Bangkok-based startup HD recently concluded a $6 million funding round to enhance healthcare in Southeast Asia with the sharing economy model.
HD platform connects patients looking for affordable surgeries, surgeons operating private practices and hospitals with vacant surgery rooms. Co-founder and CEO Sheji Ho acknowledged that his startup’s model would be counterintuitive based on the Western healthcare system’s standard.
Ho, however, argued that HD could solve multiple issues found in the healthcare system in Southeast Asia. According to the CEO, many surgeons in Thailand advertise their practices on Facebook to attract customers. These surgeons open private practices due to poor payment in the public health sector.
Another issue that HD aims to solve is the lack of price transparency for patients. In Southeast Asia, it is common for patients to visit hospitals instead of primary care units for any type of illness. Since public hospitals usually have long queues, people get lured to visit private hospitals. Many patients end up paying high fees for hospital services because there are no resources for them to compare prices.
Founded in 2018, HD also accommodates hospitals by offering their rooms to patients. Before COVID-19 broke out, Thailand was a popular destination for international patients who wanted quality surgeries at relatively affordable prices. It led to rapid developments of surgery rooms pre-pandemic. After the pandemic, these rooms have become vacant, and hospitals are looking for patients.
The health-tech startup has provided services to more than 250,000 patients. During the pandemic, its sales grew significantly. The startup expects to maintain its growth momentum in the post-pandemic era, albeit at a slower rate.
Partech Partners and AC Ventures were two of five venture capitalists participating in HD’s latest funding round. The startup was also accepted into Google for Startups Accelerator’s Southeast Asia program.
Ho said he remained optimistic about HD’s prospects despite the looming global recession in 2023. He referred to several companies that grew rapidly during a recession, like Airbnb and Groupon.
“So, as we enter the recession, there is enough opportunity — hospitals sitting on excess rooms,” Ho added. “We have a two to three-year window to rapidly grow that part of the business.”
