WHAT ENTREPRENEURS AND DOCTORS NEED TO KNOW BEFORE THEY VENTURE INTO HOSPITAL BUSINESS?

LESSONS FOR THE POST-COVID ERA

Stepping into the Hospital Industry, especially in the “Post-COVID era” can be a conflicting idea. The industry is faced with conflicting cues ranging from the distinct dearth of healthcare infrastructure to shaky financial situations of most players who have chosen to step into healthcare delivery. The unending dance between high costs and stringent regulations makes it seem like there is little to no space for an entrepreneur or a physician to venture into the Business of Healthcare delivery.

However, we have tried to capture some broad themes that one could learn from the COVID era to improve chances of successful delivery and service standards.

ROLE OF TECHNOLOGY

From telemedicine to dealing with mental health, technology has the inherent power of improving the quality of healthcare for everyone in India. If understood well, and deployed with the awareness of the right cultural contexts, Technology can improve access and reduce long-term costs for a healthcare delivery organization. The healthcare sector represents a significant opportunity to leverage technology to improve critical processes that were some of the most significant challenges faced during the COVID crisis.

The rise of ‘contactless service' and video consultation was only considered when the industry was forced to look for alternative forms of healthcare delivery to reduce the risks associated with visiting the hospital. However, as a potential new entrant into this industry, it would be crucial to intertwine technology into every process rather than look at it only as an independent department or an extreme measure to be considered only at the time of a Pandemic. From reaching millions who are geographically spread across to providing a faster and more accurate diagnosis, managing operations, and facilitating a collaborative space for healthcare delivery, technology would help take healthcare into a high quality,

personalized and sustainable format.

GERIATRIC HEALTH

Over the past decade, the concept of nuclear families has been on the rise in India. Younger couples move into metro cities to pursue their careers while having to leave their parents to live on their own. Despite this shift, the idea of Assisted living or Nursing Homes has not seen significant adoption due to cultural barriers. This issue was highlighted during the pandemic when regular consultations or refills for prescribed medication felt like a death wish for most families with older or vulnerable members in their families. However, the fact is most hospitalassociated risks exist regardless of COVID for vulnerable populations. The advent of this issue gaining importance during the pandemic must be leveraged by newer organizations by designing and structuring systems that purposely undertake special measures and steps to ensure the safety of the elder population requiring healthcare services.

DECENTRALIZATION OF SERVICES

Like many other technology and service driven industries, the healthcare delivery industry has evolved from a highly decentralized structure (family physician, home visits) to a centralized one (facility-based) in pursuit of operational and capital efficiency along with improved patient experience by offering an ‘all services under one roof’ system.

However, in the last few decades, there has been a distinct rise in demand for decentralized services in the form of OPD clinics, home sample collection, and personalized wellness programs. Several primary and preventive care services are even being delivered in retail outlets (malls & airports). Making commonly required or basic healthcare services accessible is the need of the hour. With growing constraints of traffic, waiting times, and mismatched work schedules, easy access and convenient reach to the patient is the priority for choosing a healthcare provider.

There are far too many lessons and gaps that this Pandemic has taught existing healthcare providers. The ones highlighted above represent just a few of them and hopefully help potential new entrants prepare for a new era of healthcare delivery.

(Co-Authored by “Harini Murali Kaliyur- Associate Consultant at Medium Healthcare”)