Nigeria - Business creation project

Describe your project or startup in a few words

Your health shouldn't depend on your bank balance. With HealthBridge, access vital services like consultations, admissions, lab tests, and medications now, and pay later in easy, affordable instalments. Get the care you need without financial stress.

01.01 Describe your project in more detail

HealthBridge is an innovative healthcare financing solution designed to make essential medical services accessible and affordable. Recognizing that financial constraints often prevent individuals from seeking necessary healthcare, HealthBridge allows users to access vital services such as consultations, hospital admissions, lab tests, and medications without the burden of upfront costs. Instead, users can pay for these services in small, manageable instalments over time. This approach helps alleviate the financial stress associated with healthcare expenses, ensuring that individuals do not have to forgo medical treatment due to lack of immediate funds. By bridging the gap between the need for timely healthcare and the ability to pay, HealthBridge promotes better health outcomes and financial stability. It aims to reduce the reliance on out-of-pocket expenses, which can deplete personal savings and lead to financial hardship.

01.02 What is the main problem you are trying to solve?

The main problem being addressed is the significant healthcare funding gap in Africa, as highlighted by the United Nations Economic Commission for Africa (UNECA) in their 2019 report, "Healthcare and Economic Growth in Africa." This report identifies a $66 billion USD shortfall in healthcare funding across the continent, with Nigeria alone needing 32% of this amount. The primary issue is that healthcare in Africa is predominantly financed through out-of-pocket expenses (36%) and domestic resources (35%), which places an unsustainable burden on households and depletes personal disposable incomes. Consequently, many Africans are unable to afford institutional healthcare and are compelled to resort to alternative, often unsafe, healthcare options. This not only jeopardizes their health but also exacerbates economic instability and social inequality across the region. Addressing this funding gap is crucial to ensuring accessible, affordable, and safe healthcare for all Africans.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

Financial Accessibility: HealthBridge enables individuals to access essential healthcare services without large upfront payments. By allowing users to pay in small, manageable instalments, it ensures that financial constraints do not prevent people from receiving necessary medical care. Reduced Financial Stress: By spreading out the cost of healthcare over time, HealthBridge reduces the financial burden on households. This prevents the depletion of savings and reduces the economic strain associated with sudden medical expenses, promoting overall financial well-being. Improved Health Outcomes: HealthBridge encourages timely medical interventions by removing financial barriers to accessing healthcare. This leads to earlier diagnosis and treatment of health issues, improving patient outcomes and potentially reducing the need for more expensive emergency care in the future.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

HealthBridge is designed to serve individuals and families facing financial barriers to accessing essential healthcare. The targeted beneficiaries include: Low and Middle-Income Individuals: People with limited financial resources who struggle to afford upfront healthcare costs, ensuring they can access necessary medical services without immediate financial burden. Uninsured or Underinsured Populations: Those lacking adequate health insurance coverage and at risk of high out-of-pocket expenses, offering them a manageable way to pay for healthcare needs. Chronic Disease Patients: Individuals with chronic conditions requiring regular medical attention and medication, ensuring consistent treatment without financial disruption. Families with Dependents: Households with children, elderly parents, or other dependents requiring frequent medical care, easing their financial strain by budgeting healthcare expenses over time.

01.05 When did you start working on your project?

2024-05-31

01.06 How many other partners are associated with your business venture?

0

01.07 Among the other partners, how many are female?

0

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

N/A

01.09 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link here:

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

6

02.01.02 No poverty - Justification

HealthBridge contributes to the no-poverty goal by allowing people to access care without having to make a large payment. This will enable better financial planning and reduce the potential financial strain in what would otherwise be a large burden on household finances.

02.02.01 My project contributes to the Zero hunger goal

2

02.02.02 Zero hunger - Justification

02.03.01 My project contributes to the Good health and well-being goal

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

HealthBridge encourages timely medical interventions by removing financial barriers to accessing healthcare. This leads to earlier diagnosis and treatment of health issues, improving patient outcomes and potentially reducing the need for more expensive emergency care in the future.

02.04.01 My project contributes to the Quality education goal

2

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

4

02.05.02 Gender equality - Justification

02.06.01 My project contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

4

02.08.02 Decent work and economic growth - Justification

02.09.01 My project contributes to the Industry innovation and infrastructure

3

02.09.02 Industry innovation and infrastructure - Justification

02.10.01 My project contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification

The health financing deficit is largely felt by the middle and low-income members of society, as high-income earners can access various medical services at private practices and via medical tourism. HealthBridge seeks to reduce inequalities by giving all members of society the ability to access a high level of care irrespective of their income bracket.

02.11.01 My project contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

2

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

2

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

2

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

2

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

2

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

4

02.17.02 Partnerships for the goal - Justification

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

5

05.02 The product/service we envision creating represents an entirely new type of product/service.

4

05.03 The product/service we envision creating could be described as a new technology.

4

05.04 The product/service we envision creating is an improvement on an existing product or service.

4

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

6

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services.

5

05.07 The product/service we envision creating is a new version of an old product/service.

4

05.08 Justification

Our project will be the first micro-loan service committed to the health and medical space.

05.09 Who are your main potential competitors and what makes you stand out from them?

Some of our main competitors will include Fairmoney, PalmPay and other micro-loan services. Our differentiator lies in the fact that we're focused on the health space and we will work directly with multiple health institutions and professionals. We will also be employing propriety AI technology, which will aggregate financial and health data to set loan limits, repayment schedules, etc.

10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?

I am co-founder of a Female health technology startup, where we ensure we have 90% female merchants from our local communities on our marketplace.