Healthcare Consulting in India

 

Healthcare consulting is the process of sharing expertise, giving advice, and guiding healthcare organizations to make business decisions that promote growth and benefit their customers and patients. Healthcare consultants are experts in the industry they have the necessary education and background on healthcare laws, regulations, and policies to effectively help medical organizations and hospitals run their businesses efficiently and effectively.

In fact, healthcare consulting was ranked among the top 100 careers by CNN Money due to its excellent pay, healthy growth, and job satisfaction. ... While an undergraduate degree may qualify one for an entry-level position, a master's degree along with solid experience is likely required for senior-level roles

Provide insights and expertise regarding company decisions that directly impact customers, patients, and other external stakeholders Work with a wide range of healthcare organizations as well as hospitals Maintain strong job security healthcare organizations, pharmaceutical companies, government agencies, and hospitals will always need industry expertise and advice Make an good salary range Have 10-year job growth of over 18% Work in full or part-time positions for healthcare organizations, hospitals, or firms, or be self-employed

The Healthcare Industry in India mainly comprises of Hospitals, Medical Devices, Clinical Trials, Outsourcing, Telemedicine, Medical Tourism, Health Insurance and Medical Equipment. We all know that the industry is growing at a very faster pace, owing to its strengthening coverage, services and increasing expenditure by public as well as private players.

 This is a mainly because:

Growing incidence of lifestyle diseases.

Rising demand for affordable healthcare delivery systems due to the increasing healthcare costs.

Technological advancements.

The emergence of telemedicine.

Rapid health insurance penetration and government initiatives like e-health together with tax benefits and incentives are driving healthcare market in India.

Healthcare Industry Scenario: The Healthcare industry is expected to reach $372 Billion by the year 2020.

The hospital industry alone accounts for 80% out of the total healthcare Market, which is witnessing a huge demand from the global as well and domestic investors.

The hospital industry alone is expected to reach $132 Billion by the year 2023, from $ 61.8 billion in the year 2017; growing at a CAGR (Compound Annual Growth Rate) of 16-17%.

The Indian Medical Tourism market is expected to grow from its current size of $3 billion to $7-8 billion by 2020.

The diagnostics industry in India is currently valued at $4 bn. The share of organized sector is almost 25% in this segment (15% in labs and 10% in radiology).

The primary care industry is currently valued at $13 bn. The share of organized sector is practically negligible in this case.

Current Industry Trends in India

TELEMIDICINE: Major hospitals have adopted telemedicine services and entered into a number of PPPs. Telemedicine market in India is expected to rise at a CAGR of 20% during 2016-20, reaching $32 mn by 2020.

ARTIFICIAL INTELLIGENCE: AI for keeping health records & providing best possible treatment to patients at the right time.

MOBILE & WEARABLE DEVICES: India is emerging as a strong market for wearables, with approximately 2 million units sold in 2017, expected to reach 129 million units in 2030.

ROBOTIC SURGERIES: India's surgical robotics market is estimated to expand at a CAGR of 20% (2017-25) to hit the size of $350 mn by 2025.

 

Top-Line Healthcare Stats For India

Healthcare industry to reach $372 billion by 2022

4th largest medical device market in Asia

Public health spending to grow to 2.5% of the country’s GDP by 2025

The value of medical tourism is forecast to reach $9 billion and generate 40 million jobs by 2020

Over $200 billion to be spent on medical infrastructure by 2024

The hospital industry in India is expected to have a CAGR of 16-17%, reaching to $132.84 billion by 2022

The medical devices market is expected to reach $11 billion by 2022

Non-communicable diseases account for 7 out of the top 10 causes of deaths in India

70% of the population live in rural areas with access to less than 30% of the healthcare infrastructure

Growth drivers:

Infrastructure: $200 billion is expected to be spent on medical infrastructure by 2024

Demographics: Home-based care services to gain popularity as average life expectancy will cross 70 years by 2022

Medical tourism: Visas for international patients and attendants introduced to ease medical tourism

Rising disposable income: Growing middle-class and increased insurance penetration would lead to a steep rise in annual earnings of Indians

Health & wellness centres: 150,000 centres with a budget of $1.8 billion will make the healthcare system more accessible

Robotic process automation (rpa): RPA to improve the efficiency of healthcare workforce; reducing costs and creating value proposition

 

Road Ahead:

India is a land full of opportunities for players in the medical devices industry. India’s healthcare industry is one of the fastest growing sectors and it is expected to reach $372 billion by 2020.

The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of population.

Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep.

Indian healthcare sector is much diversified and is full of opportunities in every segment which includes providers, payers and medical technology.

