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Bangalore, June 4, 2015: Medwell Ventures Private Limited, the operator of Nightingales speciality home healthcare services in India, has today announced that Fidelity Growth Partners India (FGPI) and Fidelity Biosciences, Boston have acquired a significant minority stake in the company with a $10 million investment. Terms of the transaction were not disclosed.
Medwell an early mover in the home healthcare delivery segment, caters to the growing demand for high quality speciality medical care services at home. The company was established in March 2014 in Bangalore with a vision to create a new model of healthcare delivery for chronic diseases in the out-of-hospital space. Following the acquisition of Nightingales Home Health Services, Medwell has grown rapidly in Bangalore. It recently established operations in Hyderabad and is currently in the advanced stages of a Mumbai launch; it plans to build its network across ten metro clusters in India and increase its subscriber base to cover over 500,000 families.
The Nightingales team numbers more than 300 medical and paramedic professionals comprising of Doctors, nurses, physiotherapists, speech therapists and trained bedside paramedical caregivers specializing in chronic care disease management. The company is focused on ensuring excellence in patient health outcomes through a validated protocol and care plan driven approach for chronic diseases such as congestive heart failure, stroke management, chronic obstructive pulmonary disorders (COPD), wound care management for diabetics, dementia care, Alzheimer’s care and arthritic pain management. The company’s focus on new models of care has also led to the start of an innovative home dentistry program. Nightingales has further established relationships with key medical technology providers to enhance its reach and effectiveness of service delivery.
The company was founded by a highly experienced leadership team comprising of Vishal Bali (former Group CEO, Fortis Healthcare and Wockhardt Hospitals), Dr. Ferzaan Engineer (former CEO of Quintiles India) and two senior industry professionals, Lalit Pai and Himanshu Shah. The company also has an eminent Board comprising of the above named founders, Ms. Gillian Corken, Ms. Akila Krishnakumar, Dr. Gert Hoogland and Dr. Oppel Greeff, and will now be joined by Dr. Prem Pavoor from FGPI and Dr. Ketan Patel from Fidelity Biosciences.
The company plans to expand rapidly across the country and has brought together a competent and professional senior management team with several decades of experience in healthcare services across key functions under Mr Lalit Pai, CEO, Nightingales.
“The healthcare delivery ecosystem in India needs innovative solutions with scalable business models. Over the next 15 years, chronic diseases will cost India Rs 280 trillion. We have a strong conviction that speciality home healthcare is one of the key solutions to managing the rising trend of high cost chronic diseases in the country. This investment by Fidelity is a validation of our model and a recognition of the evolving Indian healthcare delivery landscape”, said Vishal Bali, Chairman and Co-founder, Medwell Ventures.
Dr. Ferzaan Engineer, Joint-Chairman and Co-founder, Medwell Ventures commented: “Nightingales focuses on providing technology-led solutions to serve its growing customer base across India in a consistent and scalable manner. Fidelity’s global experience and expertise in healthcare will help differentiate Nightingales’ service offerings.”
Commenting on the transaction, Dr. Prem Pavoor, Managing Director at Fidelity Growth Partners India (FGPI) said, “This investment reflects FGPI’s keen interest in partnering with distinctive management teams to build leaders within still emerging segments in the healthcare and life sciences industry in the country. We see tremendous potential for a clinically focused, world-class provider of chronic care healthcare services at home. Fidelity is excited to partner with Vishal, Ferzaan, Lalit and Himanshu in this phase of Medwell’s growth”.
BMR Advisors acted as the sole financial advisors and BMR Legal acted as legal advisors to Medwell Ventures for this transaction
Medwell was founded in 2014, with a vision to create an innovative healthcare delivery system for out-of-hospital care. Medwell is focused on establishing a patient centric model by ensuring continuum of care, providing speciality services across chronic diseases and forging technology partnerships for scalability, all driven by an experienced leadership team.
