Baseeta's Blueprint: CEO Outlines Strategy to Bridge Healthcare Gap
Updated 8/6/2024 8:00:00 AM
Arab Finance: Egypt's healthcare sector is undergoing a significant transformation, driven by ambitious reforms aimed at enhancing the quality and accessibility of medical services across the nation.
With a population nearing 110 million, modernization is urgently needed, particularly in underserved areas where access to affordable healthcare remains a challenge. This climate paves the way for innovative companies to revolutionize the way patients access essential medical services.
So, in this exclusive interview, Ayman Seoudy CEO of Baseeta, a pioneering company in financing healthcare services, shares the company's mission, challenges, and future aspirations to reshape healthcare financing in Egypt.
- What motivated you to start Baseeta and focus specifically on medical service installations?
Baseeta emerged from the profound belief and desire of co-founder, leading businessman, and entrepreneur Mohamed Moharram, to make quality healthcare universally accessible.
Witnessing the financial hurdles middle-class patients encounter in Egypt, Moharram gleaned invaluable insights from his tenure at his family’s leading diagnostic company, Nile Scan & Labs.
His experience underscored the critical need for a revolutionary approach. Thus, he conceived a bespoke ‘Buy Now, Pay Later’ (BNPL) service, meticulously crafted for healthcare. This innovation ensures that essential medical services are readily available, regardless of financial limitations.
When Moharram approached me and shared his vision, I immediately fell in love with the idea. Inspired by the potential impact, I left behind 20 years of experience in the banking sector, where I served as Chief Dealer, to join Baseeta as CEO.
Our mission is to dismantle these economic barriers, thereby transforming timely medical care from a privilege into a fundamental right for everyone.
- How does Baseeta differentiate itself from competitors in the market?
Baseeta stands out through its exclusive focus on healthcare financing. Unlike general BNPL services, we understand the urgency and critical nature of medical needs.
Our platform connects a wide network of healthcare providers and finance partners, offering seamless and quick financing solutions tailored for medical services. Additionally, we identified a significant gap in small and medium-sized enterprise (SME) financing for medical supplies.
To address this, Baseeta also offers financing solutions to SMEs, enabling them to procure necessary medical supplies and equipment.
We prioritize patient care with flexible payment options, competitive rates, and exceptional customer service, ensuring that financial constraints do not hinder access to healthcare.
- In your view, what are the biggest gaps or unmet needs in terms of medical service availability in Egypt?
Limited access to affordable healthcare, particularly in rural and underserved areas, is one of the biggest gaps in medical service availability in Egypt. The financial barriers that prevent patients from receiving timely medical care are also one of the gaps.
There is also a need for better financial support systems for elective and non-emergency medical procedures, which are often not covered by insurance. Baseeta addresses these gaps by providing immediate financing solutions that make healthcare more accessible to all segments of the population.
- Does Baseeta play a role in ensuring the quality and compliance of the medical services it installs?
While Baseeta primarily focuses on providing financing solutions, we are committed to partnering with reputable healthcare providers who meet high standards of quality and compliance.
Our rigorous selection process ensures that we collaborate with accredited providers, thereby indirectly contributing to the quality and reliability of the medical services accessed through our platform. We also regularly gather patients' feedback to ensure our partners maintain high standards of care.
- What financing options does Baseeta offer to make medical services more accessible to customers?
Baseeta offers flexible BNPL options that allow patients to receive immediate medical care and pay in installments over time.
Our financing options include varying repayment terms to suit different financial situations, and we work with multiple finance providers to offer competitive rates. This flexibility ensures that more patients can access necessary medical services without the burden of upfront costs.
- What happens in the case of a customer defaulting on an installment payment? What steps does Baseeta take?
As an aggregator, Baseeta connects customers with the appropriate financing options based on their needs and profiles, whether through consumer finance companies, banks, or rotating savings and credit associations (ROSCAs).
In the event of a customer defaulting on an installment payment, the responsibility lies with the respective finance provider.
- Can you share some of the company’s performance numbers that reflect its success so far?
In less than 1.5 years of operations, Baseeta has achieved remarkable success. We have facilitated over 3,000 successful transactions across 200 cities, partnering with more than 800 healthcare providers and 22 finance providers.
Our platform has generated a gross merchandise value (GMV) of EGP 108 million, with an impressive average transaction size of EGP 30,000. These milestones highlight the strong market demand for our services and our platform's effectiveness in addressing healthcare financing needs.
- Who is your target audience, and how do you plan to expand your customer base?
Our target audience includes patients needing immediate medical care, particularly those without adequate insurance coverage or facing financial constraints. We also target healthcare providers looking to offer financing solutions to their patients.
To expand our customer base, we plan to increase our marketing efforts through digital channels, partnerships with healthcare influencers, and leveraging our existing relationships with healthcare providers. Additionally, we aim to expand our services to underserved regions and introduce new financial products to meet diverse healthcare needs.
- Finally, what are your thoughts on the future of telehealth and remote patient monitoring in Egypt? And how might Baseeta be involved?
Telehealth and remote patient monitoring have significant potential to improve healthcare access in Egypt, particularly in rural and underserved areas. These technologies offer convenient, cost-effective medical consultations and continuous health monitoring.
Baseeta plans to support this future by providing financing solutions for telehealth services and remote monitoring equipment. Additionally, we are interested in expanding SME financing and creating specialized financial products for healthcare startups.
By integrating these innovations, Baseeta aims to ensure that financial barriers do not prevent patients from accessing cutting-edge healthcare technologies while supporting the growth and sustainability of healthcare enterprises.
Related News
