In this blog post
Healthcare organizations need to align on and begin implementing their strategic and operational plans for the post-pandemic era, including responding to the potential disruption of traditional business models.
In India, after the second wave and the impending third wave, some of the biggest challenges that hospital systems are facing (outside of physical infrastructure) are:
- Tapping into newer channels of patient acquisition and streamlining the process for the same
- Ensuring revenue growth from the existing customer base
This is amplified by a typical revenue distribution for the provider systems:
- 70% – 80% of revenues come from in-patient/elective surgeries
- Remainder are from emergency visits / visiting patients
There has also been an increase in the adoption, favorable consumer perception, and investments in Telehealth. Per McKinsey, “telehealth use has increased 38X from the pre-COVID-19 baseline.” Additionally, an increasing trend in the adoption of healthier lifestyles has also been reported. This is the perfect storm for hospitals.
With the goal of balancing patient care and revenues, here is how hospitals can respond –
- Redefine their competition and revamp and/or customize their strategy to compete with those that are delivering healthcare to people’s homes like apps that address lifestyle diseases
- Increase the number of channels that provide the hospitals with patient/customer touchpoints that are in-person as against ONLY through telemedicine
- Innovate when it comes to how they engage with their patients (people who are in the hospital/are planned/in the system).
GAVS is an AI-led digital transformation company with a focus on healthcare. Long 80 is our joint venture with Premier, Inc. that aims to bring innovative, AI-driven Information Technology Operations (AIOps) and security operations to healthcare companies in the US. We have partnered with IIT Madras, NASSCOM and through Long 80, we aim to bring to bear –
- AI-led best in class products that help hospital systems look at both hospital administration and patient engagement/experience differently. We are also exploring products that help with clinical benchmarking and analytics, and hospital supply chain management. The idea is to help hospitals adhere to industry standards, such as National Accreditation Board for Hospitals & Healthcare Providers (NABH) standards through these solutions while improving patient care.
- Explore the development and deployment of AI based use cases that are readily available to use “As a Service” to hospitals. Use Cases in the areas of Denials Management, re-admission reduction, length of stay Prediction and Chronic care management have been developed in partnership with IIT Madras and are ready to pilot.
- Enable hospital systems in India re-engineer their Hospital Information Systems and truly gain insight into Patient / Consumer behaviour by mining and leveraging analytics on huge troves of data that are available with these hospitals. These insights can then be used to engaging better with the patients and improve their health outcomes.
To that end, we are proud to have on board, Mr. Chandra Mouli, ex CIO of Sankara Nethralaya as an advisor. GAVS is already engaged with some large hospitals (Single Speciality / Multi-speciality) in these areas.
We believe that while the way forward for hospitals has newer challenges in-store, a patient-centric approach to evaluating their engagement levels and a renewed look at the marketplace vis-à-vis the competition in there is what will help. These can be implemented by the adoption of AI and Analytics led solutions.
There has been a marked increase in the number of cyberattacks reported by organizations post-COVID, and the healthcare industry is no exception. Even with security measures and regulations like HIPAA and GDPR to safeguard PII, PHI, EMR, HER, Healthcare organizations have fallen prey to various cyberattacks as managing threats becomes increasingly difficult.
Industries like retail or e-commerce largely depend on strong customer relationships and constantly work towards improving engagement with their clients. This is where AIOps digital transformation solutions come in. The current valuation of the AIOps market is estimated to be around $1.5 billion and is further expected to go up by at least 15% in the next few years.