The market for healthcare services in India increased by 10% in 2021, reaching $93.6 billion. The Indian healthcare providers market is anticipated to reach $129.9 billion in 2026, up 38.8% from 2021. The healthcare sector has never needed to innovate business models and create new revenue streams more than it does now, especially as it works to enhance lives and standard of living. The movement toward new business models is already under way and is being fueled by a mix of market demand, government regulation, financial pressures and the rapid advancement of technology and medical knowledge. Leaders in the healthcare industry today have to guide organisations that were built for systematic and slow change in a way that reinvents them at the rate of the market. What used to take years must now be completed in months, and what took months can now be completed in a matter of weeks. Scaling up, though, might also become a bottleneck. In what is frequently referred to as the “second valley of death,” inventors are unable to scale tested, high-impact solutions. Here are some illustrations of scalable business models in the healthcare industry
Upskilling in the Healthcare Industry
The healthcare industry is a dynamic environment that is always changing, and technology is significantly responsible for some of the most significant changes. This technically forced disruption has also spawned computerised, smart, on-demand, and seamlessly connected transactions that, absent the virtual world we have grown accustomed to, would not have been either feasible or universally acceptable.
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Ancillary Businesses
With the use of mobile technologies, you may provide care for more patients without having to meet them in person. It might even lead to more successful patient treatment. As a result of allowing access to your system to your patients and any time and place, mobile devices enhance the scalability even more than traditional desktop-based computer programmes.
New Clinical Specializations
A significant scaling opportunity exists in the addition of new clinical specialties and the strengthening of current ones. For instance, there is a significant market opportunity in oncology. The market for cancer care expanded at a 13%CAGR between FY16 and FY19.
Mobile healthcare products
With the use of mobile technologies, you may provide care for more patients without having to meet them in person. It might even lead to more successful patient treatment. As a result of allowing access to your system to your patients and any time and place, mobile devices enhance the scalability even more than traditional desktop-based computer programmes.
Data analytics
Information is frequently dispersed over numerous databases and multiple systems in organisations. From an organisational standpoint, this structure enables superior insight into operational, financial, marketing, and patient care by decoding the complete data set and ensuring that spillovers are not missed, giving the business a competitive edge. It is equally beneficial for patients because it produces a thorough patient history with precise timings that can be shared with the doctor, giving him a full understanding of the patient’s condition. This results in fewer unneeded testing and treatments, which lowers expenses.
Data in the cloud
By storing all of the data in the cloud, it is now possible for any stakeholder to access it at any time and from any location. The ability to examine data incognito makes it simple to respond quickly, and the system also becomes transparent and efficient. Access to the cloud facilitates the real-time availability of data. Nearly 100% uptime is possible with a highly dependable and strong cloud architecture, and the platform can be quickly scaled up to support business development.
