Malaysian healthcare SaaS platform nabs additional funding from RHL Ventures

HealthMetrics, a Malaysia-based healthcare management platform, announced that it secured additional funding from existing investor RHL Ventures.

Headquartered in Kuala Lumpur, RHL Ventures joined the startup’s US$1 million seed round in April 2018. Japan-based Spiral Ventures and Cradle Fund, a vehicle backed by the Malaysian government, also participated.

The fresh capital will bankroll HealthMetrics’ plan to expand its operations across strategic cities in Peninsula Malaysia, including Penang, Johor, and Melaka. “While we have plans to extend our footprint across the region, we still see a lot of space to grow in Malaysia,” says co-founder and CEO Alvin Yuan.

It’s also now working on expanding its product range by introducing an inpatient specialist module. Since its inception in 2015, HealthMetrics has rolled out several healthcare modules, including ones for general practitioners, dental, optical, and outpatient specialists.

HealthMetrics Team / Photo credit: HealthMetrics via VulcanPost

Yuan says that the way companies handle their staff’s medical benefits has always been overlooked. Consequently, some have overpaid on employee insurance premiums. “Employees could be underutilizing their benefits due to the lack of transparency, inconvenience, and overcomplexity involved in managing employee benefits,” he explains.

The HealthMetrics platform allows companies to reduce administrative tasks, authenticate electronic medical records, provide real-time healthcare information, and generate intelligent analytics and reporting. The startup’s proprietary mobile app, meanwhile, allows employees to check their medical benefits balance and be cashless during visits to healthcare providers.

HealthMetrics claims that it has over 100,000 users from 360 companies and 2,000 healthcare partners on its platform. According to Yuan, the startup has made close to US$3.2 million (RM13 million) end-2018, a fourfold increase as compared to the previous year.

Currency converted from Malaysian ringgit. Rate: US$1 = RM4.10