The person who is talking about above is mechanical engineer Girish Rao. He started Vidal Health in 2002 in Bangalore. Vidal Health provides Third Party Administration (TPA) services in the healthcare space. Shankar Bali, a telecom and fintech professional, joined him as joint managing director. According to the news published in Your Story, today Vidal Health manages a premium portfolio of Rs 3000 crores.
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Jeff Bezos was becoming a champion on the Internet, got inspiration from him
Girish started a business to help Non-Resident Indians (NRIs) with health services for their aged parents living in India. He says, “NRIs living in the US had problems taking care of their parents living in their home (India). They could not travel often between the two countries. At the time, Jeff Bezos was on the Internet. Becoming a champion. Inspired by him, I launched a service portal for NRIs and their parents.” Girish tried many models to create an NRI database. These ranged from working with banks to acquiring a company that physically posted emails from NRIs without internet access to their elderly parents.
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All the money invested in the business was sunk
Girish’s business did not take off and between 2000-2002, Girish lost the funds he had invested. Despite this, however, he realized that the network of hospitals he had built in major Indian cities could come in handy when the government was opening up health insurance to the private sector. He says, “In 2001, there was a white paper explaining how private organizations could exist in this space. Looking at the document, I felt that I had already tried to create such an organization. A network has been created for this. In 2002, I applied and got the license.”
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Liberalization and increasing popularity of the Internet increased business
The liberalization of the insurance sector in India in the late 90s and the increasing popularity of the Internet accelerated Girish Rao’s entrepreneurial journey. Girish, who aimed to challenge the status quo and solve complex problems, told YourStory, “At that time, the Indian insurance sector was opened up to private organizations. I got a license and provided health insurance policyholders in India and abroad with great benefits. Vidal Health started with the mission of providing quality TPA services.
Vidal works in more than 800 locations
Currently, Vidal – one of India’s top healthcare management companies – operates in over 800 locations in India and partners with over 10,000 service providers, including hospitals, diagnostics labs and physicians. Girish claims that Vidal settles more than one million claims and eight lakh pre-authorization requests every year. It even handles a premium portfolio of Rs 3,000 crore in health insurance. However, for Girish, the failure of his first venture sowed the seeds of founding Vidal Health.
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