Arab News, Sun, Feb 11, 2024 | Shaban 1, 1445
Clinicy targets sevenfold expansion after securing $5m in funding
Saudi Arabia’s entrepreneurial landscape is bustling with innovation, as
startups across the Kingdom are leading a digital revolution in various sectors.
Among these, the healthcare industry stands out as
a primary focus, with a significant influx of technology firms dedicated to
enhancing the sector’s efficiency and accessibility.
In an interview with Arab News, Prince Mohammed
Al-Faisal, CEO and co-founder of the Saudi-based healthtech startup Clinicy,
outlined the company’s ambitious goal to expand sevenfold by the end of 2024.
“We have just celebrated a significant milestone,
having now served 1 million patients and managed more than 700,000 appointments.
Currently, our market share is at around 1 percent, but in 2024 we want to
expand our presence and capture 7 percent by the close of the year. We have a
strong core customer base and an exciting pipeline of opportunities,” Al-Faisal
After successfully raising $5 million in a series
A funding round, the company has set its goals for complete expansion.
A healthy market
Al-Faisal highlighted the extensive opportunities
available in the Kingdom, noting that the company’s objectives are in harmony
with national initiatives.
“In line with Saudi Vision 2030 and in
collaboration with the Ministry of Health, we are bringing about digital reform
to the healthcare sector,” he said.
“One of the main goals that we are aligned with is
creating digital accessibility and efficiency of healthcare services. What we
have found is that there is a strong commitment at the governmental but also at
the institutional and even single clinic level, to drive positive outcomes for
patients,” added the CEO.
“Working together with these stakeholders, Clinicy
is taking incremental steps to transform the Kingdom’s healthcare. This
combination of innovation and collaboration is the key to success,” he stated.
Al-Faisal pointed out that Saudi Arabia is
undergoing a significant transformation across various sectors, with healthtech
being recognized as a key area of opportunity by both regional and international
investors. Highlighting the financial commitment to this vision, Al-Faisal
mentioned that SR214 billion ($57 billion) has been allocated for health and
social development in the 2024 budget.
“This allocation underscores the government’s
dedication to investing in the healthcare sector and underscores the importance
of innovative healthtech companies like Clinicy in supporting the sector’s
growth,” he explained.
Al-Faisal explained that Clinicy is strategically
positioned to tackle the challenges faced by Saudi Arabia’s healthcare sector,
which currently boasts a technology market valued at over SR7.2 billion – a
figure that continues to increase annually.
Clinicy’s proprietary platform encompasses a
comprehensive suite of products designed for medical institutions, including a
Software-as-a-Service Health Information System, Health Management Information
System, Revenue Cycle Management, and Client Relationship Management.
Additionally, Clinicy incorporates a thorough
invoicing process that fully adheres to Zakat, Tax and Customs Authority
Furthermore, Al-Faisal announced that his company
plans to expand its services in 2024 by introducing additional business to
customer offerings aimed at enhancing patient experiences.
Al-Faisal responded to inquiries about the
evolving challenges within the healthcare sector, notably reflecting on the
COVID-19 pandemic’s impact.
“One of the big learnings from this was the need
for digital services that could alleviate the pressures on the healthcare system
– our growth over the past few years has in many ways been driven by a renewed
commitment from healthcare providers to upgrade and adapt their technology,” he
Al-Faisal emphasized the importance of closely
collaborating with on-the-ground partners to deeply understand their needs and
identify solutions that can make a substantial difference in a healthcare
He remarked on the pivotal role of technology in
either simplifying or complicating operations, stressing that each update to the
Clinicy platform aims to introduce enhanced simplicity and deliver tangible
benefits for healthcare providers and their patients.
Al-Faisal pointed out that the Saudi healthcare
sector incurs losses exceeding SR3 billion annually due to missed appointments
and administrative inefficiencies.
“Clinicy directly reduces the high rates of
no-shows, with clinics who use our platform seeing an average 55 percent
reduction in missed appointments. Certain institutions have even seen an 85
percent drop in no-shows,” he added. On the administrative front, Clinicy aims
to lower communication barriers between providers and patients through
Al-Faisal noted that approximately 70 percent of
employee tasks, such as service reminders and updating appointment timings,
could be enhanced and automated.
Medical centers that have adopted Clinicy have
seen a reduction in the hours dedicated to manual administration by an average
of 40 percent, and in some instances, this reduction has reached 60 percent,
“One game-changing area is the synchronization of
data into unified systems and devices. From patient records to payments, data
can be used to understand macro-scale issues in healthcare administration, to
enabling individual, personalized experiences,” Al-Faisal explained.
“Currently, our main source of revenue is through
our subscription-based partnerships with medical institutions. In 2024, we will
diversify our revenue to provide more direct B2C services,” he stated.
The company claims to have reached gross
profitability and will achieve net profit by 2025 with the current focus being
“In 2024, we are concentrating on expanding our
rollout and acquisition in the Kingdom, as the domestic opportunity is vast,”
“In the longer term, as a technology provider
these tailored solutions could potentially benefit many millions in accessing
better healthcare options. Globally, healthcare remains out of reach for a lot
of the world’s population and I envision a time in the future where Clinicy is
supporting people on every continent,” he added.
Al-Faisal emphasized the importance of deeply
understanding customer needs as a cornerstone of Clinicy’s approach.
He acknowledged the constant emergence of new
trends and technologies in the healthcare sector. However, he highlighted that
his company’s distinctive advantage lies in its capacity to seamlessly integrate
these innovations into the daily operations of healthcare institutions.
“We already deploy a range of advanced artificial
intelligence and machine learning tools across Clinicy functions. It is clear
that there are many use cases for AI and ML and where appropriate, we will
continue to incorporate advancements into our proprietary platform,” he stated.
“One of the biggest challenges has been moving a
traditional offline model online. However, this is also one of the most
satisfying accomplishments,” Al-Faisal highlighted.
“We all understand how businesses like Amazon and
noon have transformed the way people shop online, and how our banking services
have migrated to mobiles. With Clinicy, we are providing something just as
transformational with enhanced technology for healthcare, from the institution
through to the individual patient,” he said.