Hospital Lab Management Techmed Growth Story
Dr. Raja Ramanan, a doctor by profession, holds more than a decade of experience. After completing his DNB in general surgery in 2007, he commenced operating at several hospitals around the city, where he noticed that gap in the healthcare market in which laboratory services in small and mid-size hospitals were either inadequate, untimely or of poor quality. The subsequent delay in treating and operating his patients had inspired him to
set up Techmed.
Dr. Raja has also shown excellent leadership during the tough times at Techmed and was instrumental in holding his team together which then came out unscathed. also a avid cricketer and has represented the U-19 Cricket Team of Tamil Nadu.
India has been witnessing a healthcare boom, with news from all around about addition of new healthcare facilities – diagnostic centers to large multi-specialty hospitals. The diagnostic industry per-se has been abuzz with private equities and venture capitalists pumping in funds to increase the share of the organized sector, which is roughly 30% of the Indian-diagnostic market size.
Techmed Healthcare has been a pioneering organization in the field of Hospital Laboratory Management, the country’s first of its kind. It was the brainchild of Dr. T. G. Raja Ramanan, a general surgeon who, while working in a multi-specialty hospital had experienced struggles in the form of inordinate delay and reliability in laboratory reports, went on to conceptualize the idea of providing end-to-end solution to a clinical lab in a hospital. From a single entity in 2008, Techmed has now grown to serve more than 40 healthcare institutions spread across 3 States – Tamil Nadu, Karnataka and Odisha. Dr. Wasim Mohideen, another physician, soon joined Dr. Raja to strengthen the whole idea and gave shape to his dreams, who is also on the board of Techmed as its Director.
- “We have built Techmed on 5 core values – Reliability, Innovation, Differentiation, Growth& Friendly” says Dr. Raja. The unique B2B2C business model of Techmedallows hospitals to join hands with it as the laboratory expertise partner. While hospitals continuefocusing on their core functions, Techmedoperates the laboratory in a professional, structured and profitable manner. The company operates the entire laboratory of a hospital by leveraging the equipment to its maximum and provides reports with remarkable turn-around-times, enabling the Doctors to take well-informed decisions. Techmed also manages the medico-legal abilities, which is crucial, given the noticeable trend towards evidence-based medicine.
Techmedhas been accredited by NABL and the labs produce thousands of uncompromised results every day, generated through some of the world’s most trusted and state-of-the art equipment & reagents, driven by a team of professionals. It further consolidates the precision and security by following universal lab procedures and protocols like barcoded tubes, running operations on a bi-directional platform, to name a few.
Some of the features unique to Techmed are, (i) the laboratory reports are authorized only by Doctors, and not by lab technicians (ii) To share knowledge and sensitize physicians &specialists about the various methods of testing available and guide them choose the right method for the patients to enable better diagnosis and plan treatments (iii) consultants receive direct alerts about the critical values and are recorded(iv) a dedicated 24×7 helpline to facilitate clinical discussions between consultants and reporting pathologists.
As part of its expansion plans, Techmed has been aggressive towards increasing its presence in West & Eastern parts of the country. “We have doubled our revenues from the previous fiscal and are poised to become a global company with Sri Lanka being our first international destination, likely to commence operations soon” says an enthusiastic Dr. Raja.
In the foreseeable future, Techmedwill focus towards creating its first laboratory, which could be India’s first fully-automated one, which will limit human intervention, except for some crucial segments. With such a vision and robust plans in place, Techmed is soon to attract its Series-C funding, expected in the last quarter of this fiscal.