Challenges
The Indian healthcare market as a whole is growing at a compounded annual growth rate (CAGR) of 22.9 percent during the last five years and is expected to touch US$ 280 billion by 2025. According to a recent study by the industry body Assocham, the Indian private hospitals’ segment is estimated to reach a level of US$ 125 billion by end of this year with a CAGR of 20%. There will be a requirement for an additional 600,000 to 700,000 beds in India over the next five to six years.
Some of the factors that are fuelling this growth include increased longevity, rising income levels and health awareness, increased incidence of lifestyle-related diseases, and improved penetration of both private and government-sponsored insurance coverage.
Apart from these positive points, Hospital faces major challenges :
1. How to increase the Brand Equity of hospitals (inturn revenue of hospitals).
2. How to maintain and increase margins by decreasing cost.
3. Decrease over dependencies on PRO, RMPs, Doctors (Referral network), etc…
4. How to satisfy increasingly demanding and informed patients
5. How to cater to the patients from remote areas
6. How to maintain the connectivity with patients after treatment
7. How to answer the patients’ questions 24*7
8. How to recruit skilled manpower
9. How to educate the patients without increasing the cost
10. How to Implement new technologies to increase the patient engagement
11. How to reduce cost of treatment to the patients
12. How to reduce the burden at the front office & at the same time answering all the queries of the patients & their relatives.
13. Telemedicine is still at the nascent stage how to implement to cater to the rural people (to bridge the gap between Patient/Doctor ratio)
14. Treatment of patients during the pandemics (like COVID 19)
15. How to increase the revenue from investigation services like tests and pharma.
16. How can patients connect to hospitals directly without any referrals.
17. How to make hospitals accessible to patients from other countries.
