Healthcare industry is considered as one of India’s largest sectors, both regarding employment and revenue generation. It is expected to become a staggering Rs.19 lakh crore segment of the Indian economy by 2020.
Increasing health awareness, rising income level, and the introduction of several new aspects in healthcare segment have been the key drivers behind such development.
Existing medical professionals and newly graduate doctors can earn significant benefits by investing in this industry, thanks to the availability of healthcare finance and continuous innovations in this field.
Investing in the healthcare sector
India’s healthcare industry is broadly divided into 2 sectors viz. public and private. Both have been significantly benefitted by the new trends and advancements in medicine.
There are several aspects where professionals can invest and reap significant growth in the near future.
Take a look –
- Telemedicine – Remote delivery of healthcare services has become one of the fastest-growing trends in India’s medical sector. India suffers from a significant lack of available healthcare professionals; a recent study estimates that every government doctor has to cater to almost 10,000 patients, almost 10 times over the WHO-prescribed ratio. Telemedicine has been able to bridge that gap successfully.
With the help of these services, doctors can diagnose patients over the web, helping individuals located at the other side of the nation with minimum cost.
Moreover, telemedicine has also been able to boost medical tourism, successfully negotiating geographical boundaries.
Professionals can easily know the cost of switching to telemedicine, after which they can avail healthcare finance if they need financial help.
- Personalised care – Modern healthcare services have recognised the need for post-treatment recovery. Subsequently, personalised care has attained considerable market in the medical industry thanks to its added benefits. Professionals can easily invest in similar plans, offering tailor-made services to each patient, helping them recover faster and more effectively.
Thanks to the introduction of integrated systems, doctors can easily create infrastructure for personalised recovery sessions.
Easier access to potential health issues, past history, recovery chart, etc. allows modifying these systems in real-time without going through extensive paperwork.
Moreover, healthcare finance like a loan for doctors can help offer better services, as these provide a substantial monetary boost for any changes in infrastructure.
- Introduction of artificial intelligence – Artificial intelligence has contributed to several industries, including healthcare. Advancement in man-machine interface, machine learning, etc. has been able to augment human understanding by a significant margin. Healthcare professionals can resort to these systems for faster data processing, better diagnosis, improved risk management, etc. Introduction of smart technology has helped increase comfort and operational efficiency tremendously.
A recent poll amongst a study group showed that almost 94% of the healthcare executives intend to implement some form of smart technology in their clinic at some point.
Remote practice, virtual diagnosis, and even the new frontier of neuroscience – brain-machine interface are likely to be in reach within the next few years.
Several other sectors have also increased their investment in healthcare. Professionals have access to plans like indemnity insurance for doctors, which cover them against any financial loss sustained if a patient files lawsuit against them.
Indemnity insurance policies often provide a hefty sum insured against minimum payment. These provide coverage against several liabilities, including legal costs, confidentiality breach, expenditure witnessed because of third-party harm etc.
Growth of the Indian healthcare industry
With the ever-increasing number of new graduate doctors and rapidly evolving technology, the Indian healthcare industry is poised to become one of the fastest-growing amongst all South-East Asian countries.
Availability of easy finance, like loans for doctors, further ensure that healthcare professionals have a source of monetary support whenever required.
Almost every reputed financial institution, including NBFCs like Bajaj Finserv, offers these credits.
Moreover, they also provide pre-approved offers that simplify the application process and help save time.
Investing in healthcare offers a tremendous opportunity for professionals, as they can grow their business and stay ahead of their competition by taking a head start.
Easy availability of healthcare finance has made it a possibility while offering a transparent system to procure such financial support.