With the increase in the competition, businesses are looking to explore for the latest dynamics and trends which will have positive impact on their business.

The hospital industry in India is forecasted to increase to Rs 8.6 trillion (US$ 132.84 billion) by FY22 from Rs 4 trillion (US$ 61.79 billion) in FY17 at a CAGR of 16-17 per cent.

The Government of India is planning to increase public health spending to 2.5 percent of the country GDP by 2025.

India’s competitive advantage also lies in the increased success rate of Indian companies in getting Abbreviated New Drug Application (ANDA) approvals.

India also offers vast opportunities in R&D as well as medical tourism.

To sum up, there are vast opportunities for investment in healthcare infrastructure in both urban and rural India.

Reasons to Invest in Indian Healthcare:

Increase in patients population, increasing lifestyle related health issues

Faster diagnosis leading to early treatment, awareness on preventive healthcare disorders

Affordable treatment costs

Thrust on medical tourism

Improving health insurance penetration

Increasing disposable income

Medical insurance and mandatory wellness checks by corporate houses

Government initiatives and focus on Public Private Partnership (PPP) models

Five Technology Trends in Healthcare

Taking care of health is furthermost important components in anyone’s life. In earlier days people limited themselves for doctor’s advice to keep a healthy lifestyle, but the technology is transforming everything. New trends in technology is helping to bridge the gaps in healthcare system between patients and healthcare professionals.

Thanks to the recent developments in medicine, healthcare IT have revolutionized the healthcare system which had a great impact in quality care.

Telemedicine is alternative to visiting hospitals and clinics. Telemedicine has enormous benefits, long queues and overcrowding of hospitals or clinics can be avoided. It also reduces the cost in healthcare. Patients can be monitored remotely most modern communication devices and can send the reports directly to the attending physician. 

  

Augmented Reality and Virtual Reality, most fascinating technologies to enter today’s healthcare market. Both of them are widely used in the entertainment industry. Actually both of them can be applied in healthcare sector to couple along with other treat modalities to manage health issues like dementia, post-traumatic stress disorder (PTSD), depression etc…

AI (Artificial Intelligence) is used in healthcare sector for accurate diagnosis. Al and deep learning helps in recommending correct which therapy and medications should be used.

Integrating Chat bots in website of healthcare institution will act as interface in communication between patients and health professionals. This helps in making appointments, scheduling procedures, to answer simple questions by the patients.

Healthcare Apps plays a key role in health care industry to remote health monitoring, appointment booking, sending and receiving investigation reports, communication channel or tool between healthcare professionals and patients.

Technology is widely used in healthcare industry for diagnosis, to perform surgical procedures, monitoring patients in intensive care units, for preventing many life threatening illness, managing cortical conditions. In a nut shell, technology is going hand in hand with the healthcare system, to ensure comprehensive and quality care.

Trends in Medical Monitoring devices and Wearable Health Technology

Second decade of 21^st century had witnessed a dramatic innovations in medical monitoring devices and wearable health technology. Thanks to the wearable health technology today one can monitor their health condition to a great extent. These monitoring devices can record pulse, temperature, blood pressure etc… Moreover these devices will be more helpful who are under treatment for some acute or chronic disease condition. Today someone can order the devices thanks to the well advanced system in E-Commerce platform or ‘n’ number of   online shopping portals. In addition to that, there are devices which is affordable to the common man.

Let’s see the common medical and health monitoring devices. 

Wearable Fitness Trackers

These are the simplest form of wearable health monitoring devices, which are equipped with sensors and this will track user’s physical health status and heart rate.

Wearable Fitness Tracker

Smart Health Watches

Once only used to count steps and tell time, smart watches have now transformed into clinically viable healthcare tools. Apple launched the Apple Heart Study app in 2017 to monitor users' heart rhythms and alert those who are experiencing atrial fibrillation.

Smart Health Watch

Wearable ECG Monitors

Wearable ECG monitors are on the cutting edge of consumer electronics, and what sets these monitors apart from some smart watches, is their ability to measure electrocardiograms, or ECGs. Business Insider recently reported on Withings winning best wearable at the 2019 Consumer Electronics Show with their Move ECG product.

Wearable ECG Monitor

The Move ECG is able to measure an electrocardiogram and send the reading to the user's doctor, as well as detect atrial fibrillation. It's also able to track pace, distance, and elevation, as well as automatic tracking for walking, running, swimming, and biking.

Wearable Blood Pressure Monitors

Omron Healthcare launched HeartGuide in 2019, the first wearable blood pressure monitor. Though it might look like a typical smart watch, HeartGuide is a blood pressure monitor that can measure blood pressure and daily activity - like steps taken, distance travelled, and calories burned.

