Bajaj Finserv Health Ltd., a wholly owned subsidiary of Bajaj Finserv Ltd., one of India’s leading and diversified financial services companies, announced the acquisition of 100% stake in Vidal Healthcare Services Private Limited (VHC).
Bajaj Finserv Health is a digital-first health tech company having an extensive network covering over 1,00,000 doctors, 5,500 lab touch points and 2,100 hospitals. The company is a wave 1 partner with Ayushman Bharat Digital Mission and a key player in facilitating healthcare transactions on the Unified Health Interface (UHI) network. Bajaj Finserv Health has also been awarded by the National Health Authority (NHA) for facilitating the highest number of tele-consultations on UHI in December 2023, according to the statement.
The acquisition of VHC significantly expands Bajaj Finserv’s capabilities in the healthcare space, empowering it to service consumer needs for hospitalization, one of the largest healthcare spends categories.
Vidal Healthcare (VHC) is among India’s largest healthcare administrators. VHC’s wholly owned subsidiary, Vidal Health Insurance TPA Pvt Ltd (VHITPA), services premium of over Rs. 5,000 crore, covering 130 million lives. VHITPA has significant presence in servicing Corporate Group policies, Retail Insurance as well as Government Health schemes. VHC’s international business provides Insurtech solutions and Knowledge Process Outsourcing (KPO) services to global insurance and health administrators.
The acquisition now enables Bajaj Finserv Health to offer OPD, wellness, as well as hospitalization benefits to customers, thereby providing continuum of care. The acquisition also helps Bajaj Finserv Health play a pivotal role in various healthcare initiatives of the government and the insurance regulator, as per the statement.
Devang Mody, Chief Executive Officer, Bajaj Finserv Health, said: “Vidal Health brings deep domain knowledge and vast experience in healthcare administration in India. This, combined with Bajaj Finserv Health’s superior digital experience and data management prowess, enables the company to be uniquely placed to lead healthcare transformation that is underway in India. The acquisition also underlines our relentless commitment to provide access to best-in-class medical care, thereby improving health outcomes.”
In order to ensure continuity of service for existing clients of VHC TPA, the present core management team will also continue.
Girish Rao, Chairman and Managing Director of Vidal Health said: “As health-tech changes the dynamics of healthcare administration in India, we are excited to be part of Bajaj Finserv as it enables us to bolster our technology capabilities and fuel quality focused expansion. This transaction underscores our commitment to staying at the forefront of the industry in providing innovative and flexible solutions to our customers. We look forward to this new chapter and the opportunities this transaction brings for both organisations and their people.”
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