Portea records 30 per cent revenue jump this fiscal
Portea Medical, India’s largest outside of hospital consumer healthcare company has recorded 30% growth in revenue during this fiscal year and expanded from 22 to 34 cities in the last 2 months. The company is working towards increasing its presence to 50 and 100 cities by March 2022 and 2023, respectively. It recently secured a $7.7-million commitment from the United States International Development Finance Corporation (DFC).
Portea has experienced an increased demand for higher complexity services at home in recent times. The company managed 6854 critical care patients at home between Jan 2019 and July 2021, out of which only 7.51% of patients required re-hospitalization, a remarkable figure against the US average of 16%. Out of 1788 patients on respiratory device support, 48% were weaned off and out of 2815 tracheotomized patients, 20.1% were successfully de-cannulated.
Meena Ganesh, MD, Co-Founder and Chairperson, Portea Medical, said the pandemic brought about a huge change in the way the government and regulators look at home healthcare, offering a huge tailwind for our business. “Portea has been at the forefront in the battle against the pandemic as well as ensuring quality and consistency of care to other critical patients who need home management including long-term ventilator support, etc,” Ganesh said. “Not only does this help free beds in hospitals for those who need them but also makes care more personalized and cost effective. Our strategic vision for 2023 and beyond is to take our digital-first healthcare services to more people and cities apart from using automation and other technologies for better consumer-centric care.”
Portea is now set to take forward the experience gained through the years as well as lessons from the pandemic with a three-pronged approach: transform current business with digital adoption – patient experience and care team experience; rapid geographical expansion – technology led, scalable asset Lite and cost-effective model; and digital-led business – new digital-led offerings, hybrid IoT led delivery models, Data Analytics. The company is expecting a 3X increase in monthly patients, and 10x growth in subscription plan by March 2023.
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Portea has focused on leveraging technology to innovate and provide patient-centric solutions at all times particularly during the pandemic including complex hospital- based procedures such as advanced cancer care and dialysis at home. Through its technology driven services, the company is able to effectively cater to the out-of-hospital healthcare needs of people. The turnaround ushered in by home healthcare companies such as Portea can now help the Indian healthcare industry in overcoming several challenges that it faces at present. The company has catered to over 1 million patients in their home environment offering an extensive range of services for chronic diseases, elderly care, post-surgery care, diabetes management, chemotherapy at home, and other diseases or injuries requiring long-term care.