Data Revolution in Healthcare and Lifesciences Industry

ASSO/PR/527 May 26, 2008 MEDICAL TOURISM FOREX EARNINGS TO GROW RS. 8000 CR. FROM 2012 : ASSOCHAM Easy access of Visa facilities often permitted by India to overseas patients coupled with best emerging medical infrastructure facilities in its large and tertiary towns, prospects of India Medical Tourism becoming a lead foreign exchange earners will grow to an extent of Rs. 8000 crore by 2012. The above findings are arrived at The Associated Chambers of Commerce and Industry of India (ASSOCHAM) on Prospects of Medical Tourism for Higher Forex Earning' under the supervision of its Health Committee chaired by Chairman, Sir Ganga Ram Hospital, Dr. B K Rao in which other lead doctors from Medicity Moolchand, AIIMS, Max etc. are involved. Releasing the ASSOCHAM estimates, its President, Mr. Venugopal N. Dhoot pointed out that currently, the earnings accrued through medical tourism annually are estimated at Rs.3500 crore. "The primary reasons as to why medical tourism would flourish i

16may,2008 The Indian share of BPO revenues from the offshoring of revenue cycle management (RCM) services is estimated at USD 125 million for the year 2006. This report Research the total revenues from this segment to reach USD 410 million by 2011. Two of the “core” processes in revenue cycle management (RCM) services are medical coding and billing. In this report, we have discussed billing and coding within the context of RCM services. The emphasis (and estimates) for this report relate to medical coding and billing. Medical transcription, which is another “specialized” service not offered by “generic” BPOs has not been covered in this report, and revenue and manpower estimates exclude medical transcription. The RCM industry in India is still at a nascent stage. While there are certain large vendors offering end-to-end RCM services such as Perot Systems, Apollo Health Street, Zavata and Ajuba there are few others focused on offering certain specific services such as medical coding, p

SIZE Healthcare delivery is one of the largest service-sector industries in India Estimated revenue of about US$30 billion (FY 2006) Industry growth at over 12% p.a. in the past four years Large domestic market complemented by the inflow of medical tourists Medical tourists have increased almost twenty-fold from 10,000 in 2000 to about 1,80,000–2,00,000 in 2006 STRUCTURE The industry is fragmented with a large number of independent, privately-run hospital and healthcare centres Private healthcare providers account for almost 70%-80% of the total spend Government sector and corporate employers account for the rest Private sector corporate entities like Apollo Hospitals, Wockhardt Hospitals and Fortis Healthcare have aggressive expansion plans Indian hospitals are gaining reputation globally as ‘quality’ service providers Many Indian hospitals have secured accreditation from the British Standards Institute and Joint Commission on Accreditation of Healthcare Organisations NHS, UK has indi

India's attempts to make a foray into the world of telemedicine has not made much headway, especially due to foreign data processing laws and difficulties in certification of qualifications of Indian telemedicine providers, the Planning Commission has said. Rising costs and dearth of medical personnel have created pressures for public health care providers in developed countries to explore the possibility of electronic delivery of services across the borders and they looking for opportunities to outsource diagnostic services to private health care providers. What is relevant is the emergence of opportunities for Indian service providers to supply telemedicine services to developed countries in such segments as diagnostics, dermatology, opthalmology and psychiatry, a high-level group of the Commission observed in a report. The group notes that a number of telemedicine centres are already operating in the country. In 2001, the Indian Space Research Organisation launched a pilot pro

Our ancestors traveled to hot springs and other water bodies for their medicinal value. Rich and famous especially from developing nations have always traveled to advanced countries for the best treatment. But today, these journeys seem to have another purpose, holidaying, and are categorized as ‘medical tourism’. Another peculiarity is reversal of tourist traffic from developed nations to third world for cheaper treatment. But it is confusing how a sick person can be on a holiday and enjoy leisure like any other tourist. Ignoring this fundamental question, medical tourism is being promoted across the world.Medical tourism, an unexplored segment, is still in its infancy in India. About one and half lakh tourists visited India in 2003 for special treatment and/or advanced surgery, as compared to one million to Thailand, and they have mixed response and experience. This figure increased by about 30,000 in the following year in India. They prefer India because it is affordable as comp

Imagine the hospital of the future where unnecessary expenses will be cut and more patient lives will be saved. Say goodbye to the inefficiencies of the old hospital and welcome the new, highly cost-effective system of asset and personnel tracking, patient care, and billing, the keystone of which will be radio frequency identification (RFID) technology. RFID envisions such a world. The applications for the healthcare industry are several, asset tracking, patient tracking, staff location, baby monitoring, blood bank distribution, etc. Here I define two such applications: Asset Tracking:Healthcare facilities invest CRORES of Rupees in upgrading and maintaining expensive equipment that aid the healthcare professional in the diagnosis, treatment and monitoring of patients. It is incumbent on these professionals to maximize the use of such machines to maintain cost controls and yet meet the ever evolving and extremely dynamic needs of the patients. When the equipment needed is not readily a

What new business models in health care, based on the Internet, are rising to the fore? What do they do that's different? And how do they address some eternal issues of patient care: not only good health, but also quality, choice and trust? Here is the Discussion- "Reshaping Markets and Industries." For the following ,I alloted six hat thinking to my friends.. RED HAT = Emotional analysis, White Hat = Facts n figures, Black Hat = careful , Yellow hat = positive, Green Hat = creativity, Blue hat =Cool Hat, an Organising hat. Yellow says - Most health care marketing in the past was centered around physicians. The basis of competition in the near future would shift to one driven by consumer satisfaction and quality. White says - "It's really incredible when you compare [health care] to other industries, and ask what information is available to consumers that influences choice: choice of physician, choice of where to have procedures done, ability to access meaningful