Medwell is currently focused on scaling a speciality led home healthcare provider network across India. The company is strategically poised to serve the present and future needs of patients through new healthcare delivery systems.
Nightingales has been in the home health sector since 1996 in Bangalore. Post the acquisition of the company by Medwell it has developed a strong focus on speciality home healthcare services in chronic diseases including pulmonology, cardiology, neurology, metabolic diseases, orthopaedics, geriatrics and post-operative rehabilitation making it India’s leading home health company. Additional services are being introduced, including remote health monitoring, tele-health, diagnostics, rehabilitation and wellness therapeutics. Nightingales ensures excellence in patient health outcomes through a validated protocol and care plan approach for chronic diseases including congestive heart failure, stroke management, chronic obstructive pulmonary disorders, wound care management for diabetics, dementia care, Alzheimer’s care and chronic arthritic pain management. The company has recently established a successful home dentistry program. Nightingales has also built relationships with key medical technology providers to enhance its reach and effectiveness of service delivery.
Fidelity Growth Partners India (FGPI) is the India-focused private equity arm of Fidelity Worldwide Investment, focused on cross-sector growth capital investing. FGPI seeks to invest in high-quality, high-growth companies in India across a broad range of sectors. FGPI is committed to making the companies it invests in leaders in their industries through access to patient capital with a long term investment mindset, a powerful network of resources and a team of investment professionals with a proven track record of success. Fidelity, Fidelity Worldwide Investment and Fidelity Growth Partners India are trademarks of FIL Limited.
For more information, please visit http://www.fidelitygrowthpartners.in/
For Jasbir Singh Bedi’s wife, Nightingales Homehealthcare’s physio service has come as a god sent gift, as taking her 75-year-old bedridden husband to a hospital was an impossible task. Down with a paralytic stroke and other medical problems, she says it was very difficult to take him for regular treatment on a day-to-day basis. “Apart from medical tests done at home once a month by a doctor, they provide one hour of physio therapy for his legs and charge Rs 500 for a session. For elderly people who live on their own and people of nuclear families like us, this home-based service is a boon,” she adds.
For the elderly and people with musculoskeletal problems or even chronic symptoms, physiotherapy is the key to restoring and maintaining a level of physical function that permits an independent living. And to get this service in the cozy environs of one’s own home, without the agonising travel on the city’s bad roads with a chronic backache or severe joint pain, is a welcome addition.
Nightingales Homehealthcare’s innovative idea to run a home-based physiotherapy service that targets both elders and the IT professionals of Bengaluru, has been gaining acceptance slowly and steadily. Such services can be of tremendous help when certain conditions or injuries makes it difficult for the patient to attend appointments or travel to the hospital. This equally applies to both bed-ridden and elderly patients. A leading home health care provider in the city, Nightingales launched its home-based physiotherapy vertical ‘Physio’ only last November.
The USP of their service is a combination of both home and clinic-based therapies. “Our highlight is the clinic-based option along with home-based physiotherapy,” says Dr Sunny Kichloo, Head of Physiotherapy and Rehabilitation at Nightingales Homehealthcare, adding, “Our physiotherapists along with a multi-disciplinary team of advisers, form a comprehensive, customised care plan that combines the latest know-how and technology. Our area of expertise lies in pain management, sports injury management, paediatric therapy, post operative physiotherapy, arthritis management, neuro physiotherapy and posture correction.” They treat conditions like back pain, neck pain, shoulder pain, knee pain, arthritic pain, slipped disc and sprains.”
Commending their services, Lotika Erasmus who avails physio for her 30-year-old son afflicted with cerebral palsy says, “I am very happy with their service. My son, who undergoes physio sessions thrice a week, has progressed a lot as they understand his problems and tackle the issue holistically.”
The response has been overwhelming with elderly, youngsters and IT professionals needing home-based treatment, says Kichloo. “Apart from this, we have 4,000 members of the Nightingales Trust who are using this service at a nominal sum. We have a unique model where we give both options to the patients where some come with clinical diagnosis while for others, we carry out assessment of their problems.”
