Praava Health Raises $10.6M to Expand Healthcare Access in Bangladesh

Praava Health: Bridging the Healthcare Gap in Bangladesh

Sylvana Sinha, founder and chief executive officer of Praava Health, transitioned to healthcare entrepreneurship after a distinguished career in international law. This included advisory roles during Barack Obama’s 2008 presidential campaign and work with the World Bank in Afghanistan.

A Pivotal Moment

A personal experience in 2011, during a family wedding in Bangladesh, proved transformative. Sinha’s mother faced a near-fatal incident following surgery at a leading private hospital, revealing significant deficiencies in the healthcare system.

She observed that financial resources alone couldn't guarantee access to quality medical care within Bangladesh. This realization highlighted a critical need for improved healthcare options, despite the nation’s economic progress and growing middle class.

A substantial number of Bangladeshi citizens were, and continue to be, compelled to seek treatment abroad, resulting in billions of dollars leaving the country annually for healthcare services.

Praava Health's Growth and Funding

After relocating from the United States in 2015, Sinha began developing Praava Health. The company is now announcing a Series A Prime funding round, bringing its total funding to $10.6 million.

Since its service launch in 2018, Praava Health has experienced tripling growth annually, currently serving a patient base of 150,000 individuals. Notably, the company processed 75,000 COVID-19 tests internally in 2020.

Notable Investors

Praava’s investor network includes prominent figures such as:

• Retired United States Army General David H. Petraeus, also chairman of the KKR Global Institute and former director of the Central Intelligence Agency.
• Esther Dyson, Wellville executive founder.
• SBK Tech Ventures.
• Dr. Jeremy Lim, digital health advisor to Singapore’s Agency for Science, Technology and Research.
• Dr. Rushika Fernandopoulle, co-founder and CEO of Iora Health.
• Geoff Price, co-founder and chief operating officer of Oak Street Health.

Expanding Infrastructure

Currently, Praava Health operates a flagship medical center in Dhaka, the capital of Bangladesh, alongside a network of 40 smaller clinics throughout the city.

Future plans involve expanding the clinic network within Dhaka, followed by a strategic move into Chittagong, the country’s second-largest city.

The "Brick-and-Click" Model

Praava Health employs a combined “brick-and-click” approach, integrating physical clinics with online consultations. This allows the company to extend its reach to patients across the entire country.

Approximately 40% of Praava’s services are delivered virtually, encompassing telemedicine and an online pharmacy.

Addressing Healthcare Shortages

Bangladesh, despite being a rapidly growing economy, faces a significant shortage of healthcare professionals. The World Health Organization estimates a ratio of only 3 physicians and 1 nurse per 10,000 people.

A majority of these healthcare workers are concentrated in urban hospitals, while 70% of Bangladesh’s population resides in rural areas. Consequently, patients frequently endure lengthy travel for brief consultations.

Telemedicine plays a crucial role in helping patients determine whether a trip to a clinic is even necessary, according to Sinha.

Telemedicine Effectiveness

The company’s data indicates that over 80% of patient needs, particularly in primary care, can be effectively addressed through online consultations.

In the remaining 20% of cases, patients are directed to Praava’s clinics, which offer a comprehensive range of outpatient services, including imaging, lab diagnostics, and a pharmacy.

Provider-Patient Relationships

During the peak of the COVID-19 pandemic, around 90% of Praava’s consultations were conducted virtually. Clinic visits have since increased.

The majority of Praava’s physicians are full-time salaried employees, fostering a commitment to building strong, lasting provider-patient relationships. Appointments are typically scheduled for approximately 15 minutes.

Sinha emphasizes the enduring importance of the doctor-patient interaction, asserting that technology, while vital, cannot fully replace the human element in healthcare.

Pricing and Membership

Currently, most patients utilize a per-visit payment model, with pricing aligned with the market rate, positioned between Bangladesh’s public healthcare system and more expensive private hospitals.

Praava has also introduced membership plans offering unlimited access to services for a flat fee.

This model is relatively new in Bangladesh, where health insurance coverage is limited to approximately 1% of the population, primarily for hospitalization expenses.

Sinha describes this as an experiment in introducing value-based care to the region, anticipating increased adoption as health consciousness grows and corporations prioritize employee well-being.

Future Plans and Expansion

The new funding will be directed towards developing a “super app” to consolidate all of Praava’s digital services into a single mobile platform.

Additionally, the company intends to open 10 more healthcare centers in Dhaka before expanding its operations to Chittagong.

While Praava’s “brick-and-click” model has the potential to scale to other emerging markets, the company remains focused on Bangladesh for the foreseeable future.

“There are 170 million people to take care of first,” Sinha stated, underscoring the company’s commitment to serving the Bangladeshi population.

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