Lab Diagnosis is a vital and inevitable part of a patient’s healing journey. Patients’ look at a diagnostic lab with hope of high quality and reliable services, but what they get in most cases are services with sub-optimal efficiency, unreliable quality with the extra discomfort of unnecessary testing, and high prices. To address this scenario, two young entrepreneurs, graduated from elite institutes established a company named as LabsAdvisor.
Incepted in the summer season of 2015, this Delhi based healthcare startup has witnessed challenges from even some large and heavily funded players. But with the sheer dedication, constant focus on search engine optimization, and adept content marketing strategies, the company has made significant inroads into the medical industry.
Absolute transparency, impeccable quality, great convenience, and honest pricing are the hallmark of LabsAdvisor’s services that even has earned it a reputation of trustworthy healthcare providers among the customers. They also offer discounts of up to 50%, without compromising on quality, which leads to a significant saving for the patients.
Witnessed an Astonishing Growth
The company has seen an exponential growth since its inception, and has proudly served over 35,000 customers so far. They have developed high quality content about medical tests through their English, and Hindi blogs, which attract 1, 20,000 unique visitors every month. With over 200 state-of-the-art labs across the prominent Indian metropolitan cities, it has achieved cult status, and is considered as one of the largest chains of radiology labs in the country. Over the last one & half years, it has also added B2B international business line, in which the company works with global healthcare firms, supporting them with their R&D, medical testing, and data related needs.
In B2B domestic, they have established strategic relationships with other players such as a doctor consultation platform, premium pharmacy chain to offer medical tests to their customers.
Employee headcount of 25, monthly turnover of 40 lakhs, more than 1,100 tests every month itself tell the success story of LabsAdvisor in this highly competitive healthcare vertical.
The Leading Lights of LabsAdvisor
It takes courage and a robust self-belief to transform an idea into reality. Ashish Bhatia, the CEO and Rahul Shukla, the COO has proved their business acumen with the success of LabsAdvisor.
Ashish is a graduate in Computer Science from IIT BHU, and earned his MBA from IIM Ahmedabad. He had over 11 years’ professional experience before starting LabsAdvisor. He has been the driving force to build the company’s content-driven digital marketing, and search engine optimization (SEO) services. His expertise in this space has allowed this venture to grow consistently, despite maintaining, and later reducing marketing spends, and still increase revenue. His meticulous attention on digital marketing has allowed LabsAdvisor to be among top players in health tech and for the majority of tests, ensure first page Google search results listing.
Rahul completed his bachelor’s degree from IIT Delhi, and then did his MBA from INSEAD in France. He has over 14 years’ professional experience spanning across India, USA and Europe. This dynamic COO has developed the opportunity of B2B international business, developed this into a strong line of business that generated more margin income than the core business, and also succeeded in increasing the scope of services offered. He has also been reaching out to many other potential clients to further develop international B2B business. Moreover, he has added corporate clients in domestic market to bring differentiation, and also stability to cash flow.
Cutting-Edge Offerings in Present Times
B2C– Digital marketing: They have expertise in digital marketing and search engine optimization (SEO), and this has led them to grow consistently and reduce customer acquisition cost. Angel funding rounds have allowed them a reasonable marketing budget, and they have achieved significant growth because of this budget on the back of smart, content-driven digital marketing. Their Hindi and English blog viewership has been in the range of over 120,000 unique users per month which is a remarkable feat in their journey so far.
B2B – Portfolio of Global Clients: The organization has set up a strong foundation working with a couple of international healthcare firms. LabsAdvisor supports their testing, and health data needs, including sourcing of patients, conducting medical tests, and supplying scans. LabsAdvisor is also supporting their clients in clinical trial and pre-clinical trial studies. This business line offers them high margin revenue, and stability to cash flow.
They have also developed a small, but growing network of affiliates with over 80 already signed up. The company has tied up with many stakeholders of the healthcare industry such as chemists, homeopathy doctors, alternative medicine practitioners, and physiotherapists to promote diagnostic tests offered by LabsAdvisor. This is to complement LabsAdvisor’s strength in digital marketing, and build a robust offline presence to further differentiate from its competitors.
B2C– Radiology Brand: The Company intends to become a radiology brand serving across the country in the near future. They would like to develop this as an asset light business, in a co-branding arrangement with selected partner labs of their network. This will give them greater control on lab operations to standardize service level, and introduce many innovative measures to improve capacity utilization and customer experience.
B2B– Big Data and AI Related Services: LabsAdvisor aims to develop capability in big data, and artificial intelligence, working with global healthcare firms. “As we gain adequate experience in this field and set up a stable core business generating healthy cash flow, we will develop more risky, AI-driven services and products for Indian and international markets,” concluded the COO. “As we progress further, our strength in technology will hold us in good stead to drive this transformation in the healthcare industry.”