Apart from being convenient and trouble-free, physiotherapy services provided in the comfort of one’s home also enables to deal with physical challenges and improve movement, overcome pain, manage the physical complications of diseases, and recover in the security of one’s home. It also helps in increasing the mobility for those recovering from a stroke, or suffering from Parkinson’s disease or other neurological conditions.
Kichloo adds, “We customise the packages according to requirements and the feedbacks received. The cost varies from patient to patient but our packages are affordable even in chronic cases. In fact, just for a physio for pain management, we charge Rs 450-Rs 500 for a half an hour session in their home. ”
Presently, Nightingales Homehealthcare is operating from Indira Nagar and R T Nagar, however, they have plans for expansion. “We have 8-10 vehicles currently covering a distance of 10 kilometers from the centre but not more. With four to five centres more, we can cover the entire city by the end of this year. We have our centres in Hyderabad and are planning to expand to 10 cities in the next three years,” Kichloo elaborates.
For details one can contact 1800 103 4530 or 080 45300300 or log on to www.nightingales.in
One of the sure signs of economic development is the movement of unorganised services to the organised sector, be it retail, restaurants, taxis or gyms. Once delivered by small, local outfits, these services are increasingly going over to corporates who have the resources required to build them up to scale and give them that sheen of professionalism that Indians have now come to expect from service providers. The latest to join this trend is homecare services – the nurses, physiotherapists and doctors who take over after patients have been discharged from hospital. “Home care is a $100 billion market in the USA and a $25 billion market in Japan and it has huge potential in India,” says Vishal Bali, chairman of Medwell Ventures, a company he has co-founded to incubate startups in the field of medicine.
Medwell’s first venture is Nightingales Home Health Services, a company it acquired last year from its founder Dr Radha Murthy. Nightingales is an 18 year old company, with over 5,000 families in Bangalore subscribing to its annual home care plans, so it isn’t exactly a startup. But over the next five years, Medwell plans to pump in $50 million into the company and take it pan-India. Nighingales is not the only company with big plans in this field. Portea Medical, a company led by serial entrepreneur couple K Ganesh and Meena Ganesh, also operates in the home care market, bringing in a healthy dose of competition.
Medwell has already added 2,000 subscribers and expanded Nightingale’s coverage in Bangalore, setting up two new centres in Indira Nagar and RT Nagar that act as operating hubs for these areas. It has bought a fleet of 18 new cars – six Tata Nanos and 12 Maruti Eecos, eye-catchingly painted with the Nightingale logo – to ferry its staff between the centres and patient’s homes. And it is now leveraging Bangalore’s tech expertise to create a cloud based IT infrastructure.
Nightingale’s nurses are equipped with tablet PCs that record the patient’s recovery at home, for presentation to his or her hospital doctor. “Home care may seem deceptively simple, but building the operation to scale is anything but,” says co-founder and CEO Lalit Pai. “Technology and data are going to be very important for the future of medicine in India. Insurance companies need detailed records to settle claims. Keeping patient’s medical records in the cloud is a key feature of our operation.”
One of Medwell’s earliest patients was an executive of Lenovo’s Bangalore office, who suffered a stroke at the age of 35. He required home care services of a nurse, a physiotherapist, an occupational therapist and a speech therapist and the process to full recovery was a long one and continued even after he rejoined work. At Rs 14,000 a month, care of this kind doesn’t come cheap, but in a city where time is money, Medwell’s joint chairman and co-founder Ferzaan Engineer believes it’s an idea whose time has come. “People are now used to the idea of paying for better healthcare,” he says. “We’re not for the bottom of the pyramid, though we don’t want it to be perceived as too expensive in this early stage when we are creating a new category. Our strategy is to start with the middle income segment and then move to the higher and lower ends of the market.”
