ShopOkoa Health Financing Digital Platform.
A Mobile app providing affordable health financing for low-income communities.
The specific problem we are trying to solve is the lack of access to affordable healthcare financing for low-income communities. This issue affects millions of people globally and locally, who struggle to afford necessary medical treatment, leading to delayed or lack of care, and worsening health outcomes. This is often due to limited financial resources and a lack of insurance coverage. Additionally, many low-income communities may also face systemic barriers such as language and cultural barriers that make it difficult to navigate the healthcare system. According to a report from the Commonwealth Fund, in 2020, an estimated 34 million people in the United States alone were uninsured. Furthermore, the World Health Organization estimates that around 100 million people are pushed into extreme poverty each year because of health expenses. Our mobile app aims to address this issue by providing a user-friendly platform that connects individuals in low-income communities with affordable health financing options, helping them access the care they need.
Our mobile app, ShopOkoa, is a solution for low-income communities who struggle to afford the cost of medical treatment. Our app provides affordable health financing options to those who need it most. The app connects users with a variety of financial assistance programs and community resources, making it easy to find the help they need.
The way it works is simple, users download the app, create an account and then they can start searching for the financial assistance they need. Our app uses a proprietary algorithm to determine the user's creditworthiness and provides instant approval, so they can get the help they need right away. The app also uses a user-friendly interface that makes it easy for users to navigate and find the information they need.
We use various technology and processes to make sure that our app is secure and accurate, this includes data encryption, secure servers and regular updates to our algorithm to ensure that it remains accurate. We also work with a network of financial institutions and non-profit organizations to provide users with a wide range of financial assistance options, including loans, grants, and subsidies.
Our target population is low-income individuals and families who struggle to afford the cost of medical treatment. These people are often living in poverty and lack access to affordable healthcare, which can lead to delayed or forgone medical treatment, increased medical debt, and even financial ruin. They are currently underserved in the following ways:
Inadequate government funding for healthcare: Low-income individuals and families often rely on government-funded programs for healthcare, but these programs can be underfunded and difficult to navigate.
High levels of poverty: Low-income individuals and families often struggle to make ends meet, and the cost of medical treatment can be a significant burden.
Lack of affordable insurance options: Many low-income individuals and families can't afford private health insurance and don't qualify for government-funded programs.
Our solution addresses these needs by providing a mobile app that connects users with a variety of financial assistance programs and community resources. The app makes it easy for users to find the help they need, whether it's a government-funded program, a community resource, or a private financial assistance program. The app also provides educational resources and tools to help users better understand and manage their medical expenses, and a proprietary algorithm to determine creditworthiness and provide instant approval. By improving access to healthcare financing, we're not only improving people's physical health, but also their financial well-being.
Our team brings a unique set of skills, background, and experiences that uniquely position us to deliver our solution and solve the problem of lack of access to affordable healthcare financing for low-income communities.
Our team includes individuals with a background in healthcare and finance, as well as experts in technology and user experience. Our team members have experience working with low-income communities, either through their professional or personal experiences.
Our team's life, volunteer, and work experiences have helped us understand the experiences of those we serve. For example, a member of our team has worked as a healthcare provider in low-income communities, providing medical treatment to individuals and families struggling to afford the cost of care. This experience has given them a deep understanding of the challenges that low-income individuals and families face when trying to access healthcare and the impact it has on their lives.
Another team member has a background in finance and has worked with low-income individuals and families to help them access financial assistance programs and manage their medical expenses. They have helped many people navigate the complex healthcare system and understand the financial assistance programs available to them.
Additionally, our team is representative of those we serve. Many of us come from low-income communities and have first-hand experience with the challenges of accessing affordable healthcare financing. Our team understands the cultural and linguistic needs of different communities and we strive to ensure our app is inclusive and accessible to a
We have conducted research with potential users to understand their experiences and needs when it comes to accessing affordable healthcare financing. This research includes:
Surveys: We have conducted online and in-person surveys to gather information about the experiences of low-income individuals and families when trying to access affordable healthcare financing.
Interviews: We have also conducted in-depth interviews with low-income individuals and families to gather more detailed information about their experiences and challenges when trying to access affordable healthcare financing.
Focus groups: We have organized focus groups with low-income individuals and families to discuss specific issues related to affordable healthcare financing and gather feedback on potential solutions.
Furthermore, we have also engaged with existing organizations that provide financing and services to low-income communities. We have worked with community health clinics, financial assistance programs, and other organizations that serve low-income communities to understand the current landscape of healthcare financing options and identify potential partners and collaborators.
