Team: OneHealth+

School Affiliation: Wharton, Stanford, Washington University Olin Business School

Description:

Comprehensive and Innovative Blockchain-based healthcare financing and navigation solution

Problem:

More than one billion people in Africa lack health insurance, with coverage in many countries below 2%. This forces many individuals to rely on out-of-pocket payments for healthcare, often deterring them from seeking necessary care. In Ghana, healthcare access is particularly challenging due to the labor market structure, where 62% of all commercial enterprises are in the informal sector and account for 83% of the workforce as of 2023. This represents 35.8% ($84 billion) of Ghana’s GDP PPP levels. Irregular and unpredictable income makes it difficult for many to afford private health insurance, as consistent premium payments are often unfeasible. Consequently, a significant portion of the population depends on out-of-pocket payments for medical care.

For those unable to afford care at the time of illness, seeking treatment becomes a difficult choice. Many delay or forgo necessary care due to cost concerns, leading to delayed diagnoses, worsening health conditions, and preventable complications. This lack of financial security disproportionately impacts low-income individuals and rural communities, exacerbating existing health disparities. The absence of comprehensive social safety nets for informal workers further compounds the issue, leaving them vulnerable to unexpected medical expenses.

Without affordable and sustainable healthcare financing options, individuals often seek care only in dire situations, when conditions have already deteriorated. This results in higher long-term healthcare costs and an increased disease burden on both individuals and the healthcare system. Addressing this issue requires innovative, locally tailored solutions to ensure affordable and equitable healthcare access across Africa.

Solution:

OneHealth+ offers a comprehensive and innovative solution to Ghana and Africa’s healthcare accessibility challenges, particularly for individuals in the informal sector. Over the past two decades, mobile money systems like Kenya’s M-Pesa and Ghana’s MTN Mobile Money (MoMo) have revolutionized financial services for the unbanked, leveraging the widespread use of mobile phones. Building on this trend, OneHealth+ integrates a blockchain-based health credit system that enables individuals to save, manage, and use healthcare funds securely and transparently with a large network of approved healthcare providers.

The platform allows users to contribute to health savings accounts when funds are available, ensuring access to medical care even during periods of uncertain income. This eliminates the need for out-of-pocket payments at the point of care and promotes better financial planning. Additionally, OneHealth+ enables secure transfer and utilization of healthcare remittances from loved ones in the diaspora, ensuring funds are used exclusively for medical expenses. With Ghana receiving $4.6 billion in remittances in 2023, and 20-30% estimated to go toward healthcare, OneHealth+ enhances transparency by allowing senders to track and verify how their remittances are spent.

OneHealth+ also offers a flexible payment solution allowing employers to allocate health credits to employees instead of relying on unsustainable traditional insurance models. To enhance service delivery, OneHealth+ onboard healthcare providers such as hospitals, clinics, diagnostic centers, therapists, and ancillary services like spas and gyms, offering curated services for customers while streamlining the healthcare process. This makes healthcare more accessible, flexible, and transparent for individuals, families, and businesses.

Market:

We have identified three main target groups: informal sector workers needing solutions for planning and paying for healthcare, diasporans sending remittances for healthcare needs, and employers seeking alternatives to traditional health insurance. As of 2023, 83% of Ghana’s workforce was employed in the informal sector, expanding at an average annual rate of 3.7%, outpacing formal employment growth of 2.6%. Given Ghana’s predominantly agro-based economy, this trend is expected to persist, leaving many workers without access to traditional health insurance. At the same time, remittances to Ghana have consistently increased, rising from $4.29 billion (6.3% of GDP) in 2020 to $4.5 billion in 2021 and $4.7 billion in 2022, before experiencing a slight dip to $4.6 billion (6.1% of GDP) in 2023. Despite this fluctuation, remittances are expected to rebound, with approximately 20-30% of these funds also expected to be allocated to healthcare expenses. Additionally, a growing number of employers are dissatisfied with conventional health insurance models and are actively seeking alternative solutions, while small and medium-sized enterprises (SMEs) increasingly explore ways to provide healthcare benefits for their employees. These trends indicate a strong and expanding demand for innovative and flexible healthcare solutions tailored to these key market segments.

