Though accreditation is a voluntary process with the

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: s a voluntary process, with the Government and public pressure, it is important for the hospital to promote patient-centric healthcare environment in the context of continuous quality improvement and associate themselves with the national accreditation standards to stay competitive and sustainable in the rapidly changing healthcare market. This paper explores the various parameters on which accreditation can be made based on financial, performance based and operating efficiencies followed by suggestions on expanding the role of CRISIL. Ratings foster transparency, accountability and best practices in the industry. The Indian Healthcare Industry 2 The healthcare sector in India is projected to grow at 23% per annum from the estimated size of US$ 35 billion (2007). Chart1: Market Projections in Indian Healthcare Industry Source: ASSOCHAM-Yes Bank, 2009 A fast growing economy, rising incomes and increased urbanization have been instrumental in changing the perception of patients as consumers. Present day patients are more demanding, expect better services for their money in choosing a facility for reasons other than cost. Indian consumers spends on healthcare will increase from the current 7% to 13% by 2028. Comparable Healthcare Statistics for India and Other countries Fig 1. Comparison of GDP spends, health system and health indicators of BRIC, South Africa and United States. Source: World Health Statistics 2008 The emerging BRIC nations and South Africa have been compared to a developing country US. 3 Looking at the per capita spends in the BRIC countries in fig 1; India sees a huge shortfall in terms of infrastructure (number of beds per 1000) and manpower (number of physicians and nurses per 1000) we see that with 12.7% increase in spends per capita compared to Russia, the infant mortality reduces by a drastic 440% . India requires an investment of USD 130 billion to make one more bed available per 1000 population. The sector players will need to enter into Public-Private Partnerships which will ultimately require stricter quality norms which need to be adhered to and accreditation will be taken seriously. Private Investment: Major contr...
View Full Document

This document was uploaded on 01/14/2014.

Ask a homework question - tutors are online