Besides being old friends, the founding trio are former veterans of the pharmaceutical and healthcare sectors and they’ve been unabashedly using their corporate contacts to rope in talent for their first entrepreneurial venture. “The pharma sector has a lot of talent to give,” says Engineer, who was the CEO of Quintiles Research India, a pioneer in clinical research outsourcing. “More than the healthcare industry, it is the pharma industry which understands what we are trying to do here at Medwell.”
Vishal Bali was previously the CEO of Wockhardt Hospitals and then Fortis Healthcare and he’s happily raided the Fortis hospital chain to recruit 350 nurses, physiotherapists and doctors for Medwell. “Nurses are now more aware of home care as a career option and it’s attracting some of the best talent,” he says. “A lot of qualified nurses don’t want to work in hospitals because it involves working in shifts. And we’ve made sure that our qualified nurses all have assistants who do bed-side care like bathing the patient, so their time is optimally utilised.”
One of the senior executives to join Medwell from Fortis Healthcare is the cheery Mohammed Parveez Jameel, who is designated group head, business development and strategy. He says: “I never dreamed I would work in a company that provides home care services. Hospitals never thought of it as something that could be organised and run by professionals. Even now, I sometimes feel amazed at what we are doing, taking this operation pan-India.”
Announcing launch of its services in Hyderabad, Nightingales CEO Lalit Pai told reporters here Tuesday that the company would have pan-India presence in three to five years.
Hyderabad will be the second city to be covered by the company after Bengaluru, where it is providing 85,000 patient services at home.
Nightingales, a Medwell Ventures company, provides speciality home care services with a focus on pulmonology, cardiology, metabolic diseases, neurological health, orthopaedics, physiotherapy, post-operative surgical site management for diabetic patients and home dentistry.
Currently employing 400 people including nurses, health aides, therapists and paramedics, it is integrating technology, people and processes to provide services, especially to people with chronic ailments.
Medwell Ventures co-founder Vishal Bali said that the current size of home health services sector in India is estimated to be $3-$4 billion and with the increasing chronic diseases the sector is expected to grow to $10 billion in five years.
The market size of the sector is $100 billion in the US and $25 billion in Japan.
Another co-founder Farzaan Engineer said they their unique subscription-based model address the key issues of accessibility and affordability of healthcare services.
Oct 19th, 2014 Medwell Ventures promoted Nightingales Home Health Services has now opened a physical therapy clinic at its third hub located in Bengaluru.
The 2000 sq ft. facility is equipped with decompression systems for spinal problems, advanced lasers for pain management, unweighing systems to restore mobility for stroke patients and will cater to all patients from pediatrics to geriatrics. It will also focus on orthopedic and sports injury management, neurological rehab, spine related ailments and pediatric rehab. The center has highly qualified physiotherapists who have been internationally trained in various techniques like manipulative therapy, neurodevelopmental therapy etc. and can handle 50-75 patients a day.
According to Lalit Pai, co-founder and chief executive officer, Nightingales Home Health Services, the facility will be an extension of Nightingales’s speciality-led Home care services for modalities that need more extensive therapy and technology that cannot be offered at patient’s home.
“We are focussed on providing a comprehensive solution to our Home Care patients in specific therapeutic areas and this physical therapy clinic is another extended effort in that direction”. ” With changing times and new lifestyle needs, it is not enough to offer patients conventional healthcare solutions. Over the years, there has been a growing need for high quality personalised services and specialised medical care”, he added.
Physical Therapy plays a critical role in all specialties to give patients the optimal benefit in their chronic disease management protocol. We have made substantial investments in the onsite physical therapy clinic to provide our home health patients with 360 degree coverage. The escalating incidences of chronic diseases has heightened the need for continuous specialised care in many cases, making home based health care services an indispensable aspect of disease management, said Vishal Bali, Co-founder and chairman, Medwell Ventures
Nightingales currently employs 400 people comprising specialist nurses, health aides, therapists, paramedics and patient support staff.