Wearable Blood Pressure Monitor

   

How technology is transforming healthcare industry in the world

Technology plays a major role in providing state-of-the-art healthcare to the people around the world. Technology is applied in the healthcare services of developed, developing and underdeveloped nations throughout the world. There will be always a questions how the technology is accessible to developed and underdeveloped parts of the world. In this case voluntary organizations like WHO, UNICEF helps with funding and major corporates aid the healthcare with most modern investigation machines like Magnetic Resonance Scan, PET scan equipment.

Let’s see how the technology is renovating the healthcare delivery.

Healthcare Information System: Healthcare Information system brought a profound changes in healthcare delivery system. It helped the healthcare professionals in accurate diagnosis of a disease condition, to outline the exact treat modalities, analysis the treatment regime etc… One of the major advantages of healthcare information system is that the data can be stored digitally, data transfer across the various specialties became very easy. Moreover, the cost of healthcare can be reduced. Improved the quality of healthcare and healthcare data analysis made simple.

Robotics: Robots plays a prominent role in performing a complex surgery like organ transplantation. Robots can be helpful in suturing a blood vessel and to make an accurate incision. Robot prototypes were made in Kerala to check the people under hospital quarantine, to dispense medication and food etc… In Japan robots were in place to monitor patients in ICU, to check temperature and other vital signs, where there less number of healthcare professionals and lack of personal protective equipments.

Investigation Equipment: Investigation equipments were a real blessing in healthcare setting. In older days health professionals had to rely on clinical symptoms to diagnose a disease. Nowadays, investigation procedure is made simple. These equipments brought a dramatic changes in the cancer diagnosis, to rule out any congenital anomalies and so on.

Mobile Apps:  These days most of the people owns a mobile phone and they have access to internet, thanks to JIO in India. By installing a healthcare mobile application in their mobile device, they can store the health information, investigation reports, to schedule a doctor appointment, order their medication, progress of their health condition etc… These mobile apps were very helpful during the outbreak of COVID-19 Pandemic. It was very useful in Remote Health Monitoring. Communication between healthcare professional and patients made easy with healthcare apps.

Each and every day new inventions is happening in the field of healthcare industry. Whole world is now focusing on developing a vaccine for COVID-19. Let’s hope for the best. 

The Advantages of Mobile App for Healthcare Industry

A dull and monotonous waiting hall, the long queues, desperation to get inside the doctor’s chamber, gloomy faces of ailing patients; this is the picture one would imagine maybe a decade ago while paying a visit to a hospital.

However, in the recent times, the scenario has drastically changed and most of this credit goes to the mobile development industry for introducing the booming healthcare apps. We can put it like this that the healthcare apps have been the vital forerunner for transcending and reversing the condition of medical and healthcare industry.

1. Healthcare Apps a Boon for Doctors and Medical Staff

In the first instance, the healthcare apps have become a boon for the doctors, nurses and various other medical staff associated with the hospital. The apps help to update the doctors about the heath condition of their patients.

In fact, according to a stat, 93% of the doctors believe that healthcare apps can bring improvement in patient’s health and 80% of the physicians are using the mobile technology to deliver the patient care.

In fact even the prescription of the doctors have become digitalized, which means it can be accessed on your device. It helps them (medical professionals) to view all your reports through the app makes it easier to take quick and apt decisions in emergency cases. The information can be exchange within a wink of an eye.

The apps help to prepare a customized approach for treating each of the patients because every ailing person needs a special care.

2. HealthCare Apps are Blessing in Far Remote Areas

Today’s is era of internet and with Smartphones reaching to every nook and corner, people living in rural and far-flung areas can also expect to get best health services. The on-demand apps helps them to book appointment with doctors and buy medicines online without having to travel to the hospital.

In addition, they can also get information about important healthcare tips from time to time through push notifications.

3. The Benefits Patients Receive from the Healthcare Apps

The patients are the ones who receive the most benefits of the healthcare apps whether it is scheduling a quick appointment with the doctor, finding an appropriate specialist with hands on experience, viewing the medical test reports from labs online, purchase medicines and other products at affordable prices and so on.

Besides that they can also have a video chat with the doctor and discuss their health issues face to face after paying a reasonable fee. The users can maintain a healthy diet by consulting the dietitian and nutritionists online.

All these factors tend to enhance the engagement of patients more. Plus, they can also know which medicine has been prescribed for which disease and what its side effects are.

4. The Internet of Things Collaborating with Healthcare Apps

The Internet of Things or IoT is the buzzword today and this futuristic technology has rightly collaborated with the medical and healthcare apps to deliver out of the box results. According to a prediction, the IoT healthcare market is skyrocketing and will reach about $136.8 billion by 2021.

