HOSPITALS
Vidal Health already works closely with its empanelled network of over 7000 hospitals, which includes National players, regional chains, as well as local behemoths, each of who are contributing to the growing the healthcare sector in India. While inpatient services are expected to grow at a CAGR of ~18 % between now and 2025, out-patient services, and diagnostics are likely to grow at ~20 % and 24 % CAGR respectively. While a portion of these services might get delivered through physicians’ offices and diagnostics labs, hospitals have the opportunity to capture a significant share of the market. Hospitals that up their game by investing in key areas like quality, patient engagement and technology will emerge as leaders. To be able to invest in these areas in a competitive market with huge pricing pressures, they must also be able to keep taking costs out so they can boost their margins.
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Quality Accreditations
Read MoreHospitals which are committed to delivering top class services to their patients have been voluntarily opting to obtain various accreditations for their facilities. The government which has committed to increase its share of healthcare spending to 2.5 % of GDP over the next few years and also facilitated the increased procurement of hospital services, has stated accreditation to be a means for hospitals to charge higher for the services delivered to government programs. Hospitals are well advised to get themselves NABH accredited. Vidal Health can provide hospitals with consulting services as well as technology platforms to complete their quality documentation in the shortest possible time, and maintain their accreditation with minimal effort. The technology platforms allow hospital staff to easily familiarize themselves and comply with SOPs, as well as make the on-going measurement and reporting much simpler.
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Vidal Health member access to Out-patient Services
Read MoreIncreasingly individuals are being recommended a wide range of medical/health services, many of which might be delivered within a hospital, but do not require hospitalization. Services could include doctor consultations, lab investigations, expensive pharma therapies, counselling, preventive and well-being services, and many more. More often than not, individuals will pay for such services out of their own pocket (at this time most insurance policies do not include these services for coverage, though a few may be able to get this reimbursed later from the insurance company since their policies might cover these services) and will therefore seek convenient access to these services. Vidal Health has a large membership base across its stakeholder relationships that regularly access these services. By integrating its various technology platforms with any platforms that hospitals might have already implemented, Vidal Health makes it easy for its members to access these services. Hospitals open to such integration will be at an advantage since their outpatient services will be more discoverable.
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Hospital Analytics
Read MoreHospitals have been investing in Hospital Information Systems that allow them to manage their processes. However, they still have a long way to go as far as using insights from patient data is concerned. Vidal Health works with hospitals to help them capture data, extract insights, and utilize them to implement patient engagement that will strengthens their relationship and implement new offerings, especially in the preventive health space.
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Health scribing solution for out-patient departments
Read MoreMany hospitals have invested in technology to manage their processes. While these solutions are very effective on the inpatient side of the business, and even the administrative aspects of the entire business of the hospital, they come up short when dealing with the capture of clinical data in out-patient interactions in the doctors’ office. This happens due to the inability of the doctors to diligently key in all the information that is discovered during the consultation into any software application. Recognizing this, Vidal Health has invested in a technology platform that simply allows the doctor to continue doing what they are used to—write prescriptions—and allows for the real-time capture of the entire contents of the prescription on a cloud based server that enables this data to be used to co-ordinate interactions with the lab and pharmacy, resulting in plugging revenue leakage.
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Group Purchasing
Read MoreBarring the few hospitals that are part of larger health systems, most of the hospitals in India are independent entities irrespective of their size. Spending on materials and consumables accounts for anywhere between 30-40 % of their revenues. Considering that they handle procurement entirely on their own, most hospitals, given their moderate size, will be unable to get the benefit from quantity discount that puts them at a disadvantage when compared to hospitals that are part of health systems. Becoming part of a group purchasing program could reset this and help them improve their margins. Vidal Health operates group purchasing programs that focus on the specific requirement of hospitals and can help hospitals save on their procurement budgets. Vidal Health will provide easy to use technology platforms supported by services to help hospitals transition their procurement without incurring any upfront costs.