, paying an average of $3,500-$5,000 per visit, the fee that includes medical costs, cross-border, and local transport and accommodations.
Medigo is a Berlin-based startup looking to profit from the rising medical tourism industry. Right now, they have around 400 hospitals and clinics hooked to its platform, connecting some 1,500 patients with places where they can get the operations and other procedures for less. They managed to secure a €5 million ($6.2 million) in a funding round led by Accel.
The company wants to use the new cash to enter big markets such as the U.S. and U.K. The list of services that Medigo is offering to its customers is endless and it covers basically entire medical and dental field.
Last year, almost 7 million people globally travelled from their homes for medical care.“Many patients travel out of the United States, Australia, and United Kingdom and are able to save up to 80% on the costs of the medical treatment,” said Ugur Samut, Medigo CEO, in a statement. “For example, patients traveling out of the US save more than $40,000 for a hip replacement and patients from the UK save £12,000 for dental implants.”
This is obviously a win-win scenario for both the patients and clinics outside of developed nations. To make sure users feel safe, Medigo ensured all of the clinics and hospitals in its network are accredited by organizations such as the Joint Commission International (JCI).
Thus far, the company has raised around $9 million, including a seed round led by Atlantic Internet and angel investors. What’s more, it also counts Google Ventures’ Peter Read as an adviser (but not investor).
Medigo does not charge prospective or connected patients for using the platform, or for hospitals or clinics to list. What it does is collect a referral fee for all procedures that do get booked via its platform, with the percentage varying depending on the type of procedure.
The company is also working on medical complications insurance — which is being piloted right now — as well as the ability to book supplementary services, like travel and accommodation.