Startup takes on Sri Lanka’s out-of-pocket healthcare problem

This article is a part of Startup Spotlight, a series that features young, up-and-coming startups.

Image credit: Timmy Loen

While working abroad, Arshad Ameer faced a common stressor. His parents back home in Sri Lanka needed regular medical care, and managing it remotely was a cycle of calls, upfront payments, and paperwork.

This personal frustration, combined with his experience scaling a health platform for millions in Bangladesh, led him to build Flash Health.

😟 Problem

Across South Asia, 45% to 65% of healthcare spending is out-of-pocket. This system forces people to pay upfront for doctor visits, medicines, and lab tests, then wait for reimbursement from employers. The hassle and cost cause many working professionals and caregivers to delay or even skip necessary medical treatment.

💡 Solution

Flash Health is a platform that makes primary healthcare cashless and more accessible. It combines consultations, pharmacy orders, and lab tests into a single app. For corporate clients, its Cashless OPD (Outpatient Department) product eliminates the need for employees to pay upfront for outpatient care.

• Users can consult doctors, order medicines, and book lab tests in one app.
• Prescriptions are sent directly to the pharmacy for doorstep delivery.
• Employees with Cashless OPD benefits have access to services without payment or claims.
• Employers get real-time visibility into healthcare usage and only pay for services used.

Photo credit: Flash Health

📊 Market size

Flash Health is initially targeting Sri Lanka’s formal employment sector. This market includes an estimated 3 million to 4 million people eligible for employer-sponsored healthcare benefits.

With a conservative annual outpatient spend of US$120 to US$200 per employee, this represents a total addressable market of US$360 million to US$800 million annually.

🤝 Team

• Arshad Ameer. Co-founder and CEO. He previously helped scale a healthtech platform in Bangladesh to over 6 million users.
• Dom Ferkin. Co-founder and board director for commercial strategy. He advises on pricing and revenue models for the company’s enterprise offerings.

🚀 Traction

• Generated around US$503,000 in gross merchandise value over the last 12 months.
• Processed over 36,000 lifetime orders for medicines, consultations, and lab services.
• Serves 658 active B2B clients and over 43,700 B2C customers.
• Maintains 74% overall customer retention and 80% B2B customer retention.

🏆 Competition

Flash Health competes with separate digital consultation platforms like oDoc and pharmacy delivery services. It also competes with traditional insurers that offer reimbursement-based outpatient plans.

💰 Financials