Healthcare Delivery Transformation
The Indian healthcare sector is much diversified and is full of opportunities in all segments which include providers, payers, and medical technology vendors. In coming years, healthcare businesses looking to explore the emerging opportunities and trends will lead to transformation where healthcare services will move closer to the customers.
Digitization and Transparency – Important for Healthcare Ecosystem
2018 is said to witness how technology will contribute to uplifting the healthcare sector, with transparency being one of the key concerns. Startups are expected to bring in innovations and help transform the sector by combining technologies like AI (artificial intelligence), Internet of Medical Things (IoMT), wearable devices, and machine learning with traditional practices in the healthcare, to address many issues and concerns of patients, doctors, hospitals, and the overall healthcare industry.
The rise of digitization will help in early identification of the risk factors and thus help prescribe preventative treatment, predict healthcare trends and problems, enable visualization of clear and concise, evidence-based clinical action, and enhance overall transparency in healthcare to drive positive patient outcomes and greater satisfaction.
In coming years, millions of patients will undergo their first virtual care appointment, utilize their first wearable wellness app, and use their smart phones as a diagnostic tool. FDA-approved medical devices connected by the Internet of Things (IoT) are already being used at the hospital to track and monitor patient status, at home to manage long-term conditions and medications, and at the clinic to support basic procedures. Thus, the new technologies will redesign the patient’s experiences and healthcare providers can start using their experiences to differentiate markets.
Transforming Healthcare Operations through Advanced Operating Models
Healthcare in India is challenged to adapt to a rapidly changing business environment, and focused toward cost reduction and quality improvement imperatives, is driving provider organizations to pursue the goal of operating with greater coordination, integration, and productivity or systemness. As demand and challenge grow, providers must deal with healthcare reforms to deliver on the organization‘s vision and strategies through business model alignment, as well as workforce engagement, while at the same time meeting heightened customer expectations and controlling costs.
It is held by some practitioners that advanced organizational structures, including shared service centers (SSCs), business process outsourcing (BPO), and hybrids, are more likely to have greater material impact than either business process reengineering (BPR) or radically improved use of technology. However, BPR along with radical improvements in technology may have greater average financial impact.
Compliance Management – Make me Thoughtful
In today’s rapidly changing healthcare business environment, there is a marked increase in regulations, greater focus on fraud, and a heightened sense of the need for good governance and risk management of compliance activities. The need of the hour is a strategic partner who can understand all the complexities, analyze trends, assess organizational practices and core business operations, and provide cutting edge yet cost-effective and practical solutions for healthcare providers. One who goes beyond assessing compliance, and adds value by working with management and improving governance practices, risk management, and internal controls to achieve strategic and operational business objectives.
As management sets objectives and identifies processes, a comprehensive risk assessment, internal audit, and compliance management can help identify risks and prioritize risk responses within operations, as well as identify potential opportunities. Compliance management will allow the organization to more efficiently determine where resources should be allocated.
