The 5 major challenges that most Indian hospitals face
The Indian healthcare market as a whole is growing at a compounded annual growth rate (CAGR) of 22.9% during the last five years and is expected to touch US$ 280 billion by 2020. There is a requirement for an additional 600,000 to 700,000 beds in India over the next five to six years.
With such high growth rates and a population like India, it is seen as an attractive industry. However, with the level of complexity rising, running a private hospital in India is not easy. The senior management face a complex variety of challenges.
The 5 major challenges that most hospitals are facing in India today are:
• Grow Revenue- with a high number of players the hospitals need to differentiate better
• Maintain and Increase Margins- with increasing cost of service and litigation, it’s becoming challenging to increase margins
• Satisfy an increasingly informed patient- patients have a more complex query these days and hospitals need to constantly deal with them
• Strengthen physician engagement- with high competition hospitals have to find innovative ways to engage and maintain relationship with physicians
• Source skilled manpower- it’s important to maintain quality of service which depends directly on skilled manpower