Topic7-JanhaviShah - JanhaviShah WESchool,Mumbai / 0...

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W INNER CRISIL Y OUNG T HOUGHT L EADER 2010 Janhavi Shah WE School, Mumbai Role and potential of ratings/gradings in Healthcare industry 0
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1 Table of Contents Contents Page Number Executive Summary 2 The Indian Healthcare Industry 3 Trends impacting Healthcare in India 5 The Stakeholders 6 Market Segments & Size 7 Present Regulatory and Institutional frameworks for various segments 9 Evaluating Opportunities and My Recommendations 11 Emerging Opportunities in Healthcare Accreditation and Recommended Rating Parameters 15 Roles which CRISIL can play 16 Challenges of Rating/ Grading 17 Conclusion 17 References 18 My Profile 19 Executive Summary
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2 While ever-increasing demand for healthcare products and services bring enormous opportunities; some common threats exist like soaring costs, inequitable and mismanaged access and inconsistent quality. If we want investments in healthcare for expansion, we need transparent regulatory frameworks and better institutional governance. Some vital issues to be addressed are standards, pending legislation, investment in human capital, setting up national councils, accreditation and insurance facilities. Healthcare providers and administrators today are constant pressure to meet the ever-increasing customer expectation and stay ahead of the competitive race. Operations optimisation in the hospitals can lead to appropriate workforce management, quality management, planning and control, sound clinical processes and outcome performance. And what better a way to use these very factors for ratings in benchmarking against peers. With the approval of the Clinical Establishment Bill, 2007 there will be an impetus to registration of all healthcare facilities. Adoption of clinical protocols and accreditation will be in vogue. Accreditation bodies like Joint Commission International rate hospitals, but the major concern is the cost of formulating the system and time lag before the hospitals are able to scale up to international standards. Though accreditation is 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
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