DayToDay Health startup – Prem Sharma understood the critical dynamics of both healthcare systems and patient needs and attitudes, based on his over seven years of experience in global healthcare systems. He discovered a significant aftercare gap while working as an early employee and Chief Product Officer at Babylon Health – one of the largest global healthtech startups.
Many of the patients he spoke with required acute care following surgery or another major procedure, and they reported receiving little information about postoperative rules and instructions.
“When asked, less than 10 percent of people I spoke to felt they knew what to do day-to-day after returning home from the hospital. In fact, the majority said they didn’t even know what they were supposed to do a mere two hours after leaving the hospital,” recalls Prem, Founder of DayToDay Health.
This realisation of the gravity of the situation was the tipping point for the serial entrepreneur. He quickly began laying the groundwork for DayToDay and joined the MIT incubator in late 2018, officially launching DayToDay Health.
The startup specialises in virtual patient care management, specifically acute, post-surgical, and out-of-hospital care.
The company’s solution began as a research project at MIT, where Prem was pursuing an MBA, and was launched in January 2019 following more than 2.5 years of exhaustive research. Prem’s in-depth research and innate understanding of the healthcare domain, combined with technical expertise and the presence of industry leaders on the team, serve as the company’s primary differentiators and moat.
According to the startup, it is the world’s first and only digital-first, end-to-end acute care management company. It employs over 190 people in Boston, London, Delhi, and Bengaluru.
How does it work?
Available on both Android and iOS, DayToDay Health’s core offering is a smart technology-enabled end-to-end post-operative acute care management solution, which is duly monitored, tracked, and supervised by clinicians, doctors, and nurses.
“Our solution currently uses advanced data analytics and Natural Language Processing (NLP)-based AI technologies, delivered through a mobile app,” Prem
Prem explains the patient onboarding process, stating that a patient is counselled about the programme either online or over the phone based on the inclusion/exclusion criteria agreed upon between DayToDay Health and the hospital.
Once a patient agrees to participate in the programme, they are registered on the app (along with their medical records), and patient consent is obtained.
“At the time of onboarding, we also follow a patient risk stratification process to identify the plan to onboard the patient, thus providing personalisation. This analysis is carried out throughout the programme,” he highlights.
The patient will only see what he is supposed to do on that particular day, how he is supposed to do it, and when he is supposed to do it in order to ensure daily progress.
The programme includes more than 30 procedures in cardiology, orthopaedics, oncology, urology, and obstetrics and gynaecology.
Business model and traction
The startup operates on a business-to-business model, partnering with hospitals, insurance providers, and corporations to provide its solution to their patients, customers, and employees. The platform charges a subscription fee to enrol patients in digital care programmes.
DayToDay Health has served over 4,500 patients successfully and signed 35 contracts with hospitals, insurance providers, corporations, and government agencies. Currently, the platform covers a potential patient population of more than 1.5 million.
The impact of COVID-19
The acute care management solutions developed by DayToDay Health are complete and ready for deployment by the end of Q1 2020. India was chosen as the launch market due to established customer relationships and a shorter time-to-market, followed by the United States in Q2 2020.
However, by 2020, almost all hospitals in the country had ceased performing elective surgeries, directly affecting DayToDay’s solution rollouts. Even after the lockdown, many hospitals did not resume full capacity for elective surgery until late 2020. Additionally, the majority of hospitals continued to treat COVID-19 patients until Q4 2020. This had a significant negative impact on customer acquisition and resulted in a two-quarter delay in revenue generation and growth, Prem recalls.
DayToDay then developed a COVID-19 Remote Care Program in Q2/Q3 2020 and began collaborating with hospitals, government agencies, and corporations throughout India. Due to the significant impact of the pandemic-induced re-prioritization of the industry on the company’s core solution’s full launch and growth, the company focused on its COVID-19 Care solution.
As hospitals began performing elective surgeries at the end of the year and in Q1, 2021, the company aggressively pursued business development and signed over 30 contracts with some of the country’s leading hospital chains and corporates within a quarter, and currently has over 60 contracts in the pipeline. This allowed it to resume patient onboarding and revenue generation.
In April 2021, as the second wave of COVID-19 swept through India, DayToDay’s Remote COVID-19 Care Program, which had been developed and made widely available, was in high demand. One of the most significant lessons learned by the company from the 2020 pandemic was that a sizable proportion of COVID-19-infected patients could be successfully treated at home using a combination of intelligent technology and trained care coaches. This can be accomplished through appropriate isolation, timely medication and diet, effective management of anxiety and stress, and periodic clinical monitoring.
Revenue and the road ahead
Thus far, the startup has raised close to $15 million in two funding rounds. It generates approximately $100,000 in monthly revenue.
According to the founder, the startup is in discussions with investors to raise additional capital by the end of this month.
It is present in 10 states, including Karnataka, Maharashtra, Gujarat, Tamil Nadu, and Delhi, besides having establishments in the US, the UK, and Canada.
Prem continued, “We are looking at some large deals in both India and the United States that will enable us to serve a larger population.”
According to Industry ARC’s report, the global acute care market is expected to reach $214.3 billion by 2025, growing at a 6.8% compound annual growth rate between 2020 and 2025.
Prem asserts that the space is devoid of direct competitors, with DayToDay Health being the world’s first venture in this space.