For more updates follow Grant Thornton Bharat on WhatsApp
According to a report by Grant Thornton Bharat and the Association of Healthcare Providers India (AHPI), Financial Sustainability in Healthcare Sector, the Indian healthcare industry, a cornerstone of the nation's socio-economic fabric, stands at a pivotal juncture, navigating challenges while embracing innovation to ensure financial sustainability and quality care delivery. The demand for healthcare services is growing, placing substantial pressure on the existing infrastructure. Despite commendable efforts to improve infrastructure and access, issues such as inadequate funding, a shortage of skilled professionals, and disparities in healthcare delivery persist. The imperative for financial sustainability echoes as stakeholders rally to fortify the sector's economic resilience and enhance patient outcomes.
Bhanu Prakash Kalmath S J, Partner, Grant Thornton Bharat expresses, "The Indian healthcare sector's remarkable growth reflects both its vast potential and pressing challenges. As revenue soars and employment flourishes, private players face a pivotal role in expanding accessible and affordable healthcare across diverse regions. Embracing growth strategies, optimising services, and aligning with universal health care goals are essential steps. By ensuring availability, accessibility, and affordability, hospitals can sustainably serve their communities while navigating financial viability."
Financial sustainability in healthcare facilities is imperative for upholding their mission of delivering high-quality, accessible, and enduring healthcare services to communities. It aids continuous operations, facilitates investment in infrastructure and technology, enables recruitment and retention of skilled staff, ensures quality patient care, supports capacity building and expansion efforts, and cultivates resilience during crises. Without financial stability, healthcare facilities may struggle to meet operational needs, innovate, attract talent, maintain standards, expand services, or respond effectively to challenges, compromising their ability to serve their communities effectively and sustainably.
Dr. Girdhar Gyani, Director General, AHPI said, "In India's dynamic healthcare landscape, progress and challenges intertwine. Despite remarkable strides in improving health outcomes, persistent gaps in infrastructure and resource allocation necessitate innovative solutions. With substantial investments on the horizon and a burgeoning emphasis on technology and quality control, the path to universal healthcare access is illuminated. It's a journey of evolution, driven by a collective commitment to enhance patient care and financial sustainability."
To achieve financial stability in healthcare, providers are adopting a multi-faceted approach centred around revenue expansion, cost containment, and technological integration. Recognising the shift towards value-based care, institutions are diversifying revenue streams by prioritising personalised experiences and embracing innovative models such as telemedicine and subscription-based services. Stringent measures are being implemented to curb revenue leakages and inefficiencies through comprehensive training, auditing plans, and automation. Leveraging technological advancements, including Electronic Health Records (EHRs) and precision medicine, enhances patient care and optimises costs by streamlining operations and tailoring treatments. Moreover, the transition towards value-based healthcare models rewards quality over quantity of services, fostering long-term financial sustainability through strategic planning and collaborative efforts across the healthcare ecosystem. Implementing these strategies requires collaboration, technological integration, and policy support, with initiatives like Ayushman Bharat laying the groundwork for transformation in the Indian healthcare landscape.
The press release was issued on 13th February, 2024.