“Medwell’s acquisition of Nightingales has enabled the company to retain its heritage of compassionate care and professional integrity, while gaining the tools and resources to meet the needs of tomorrow. Monitoring patients at home particularly for chronic diseases has become crucial and often patients lack this specialised care at home. We currently provide 80,000 medical services annually and have more than 6000 families subscribing to our annual care plans”.
Medwell plans to expand the services of Nightingales with a Speciality Home Healthcare focus on Wellness, Pulmonology, Stroke Recovery, Wound Care, Dementia Care, Dental Services and now, stand alone Physical Therapy clinic. The company expects to establish a network across 10 metro clusters in the country said Dr. Ferzaan Engineer Co-founder and Co-Chairman, Medwell Ventures.
Nightingales and Philips Healthcare partner for Specialized Home Respiratory Care Bangalore, July 14, 2014: In a move that signifies the transformation of Indian healthcare delivery and the growing importance of specialty home care, a global medical technology major and a speciality home care company are partnering to provide specialty respiratory care to patients at home.
Bangalore based speciality home care company Nightingales under Medwell Ventures has entered into a first of its kind partnership with global medical technology leader Philips Healthcare to provide specialized home respiratory care services to patients. These services will be made available in Bangalore with immediate effect and will be expanded to other metros as Nightingales expands its India footprint.
Respiratory disorders are growing at an alarming rate in India and more than 100 million Indians suffer from some level of respiratory diseases. It is also estimated that 5-15% of Indian population in the metros suffer from respiratory disorders. Amongst the many respiratory disorders COPD or Chronic Obstructive Pulmonary Disorder is a major cause of morbidity and mortality across the globe, according to
WHO estimates 65mn people across the globe have moderate to severe while in india there are around million COPD and its increase is being contributed to factors like under-diagnosis, poor continuity of treatment and inappropriate care at home. Globally one of the key actions that has been used for COPD management is home ventilation. In India therefore there is a need to start constant specialized care and monitoring at home with Home ventilation and Home oxygen therapy. Often patients lack this specialized care at home, thereby aggravating the disease.
The services offered by Nightingales and Philips will enormously help the patients and their families, significantly improving patient’s treatment outcomes and reducing recurrent hospitalizations in several cases,” says leading pulmonologist, Dr.K.S. Satish
How this would help patients and ordinary people
About Nightingales Wellness Private Limited: Nightingales is India’s leading home health company for the last 18 years. Post the recent acquisition of the company by Medwell Ventures it has a new focus ofSpeciality Home Healthcare services in chronic diseases in pulmonology, cardiology, neurology, metabolic diseases, orthopaedics, geriatrics and post-operative rehabilitation. Additional services will include remote health monitoring, tele-health, diagnostics, rehabilitation and wellness therapeutics. It currently has more than 5000 families in Bangalore subscribing to its annual care plans. In the coming years, Nightingales aims to establish a healthcare delivery network in 10 Indian metro clusters and increase its subscriber base to over 500,000 families.
About Philips Healthcare: It is a multi-national diversified technology company, founded in 1891 and headquartered in Amsterdam. The company is a leader in cardiac care, acute care and home healthcare solutions and technologies. It also provides a wide array of complementary product offerings in the area of respiratory care, and has been chosen 15 times by the American Association for Respiratory Care (AARC) for the Zenith Award, an award which credits excellence in products and service for the respiratory industry.
Bangalore, April 23, 2014 – In a move that signifies the changing dynamics of the Indian Healthcare delivery landscape, a dynamic leadership team has launched Medwell Ventures – an innovative pan-India Healthcare delivery platform and India’s first Specialty Home Healthcare company. At a press conference they announced the successful closing of their initial round of funding from the promoter group and expect to invest USD 15-20 million in this business over the next 3-5 years.
