A booming US$ 280 billion industry in India growing at a stupendous 22.9%, perhaps the third fastest after e-commerce followed by mobile telephony. Rising incomes, greater health awareness (per capital expenditure is now at about US$ 90/-), consolidation in public-private partnerships (PPP), huge improvement in access to insurance and increase occurrence of lifestyle diseases have been key drivers. Telemedicine is a US$ 7.5 million sub-segment already and growing at 20%. Private sector accounts for over 74% of healthcare expenditure. Medical tourism is a US$ 10 million opportunity advent in India today and growing by leaps and bounds.
By 2025, Indian population will reach 1.4 billion with about 45% constituting urban adult (15 years+). To cater to this demographic change, the healthcare sector will have to be about $100 billion in size contributing nearly 8 to 10% of the then GDP.
The opportunity for digitalization in this industry encompasses practically, all touch-points across both supply, channel and end-demand as the scope in itself is gargantuan in potential.
- 1. Over US$ 90.4 billion overall expenditure in healthcare as yet, unable to impact semi-urban, semi-rural and rural regions, pan India, as much as capital cities of far-flung states in the far-east (source: CII-McKinsey).
- 2. Reducing healthcare costs, improving efficiencies, improving outcomes and consolidating knowledge management
- 3. Improving patient experience and CSR efficiency
- 4. Widening access to health insurance
- 5. Huge gaps in breadth as well as depth of automation adoption across various geographical and economic segments
- 6. Nearly 75% skew towards private sector healthcare making wide-scale adoption, a far cry
- 7. Vulnerabilities in data security and intelligent, real-time knowledge management systems
- 8. Inaccessibility of healthcare services – around 50% of total population travels > 05 kms. to access healthcare services (source: KPMG)
- 9. Improving gross inefficiencies in public healthcare providers
If the future of healthcare is to be connected, information-rich and patient-centric, technology plays a pivotal role here. Health organizations need to consider a variety of issues including privacy, quality, governance standards and compliance for creating a sound, well-functioning system.
SOLUTIONS FROM WEBSIDOM
We cover the technology life-cyle from IT Strategic Planning, project management office, business intelligence, solution design & implementation, while also providing customer experience / engagement through emerging technology platforms like cloud, mobility and social media.
We majorly focus on three core needs of the healthcare industry:-
- i) Application Development
- ii) DataStorage
- iii) Knowledge Management
- iv) Legacy Management
- v) Customer Experience
- vi) Analytics and
- vii) Digital Marketing services
The horizontals we cover span the entire breadth…
Our services span across to streamlining operations of various value nodes of business to leverage innovative digital, analytics technologies and data solutions to improve customer experience.
Case studies developed by Pricewaterhouse Coopers (PwC) demonstrate that there is real potential to inject changes into healthcare by bending costs, which is possible. Legislations, leadership, PPP, legislation, integrated care, anytime-anyware care, process improvement, data analytics and cohesive engagement have been key pillars to bringing holistic improvements in the industry. With an increased focus on accountability, effective andhigh quality outcomes along with affordability have become critical success factors to the healthcare industry today. With a paradigm shift occurring from fee-for-volume to fee-for-value, our solutions, matched by solid experience are geared effect a complete transition in clients’ existing business models. The bedrock of our expertise is delivering cost effective and high quality care via a robust delivery system, which ensures a sustainable reimbursement model to cover the costs of health care, which no doubt, are spiraling today.