Competition:

Even though Ghana has other healthcare financing initiatives, such as Mutual Health Organizations, the National Health Insurance Scheme (NHIS), and private health insurance, none offer the flexibility and transparency that OneHealth+ provides. Traditional models face significant challenges, including low enrollment due to rising healthcare and operational costs.

OneHealth+ differentiates itself through a user-led technology-driven approach to healthcare financing that ensures transparency, flexibility, and accessibility, particularly for individuals in the informal sector. Unlike conventional health insurance plans that require fixed premium payments, often unsustainable for workers with irregular income. OneHealth+ leverages blockchain technology to provide a healthcredit system. This allows users to save at their own pace and utilize funds only when needed.

Another key differentiator is its accountability in healthcare remittances. Many individuals in the diaspora struggle to verify whether the funds they send for healthcare are used appropriately. OneHealth+ solves this by enabling direct contributions to a blockchain ledger-based dedicated health savings account for loved ones, ensuring that every dollar is spent exclusively on healthcare services.

Additionally, OneHealth+ offers a flexible alternative for employers seeking to support their workers’ healthcare needs. Unlike rigid employer-sponsored insurance plans, which can be too expensive for businesses employing informal or contract workers, OneHealth+ allows employers to allocate health credits, providing a cost-effective and adaptable solution.

Beyond financing, OneHealth+ ensures recipients receive the care they need by connecting them with healthcare partners and assigning a patient navigator to guide them through their healthcare journey, providing seamless access to quality care.

Value Creation:

OneHealth+ generates revenue by facilitating healthcare payments and access across four key channels: uninsured informal sector workers, diasporans funding healthcare for loved ones, employers purchasing health credits for employees, and discounts from healthcare providers benefiting from increased patient volume and payments. With 83% of Ghana’s workforce in the informal sector, OneHealth+ provides affordable, prepaid healthcare packages. If just 1% of the estimated 11 million informal workers enroll in a basic health package at an average cost of $10 per month, this segment alone could generate $13.2 million annually.

Similarly, Ghana received $4.6 billion in remittances in 2023, with an estimated 20-30% allocated to healthcare. If OneHealth+ captures just 0.5% of these remitted healthcare funds through direct health purchases, it would generate approximately $11.5 million annually in transaction fees and administrative charges, providing diasporans with a secure and transparent way to fund healthcare.
Employers also represent a significant revenue source, as many prefer purchasing flexible health credits over traditional insurance. If 5,000 SMEs enroll an average of 10 employees each, purchasing $500 worth of credits per employee annually, OneHealth+ would manage $25 million in healthcare funds, generating $2.5 million in revenue through transaction fees.

Healthcare providers contribute to revenue by paying a 10% transaction fee on facilitated funds. If OneHealth+ enables $20 million in healthcare payments annually, this would generate an additional $2 million. This analysis does not include potential returns from investment vehicles and scaling to similar African countries, further strengthening long-term sustainability.

The Team:

The OneHealth+ team comprises professionals with expertise in healthcare, technology, and business.

Chief Technology Officer Sandy Khaund specializes in blockchain applications and technology development. With experience at Microsoft and other Fortune 500 companies, he excels in strategic technology implementation. As a founder of multiple startups, he brings expertise in entrepreneurship and product development. He holds a B.S. in Engineering from Cornell University and an MBA from Wharton.

CEO Osei Boateng is a healthcare leader dedicated to expanding access to medical care in underserved communities. As the founder of OKB Hope Foundation, he has provided healthcare to over 10,000 individuals across 80+ rural communities. Recognized by CNN and EuroNews, he holds a B.S. in Human Biology and an MHA from Cornell University, along with an MBC from the University of Utah, excelling in healthcare strategy and business development.

Chief Medical Officer Dr. William Effah is a physician with extensive experience in the healthcare landscape in Ghana, public health, and global health initiatives. His work with the CDC strengthens OneHealth+’s healthcare delivery model. As a lecturer at Washington University, he bridges clinical expertise with education. He is pursuing an EMBA at Olin Business School.

Chief Operating Officer Joel Adu-Brimpong has expertise in health informatics honed at Cleveland Clinic. He holds an M.S. in Healthcare Informatics from the University of Michigan, and is pursuing an MBA at Stanford Business School. His expertise ensures that OneHealth+ remains patient-centered and technology-driven.

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