Finally, we have engaged potential users in the design and development of our solution. We have conducted user testing throughout the development process to ensure that the app is user-friendly and meets the needs of those it is intended to serve. We have also solicited feedback from potential users on the app's design and functionality to ensure that it addresses their needs and provides the information and resources they need to access affordable healthcare financing.
By conducting research with potential users, working with existing organizations, and engaging potential users in the design and development process, we have been able to create a solution that addresses the needs of the target population, and meets the standards and requirements of the stakeholders.
- Improving healthcare access and health outcomes; and reducing and ultimately eliminating health disparities (Health)
- Growth: An organization with an established product, service, or business model rolled out in at least one community, which is poised for further growth
ShopOkoa has partnered with a variety of organizations to help us reach and serve our target population. Some examples of the organizations we have worked with include:
Pedecose Community-based organizations (CBO) that provide healthcare and other services to low-income communities. We have partnered with Pedecose to help us understand the unique needs of the communities we serve and to create products and services that are tailored to meet those needs. https://pecodese.pendezaweavin...
Microfinance institutions (MFIs) that provide small loans to low-income individuals and families. We have partnered with MFIs to provide health financing products that are accessible and affordable for our target population.
Health insurance companies: By collaborating with these organizations, we've been able to create new health insurance products that are specifically designed for low-income communities, providing access to health insurance coverage at an affordable rate.https://kenbright.co.ke/
Local and international NGOs, specifically those working on the field of healthcare and poverty alleviation. This collaboration has helped us to leverage their resources, networks, and expertise to reach more people and scale our impact.https://www.makingmorehealth.o...
Government organizations and international organizations working on healthcare and poverty alleviation. By partnering with them, we were able to leverage their resources, networks, and expertise to reach more people and scale our impact.https://nhifcare.co.ke/landing...
In order to work with these organizations effectively, we establish clear lines of communication, set shared goals and objectives, and identify specific areas of collaboration. We also ensure that our products and services are aligned with the needs of the communities we are serving and that we are providing real value to our partners in terms of financial sustainability and impact.
Our mobile app provides affordable health financing for low-income communities, allowing them to access necessary medical treatments and services that they may not otherwise be able to afford. This can have a significant impact on the health and well-being of these communities, as they will no longer have to forego necessary medical care due to financial constraints.
Our key customers are low-income individuals and families who need access to affordable health financing. Our beneficiaries are the communities these individuals and families belong to, as their improved health and access to medical care can have a positive impact on the overall health and well-being of the community.
We provide a variety of health financing options, including loans, grants, and crowdfunding campaigns. These options can be used to cover the costs of medical treatments, procedures, and services.
We provide these products and services through our mobile app, which is easy to use and accessible to anyone with a smartphone. Users can apply for financing, track their application status, and manage their loans or grants all through the app. Additionally, we work closely with local healthcare providers to ensure that our financing options are tailored to the specific needs of the community and that our customers have access to the medical care they need.
Our path to financial sustainability would involve a combination of revenue streams and cost management strategies.
One key revenue stream would be the interest and fees charged on loans provided through the app. This would allow us to generate income while still providing affordable financing options to our customers. Additionally, we could explore partnerships and sponsorships with healthcare providers, insurers, and other organizations that share our mission of improving access to healthcare for low-income communities.
In terms of cost management, we would focus on keeping our operational costs as low as possible through efficient use of technology, a lean team, and strategic partnerships. Additionally, we would work to continuously improve our underwriting process to minimize defaults and losses.
We would also seek out grants and other forms of funding from impact investors, foundations and government programs that support our mission and vision.
By effectively utilizing these revenue streams and cost management strategies, we believe we can achieve financial sustainability while still fulfilling our mission of improving access to healthcare for low-income communities.
Other strategies that we need to enforce include;
Diversify funding: We will seek out a variety of funding sources, such as grants, loans, and investments to ensure that we have multiple streams of revenue. This will help to mitigate risk and increase financial stability.
Monitor Performance: We will closely monitor the performance of our loans and grants and ensure that we are maintaining a low default rate. This will help us to maintain a good reputation and attract more customers, which in turn will help us to generate more revenue.
Scale: We will look for ways to scale our business and reach more customers. This could include expanding to new markets, developing new products and services, or partnering with other organizations to reach new customers.
By implementing these strategies, we can work towards achieving financial sustainability for our mobile app and continue to provide affordable health financing to low-income communities.
Founder and CEO-Dukatech Solutions Limited Company, Fellow of the Leaders in Innovation Fellowship UK, Student Actuary.