 There is no doubt that IoT is going to streamline the entire process. This driving technology has simplified the task of the healthcare professionals. They get to access all information and data on their smart devices as many of the advanced medical equipments are connected with the patient’s body to monitor the vital parameters.

Apart from that, the IoT combining with healthcare has also initiated much better way to manage the resources. The medical staff can check their large stock of goods easily and maintain it systematically. Moreover, it has become easier to follow the instructions from the doctor and also helps to curtail the cost of overall treatment for the patients.

5. The Emergence of New Business Models and Opportunities

Not that the healthcare apps have also shown their special focus on doctors and patients, but it also has provided new business models and opportunities. The medical staffs no more use outdated practices but instead mobile apps such as RefferalMD for making the referrals.

This is basically a cloud-based referral management system. They can also write the resourceful referrals, which in turn help the healthcare organizations to promote themselves through the upsurge in the patient information in digital form.

In the recent times, the circumference of the healthcare industry has expanded by leaps and bounds and become much diversified. People download healthcare apps for various purposes such as to reduce weight, women’s health and pregnancy care, elderly healthcare etc, which creates new vibrant opportunities in the process.

6. Reduces the Risks of Wrong Diagnosis

During the earlier days, we heard a lot of cases where the patients had to even endanger their lives due to an error in the diagnostic approach. But the healthcare apps have nullified all such possibilities that became life threatening for any patient.

Since the doctors receive an accurate report of the patient’s health condition, it helps them to prescribe the most accurate medicine with right dosage and chemical compositions. They can even store the patient’s notes with cloud facilities.

Even the medical staffs can keep the record of the patients in more precise manner and enter the essential data without committing any mistakes.

7. Reduction in Medical Bill and Expanses

One of the major advantages of the healthcare apps have been the reduction of medical bills and expanses. Skyrocketing bills and large medicinal expanses have always been the headache for people because the hospitals charge fee at their will.

However, since some of the tasks can be done through app, it will help in easing the burden off your pocket. Moreover, you can also choose the hospital according to your budget.

8. Easy Payment of Bills

Paying the medical expanses wasn’t that simple before the advent of healthcare apps. You don’t have to stand in a queue to pay the bill; but the app is facilitated with a highly secured payment gateway integration allowing users to pay the amount promptly.

In fact, you can also pay your bill timely and choose a payment plan accordingly. In case, you forget to make the payment, you receive a notification as reminder to do the necessary.

There are other payment options as such as paying through debit or credit card or using the internet banking besides the mobile wallet app.

9. You Monitor Your Health Personally

The healthcare app has rich features that allow the patients or people to monitor their health own a personal level. You can check the important heath initials such as measuring the weight, blood sugar level. Blood pressure, heath beat, cholesterol level etc. to take timely action if it increases or decreases.

10. Establishing Brand Value of Business

You can increase the branding of your business by taking as many users on the board through various possible ways. You can also enhance the customer base via push notifications and rewarding the loyal users.

 Wrapping the Discussion

The healthcare apps have become the need of the hour because it has simplified the lives of the people to large extent. The complex tasks can be executed with ease and difficult decisions have become straightforward.

You get a myriad of features with a plethora of options under each section. You just need to tap at the right place to get the exact piece of information. All are benefited; the patients, the doctors, the medical staff, and the hospital administrators etc. It has also reduced the cost of treatment and enhanced the brand value of the business.

Benefits Telemedicine Facility in Healthcare Industry.

Telemedicine was implemented in healthcare industry in the middle of last century. In those days telemedicine was used in communication between patients in rural or remote centre to the specialist somewhere else. There was much development happened in telemedicine industry until the internet was discovered.

The rise of internet brought profound changes in the practice of Telemedicine. Telemedicine is a real blessing to bring to developing and underdeveloped countries where accessible to healthcare facility is a major concern.

Benefits of Telemedicine are as follows.

Less time away from work: Unlike the hospital setting, patient don’t have to wait for long queue

Less travel expense and time saving: Patient can be monitored in home, other short time healthcare facility or in a hospice with the help of monitoring device with have audio and video facility.

Privacy: It’s one of the major concern of many patients who have to share the ward with other patients.

Nosocomial or infections related to hospital can be avoided: Nosocomial infection is a major threat to the patients, mainly elderly. Respiratory tract infections can be very contagious.

Improved efficiency: Patient’s get individual attention with telemedicine, so there is more chance for improved efficiency.

Better patient follow up and improved healthcare outcome: Lots of studies shows that better patient follow up can be ensured with Telemedicine. Since the data is stored digitally analysis can be easily done, which will help in providing better healthcare for the patients.