CAIRO: Saudi Arabia's entrepreneurial world is buzzing with innovation, with startups across the kingdom leading the digital revolution in various sectors.
Among them, the healthcare industry stands out as a major focus, with a large influx of technology companies dedicated to improving efficiency and accessibility in this sector.
Prince Mohammed Al Faisal, CEO and co-founder of Saudi-based health tech startup Clinyy, outlines the company's ambitious goal of expanding seven times by the end of 2024 in an interview with Arab News did.
“We have now reached a significant milestone, serving 1 million patients and managing over 700,000 appointments.Currently, our market share is approximately 1%, but by 2024 We hope to expand our presence in 2020 and capture 7% by the end of the year. We have a strong core customer base and a pipeline of exciting opportunities,” said Al Faisal.
After successfully raising $5 million in a Series A funding round, the company set its sights on full expansion.
healthy market
Mr. Al Faisal highlighted the wide range of opportunities available in the Kingdom and noted that the company's goals are aligned with national initiatives.
“In line with Saudi Vision 2030 and in collaboration with the Ministry of Health, we are bringing digital transformation to the healthcare sector,” he said.
“One of the main goals we are working towards is to create digital accessibility and efficiency in health services. What we have discovered is that in order to deliver positive outcomes for patients, governments as well as “There is strong commitment at the facility level and even at the single clinic level,” the CEO added.
“Together with these stakeholders, Clinicy is taking incremental steps to transform healthcare in the Kingdom. This combination of innovation and collaboration is the key to success,” he said.
Al Faisal noted that Saudi Arabia is undergoing significant transformation across various sectors, with healthtech being recognized as a key area of opportunity by both regional and international investors. Underscoring the financial commitment to this vision, Al Faisal said SR214 billion ($57 billion) has been allocated for health and social development in the 2024 budget.
“This allocation confirms the government’s commitment to investing in the healthcare sector and highlights the importance of innovative healthtech companies like Cliny in supporting the growth of this sector. '' he explained.
solve problems
Al Faisal explained that Clinici is strategically positioned to address the challenges facing Saudi Arabia's healthcare sector. The sector currently boasts a technology market worth over R7.2 billion, and this figure continues to grow every year.
Clinicy's unique platform includes a comprehensive suite of products designed for healthcare organizations, including Software-as-a-Service medical information systems, health management information systems, revenue cycle management, and client relationship management .
Additionally, Cliny incorporates a thorough billing process that is fully compliant with Zakat, tax and customs authority standards.
Additionally, Al Faisal announced that the company plans to expand its services in 2024 by introducing additional business in customer service aimed at improving patient experience.
Mr Al Faisal answered questions regarding the evolving challenges within the healthcare sector, particularly reflecting the impact of the COVID-19 pandemic.
In line with Saudi Vision 2030 and in collaboration with the Ministry of Health, we are bringing digital transformation to the healthcare sector.
Prince Mohammed Al Faisal, CEO and Co-Founder of Cliny
“One of the big learnings from this was the need for digital services that can reduce pressure on the healthcare system. Our growth over the past few years has been driven in many ways by technology upgrades by healthcare providers and Driven by a renewed commitment to adaptation,'' he explained.
Mr. Al Faisal emphasized the importance of working closely with partners in the field to deeply understand their needs and identify solutions that will make a difference in healthcare settings.
He noted the pivotal role of technology in simplifying or complicating operations, and noted that each update to the Clinicy platform introduces enhancements to simplification and delivers tangible benefits to healthcare providers and their patients. I emphasized that this is the purpose.
Al Faisal pointed out that Saudi Arabia's healthcare sector suffers annual losses of more than 3 billion riyals due to missed appointments and management inefficiencies.
“Clinicy directly reduces high no-show rates, with clinics using our platform seeing an average 55% reduction in missed appointments. Some institutions have seen an 85% reduction in no-shows. Even,” he added. On the administrative side, Clincy aims to lower communication barriers between healthcare providers and patients through cost-effective automation.
Al-Faisal said about 70% of employee tasks could be enhanced and automated, such as service reminders and appointment time updates.
Al Faisal said medical centers that have implemented Clinicy have reduced the time spent on manual administration by an average of 40%, and in some cases this reduction has reached 60%.
“One area of innovation is the synchronization of data into integrated systems and devices. From patient records to payments, data can be used to understand macroscale issues in healthcare management and create personalized experiences for individuals. We can make it happen,” Al Faisal explained.
business basics
“Currently, our main source of revenue is subscription-based partnerships with healthcare providers. In 2024, we plan to diversify our revenue and offer more direct B2C services,” he said.
The company is currently focused on expansion and claims to reach gross profit margins and achieve net profit by 2025.
“In 2024, we will focus on increasing our expansion and acquisitions in Saudi Arabia, as the domestic opportunities are huge,” Al Faisal said.
fast facts
Saudi Arabia is undergoing significant transformation in various sectors, and health tech is recognized as a key area of opportunity by both regional and international investors.
“In the long term, as a technology provider, these customized solutions could benefit millions of people in accessing better healthcare options. Globally, healthcare It remains out of reach for much of the world’s population, and I envision a future when Clinicy supports people on every continent,” he added.
Mr. Al Faisal emphasized the importance of a deep understanding of customer needs as the basis of Clinicy's approach.
He acknowledged that new trends and technologies are constantly emerging in the healthcare field. However, he emphasized that his company's distinct advantage lies in its ability to seamlessly integrate these innovations into the day-to-day operations of healthcare organizations.
“We are already deploying a range of advanced artificial intelligence and machine learning tools across our clinical departments. It is clear that there are many use cases for AI and ML, and as needed, we We will continue to incorporate advancements into our unique platform,” he said.
“One of the biggest challenges is moving the traditional offline model online. But this is also one of the most satisfying achievements,” Alfasal stressed.
“We all understand how companies like Amazon and Noon have transformed the way people shop online and how banking services have moved to mobile. “We are delivering innovations to patients as well, using enhanced technology for healthcare,” he said.
