Oops! We couldn’t find any results...
TIBU HEALTH CLOSES A PRE-SERIES A LED BY HEALTH54 TO ACCE...
·
Mar 23, 2023
Wednesday, March 22nd - NAIROBI - The Omnichannel Technology Company delivering health services TIBU Health, has closed a...
Problem
Insurance , Pharma and Outpatient Care:
The Asset-Light Opportunity.
Less than 19% of the Kenyan population has health insurance. Of this, only 3% are estimated to be covered by a private health insurance scheme.
As a result, approximately 50% of households use unregulated pharmacy outlets as their first point of care. In Kenya alone, this represents over 20 million people.
The lack of regulatory oversight and appropriate level of professional diagnosing and providing medications can have costly health effects, namely:
Antimicrobial resistance
Inaccurate diagnoses and disease progression
Inappropriate use of medicines
Drug abuse or dependence.
Concealment or overlooking serious disease symptoms that can result in public health emergencies (recall Ebola).
It is a BIG problem, but also a BIG opportunity to delivery care where people seek it most!
Product
Distributed, Tech-enabled Healthcare
We operate a chain of asset-light clinical sites across Kenya.
Our ultra-modern, tech-enabled outpatient clinics are distributed across pharmacy partner retail sites (Minute Clinics) and supported by two (2) Flagship referral sites in major urban centers.
All clinical sites are enabled and supported by our proprietary technology and virtual care team that coordinates, manages and oversees patient care across the network.
Care Delivery Across Three Channels:
Virtual care
Flagship Referral Sites
Minute Clinics (pharmacy collocated sites)
Core Revenue Generating Products:
- TIBU Health Memberships for outpatient clinical services (B2B)
- Laboratory/diagnostic services (B2B2C)
- Occupational health and wellness (B2B)
TIBU Health’s Phy-Gital Infrastructure:
Services Available Across the TIBU Network :
—Comprehensive Technology Enabled Healthcare—
Traction
400+% Growth and
Exclusive Contracting
We are raising capital to execute against an exclusive contract signed with Kenya’s largest Pharmaceutical Retailer to establish 134 Minute Clinics that unlock Membership Growth across Kenya.
After four years, TIBU Health has decoded the MRR puzzle in health through its Corporate Membership and Minute Clinic Product:
- 365 employees enrolled in first month (March 2024) of product roll-out.
- Over 700 employees being closed in month 2.
- Total value/pipeline within 1.5 months of roll-out: $80,000+ USD and growing.
In addition, our traction includes:
Membership traction since launch (mid Feb 2024)
Core Revenue Growth: 488% since 2021.
INSURANCE CONTRACTS
CORPORATE CLIENTS
Business model
FOCUS :
FOUR (4) Areas for Growth
We make money in FOUR (4) ways:
1) TIBU Health Memberships (B2B)
Companies purchase annual memberships (HERE) for their employees to access unlimited outpatient services across our Flagship and Minute Clinics in partner locations. TIBU Health Memberships cost $100/pp as opposed to $600 - $1,000/pp with traditional insurers.
Minimum business size: n=10
2) Laboratory Services
Over 100 specialized physicians in Kenya utilize our ISO-level laboratory to process their patients' blood work. Average ticket size for each referral is $55.00.
ISO 15189:2022 ongoing through a World Bank grant.
3) Occupational Health and Wellness
We work with over 100 SMEs to carry out on-site wellness exercises in offices. Activities range from health talks, hazardous chemical exposure screening, health checks and fitness days.
Average ticket size: $3,500.
4) Walks-in
Thousands of patients walk into our Flagship and Minute clinics for their primary/acute care needs.
Average ticket size: $45.00
—
How we make money
—
A model with built-for-efficiency gains
—
Vision and strategy
Hybrid Healthcare for Millions
Our vision is to become Africa's most ubiquitous, tech-enabled collocated healthcare company offering care to Millions
Over the coming two (2) years, we are focusing on scaling the asset-light pharmacy-first model throughout Kenya and becoming profitable by Q1, 2025.
In 2024 we are:
- Establishing 25 Minute Clinics in partner pharmacy sites
- Leveraging our SME partnerships and insurance contracts to grow TIBU Health membership base to 5,000 members.
- Obtaining ISO:16189:2022 to grow our diagnostic referral business.
In 2025 we will:
- Establishing 50 Minute Clinics in partner pharmacy sites
- Grow TIBU Health membership to 10,000 members.
- Establish our first Flagship Referral site in neighboring Uganda
- Be profitable.
Leadership
Meet the founders
TIBU Health was founded by 3 passionate founders dedicated to leveraging technology to improve healthcare in Africa.
Solution
Healthcare where people Live, Work and Click
We use a hybrid, collocated healthcare membership model to deliver tech-enabled healthcare services across our physical footprint in East Africa.
Summary:
Our Pharmacy-based Minute Clinics solves for 50+% of the population seeking health services in unregulated pharmacies close to home.
Our membership model solves for the high-cost and low penetration of insurance in Kenya, especially among industry.
Our tech-enabled Flagship and Minute Clinics solves for long-wait times, patient follow-up, retention and patient experience.
Customers
Personalized Healthcare Without the Wait.
Patient's use TIBU Health because they:
- Are tired of overpaying for healthcare services.
- Don't want to wait hours for basic clinical services
- Are fed-up with sterile, uninviting clinical spaces.
- Want a transparent, tech-enabled service that follows them wherever they go.
- Are worried about congested clinical spaces.
- Were referred by a friend or family (NPS=98)
- Want reliable diagnostic services
- Want to pay with insurance.
- Value the follow-up and free virtual care we provide.
Market
It's big.
40+ billion dollars BIG.
—
Healthcare remains one of the final
frontiers for innovation and improvement in Africa
—
Competition
First-mover Advantage and a Killer Team.
TIBU Health is the first to establish collocated Minute Clinics within pharmacies.
TIBU Health is equally the first healthcare operator in East Africa to offer a truly hybrid healthcare offering, including memberships for outpatient care.
We do, however, have competitors in specific fields, namely, virtual care, diagnostics, outpatient clinics, etc. The diagram below shows who our competitors are and how TIBU Health stacks-up.
Funding
Blue Chip Investors
We have raised over $2.5M from some of the world's most sophisticated venture capital firms.
Google
Toyota Tsusho (through Africa CVC arm - CFAO)
Boost VC (Adam Draper, 4th gen VC)
Novamed
Netcare (Public)
Bluehaven Initiative (Pritzker Family Office)
Founders Factory
Kepple Africa Ventures
An amazing group of angel investors.
Last but not least, 141 Republic Investors!
