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Authors:
Published by:
Amity Research Centers (2014)
Length:
13 pages
Data source:
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Abstract

Globally, healthcare business faced persistent challenge posed by affordability issues facing patients all around. This made way for innovations attempting to make healthcare affordable. Such developments led to the emergence of healthcare entrepreneurs like Dr Devi Prasad Shetty (Dr Shetty) who gave cardiac care an altogether new dimension largely by using 'economies of scale'. His erstwhile success story offered important business lessons for hospital entrepreneurs. A low-cost package system proved an effective strategy enabling a patient to go about the total hospitalisation cost. Besides, imaginative leadership and technology driven treatments as integral aspects of strategic management and organisational culture were claimed to have formed an important basis of Dr Shetty's success in curving a niche in healthcare industry. He also used unconventional ideas to work out innovative solutions to the glitches in healthcare sector. Striking effective partnerships with the governments and traders had also been proved effective measures to save on financial outflow. Another business strategy which proved effective was blending of healthcare with technology. This strategy was claimed to have turned cardiac care into precise as well as process-driven tasks that effectively combated workforce inefficiencies by making surgical wards resemble a production line with streamlined processes. Building focused healthcare factories formed another important aspect of Dr Shetty's healthcare philosophy, which led him to venture into overseas expansion. Well, it remained to be seen whether his overseas operation would repeat the success scripted in India by synergising 'economies of scale with low operational costs thereby making healthcare affordable to masses'.

Topics

Health care business; Affordable healthcare; Economies of scale; Strategic management; Organisational culture
Industry:
Other setting(s):
2014

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