SINGAPORE-BASED healthtech startup DocDoc has secured a strategic partnership with insurance risk-control firm Kaitaiming Technology (KTM) to expand its reach into China.
The startup will be the exclusive supplier of "doctor-discovery" services to KTM and its affiliates for doctors in South-east Asia, Hong Kong and South Korea. KTM will integrate DocDoc’s doctor-discovery service into its insurance agent application, which will enable the startup to reach the policy-holders of China’s top insurance companies.
KTM helps insurers to manage and control claims risks, reduce claims costs and improve service efficiency and quality. It is backed by investors such as Sequoia Capital, Matrix Partners China, China Everbright Trust and Qianhai Reinsurance, and used by customers including Ping An and China Pacific Insurance Co.
DocDoc’s platform uses predictive analytics to find a best match between a doctor’s expertise and the policy-holder’s unique needs. The platform processes information collected about each doctor’s practice patterns in a procedure.
By matching patients to the right doctors, DocDoc hopes to significantly reduce medical care costs, medical complication and re-admission rates. It currently operates in eight countries with more than 23,000 doctors in its network.
DocDoc’s platform also includes telemedicine and digital third-party administrator services. In the case of the partnership with KTM, telemedicine services will not be available as cross-border telemedicine is not allowed by regulators. Patients in China will, however, be able to use the platform to virtually consult doctors overseas to help them decide whether there is a good match between them and the doctor.
Cole Sirucek, chief executive officer and co-founder of DocDoc, said: "China is the world’s most exciting insurance market. ... DocDoc’s AI-powered doctor-discovery service is ideally suited to serve China’s massive unmet need for consumers looking for high-quality, affordable care."
Wang Hui, founder and chairman of KTM, said: "Prior to this partnership, traditional medical services couldn’t meet many customer demands. But with this collaboration between us and DocDoc, we are embracing a new approach with ample opportunities."