They also announced the acquisition of Bangalore-based Nightingales Home Health Services, a company with an experience of 18 years in Home Healthcare. Nightingales currently provides 53000 patient bedside nursing days per annum, 24000 medical services per year and has more than 5000 families subscribing to its annual care plans. Medwell plans to expand the services of Nightingales with a Speciality Home Healthcare focus on Pulmonology, Cardiology, Metabolic diseases, Neurological health, Orthopedics, Geriatrics, Rehabilitation and Post-Operative Surgical site management.
The company expects to establish a network in 10 Indian metro clusters serving over a million families in the coming years. This will be supported by a cloud-based Technology platform and protocol-driven services in specialised therapeutic areas. The novel Healthcare System will integrate different delivery channels to bring care closer to patients. Additional services will include remote health monitoring, tele-health, diagnostics, rehabilitation and wellness therapeutics which will be launched in waves. Medwell aspires to become a leader in its field through innovation and rapid growth, driven by acquisitions and organic investments in new capabilities. The company is also exploring alliances with various global Medical Technology partners in order to provide best-in-class services, particularly in the area of chronic diseases.
Medwell has been co-promoted by Vishal Bali former Group CEO, Fortis Healthcare, who has spent 24 yrs in building Healthcare delivery institutions and Cytespace Research Private Limited, a research-based company in the Healthcare domain. “India’s challenges in Healthcare delivery need innovative answers. More than 40 million Indians lose their lives to chronic diseases each year and a fourth are below 60 years. An ageing population, shortage of hospital beds and the need for continuity of care pre/post-hospitalization create a strong demand for professionally driven Speciality Home Healthcare services. The future of patient-centric care will incorporate Speciality Home Healthcare as a key element and our team is excited to launch a pioneering new venture in this space” said, Vishal Bali, former Group CEO, Fortis Healthcare.
Dr. Ferzaan Engineer, Chairman of Cytespace Research, said “Medwell Ventures will change the paradigm of Healthcare delivery in the country, introduce global best practices and enable the roll-out of scalable Home Healthcare services across the country. A strong and experienced leadership team has been established to fulfil our shared vision for the company and we see a billion dollar growth opportunity in this space.”
Mr. Pai, a member of the Medwell founding team is the CEO of the new company. He is also a co-founder of Cytespace and during the course of his career has led the Global Data Management business at Quintiles Transnational besides holding senior positions in the IT and Consulting industries. Medwell has formed an international Board of Directors of which Mr. Bali will be the first Chairman with Dr. Engineer will be the co-Chair. Ms. Gillian Corken, Dr. Gert Hoogland, Dr. Oppel Greeff, Mr. Lalit Pai and Mr. Himanshu Shah are designated as Directors. Co-founders of Nightingales, Dr. Radha Murthy and Mr. Premkumar Raja will continue as members of the Advisory Board of Medwell Ventures.
The ethos of Nightingales emphasises impeccable customer service, trust and integrity. These patient-centric values will be nurtured while adding significant resources and investment in medical and technological expertise, protocol and process development, training and multi-city capabilities. “In my experience, Speciality Home Healthcare can add significantly to clinical effectiveness and improve patient outcomes. Clinicians are increasingly seeing this service as an integral part of the continuum of care that they need to provide their patients. Mr. Raja and I are delighted to see the vision that the Medwell team has for enhancing Nightingales in Speciality Home Healthcare. While we have divested the privately held Home Health Services company, we will continue to run and manage Nightingales Medical Trust, the non-profit voluntary organisation working for the well-being of the elderly” said Dr. Murthy, a medical doctor who is credited with doing pioneering work in geriatric Home Healthcare in the country.
This development immediately positions Medwell as one of the largest Home Healthcare providers in India with a trained and experienced team of over 150 professionals driven by an accomplished leadership team and an ambitious growth plan for the future.
India’s estimated USD 2 billion Home Healthcare market will mirror the exponential growth in other countries, specifically the USA and UK. The Home Healthcare market in North America is estimated to be USD 130 billion and the European Home Healthcare market will be worth USD 57 billion by 2017 with Germany, France and UK dominating the requirement.