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• Patients will not have to spend unnecessarily

As the number of chronic diseases is rising, it becomes difficult to manage such conditions. The value-based healthcare model helps in recovering from initial illness more quickly and avoiding chronic diseases. In this model, doctors ensure that their patients are 100% fit. On the whole, patients spend less money for access to better health.

• Insurance companies/providers achieve efficiencies

As this model focuses on quality rather than quantity, the providers will spend lesser time on chronic disease management. The quality provided to the patient improves with better customer satisfaction. Moreover, providers will not face financial risks that come with capitated payments.

• Suppliers can leverage patient health outcomes

Suppliers will be able to reduce prices and services with a positive patient impact. Also, payers can bundle payments by full care. These payments could make the stakeholders in the healthcare industry match their prices so that the drugs are affordable.

In value-based healthcare models, medical care does not exist in silos. Various departments are integrated and thus it is called a patient-centric model. The transition into this model would be time taking but would greatly improve services in the Indian healthcare sector.

With emerging technologies, improved data services, and enhanced digital devices in the medical industry, the gap has been bridged.

IoT is helping the medical industry with remote surgical procedures, drug delivery management, booking ambulances online, etc. This is said to be the beginning of IoT in the healthcare industry. Advancements in artificial intelligence and technologies like virtual and augmented reality will be extensively used in the future.

To provide comfort and satisfaction to patients, medical startups like Practo provide online consultation to people who are busy yet wish to visit the doctor or individuals who prefer to maintain the privacy of their medical discussion.

Technological advancements such as Google Glass enable paramedics to live stream the condition of the patient to the doctors in hospitals. This streaming allows physicians to be ready with the necessary equipment for the treatment. Streaming makes the procedure faster. Upfront planning using such technology helps save time.

Using IoT, people communicate directly with doctors for advice. Doctors monitor and provide required medication to patients who prefer receiving ICU at home. Even diagnostic centers are finding ways to go digital. For example, they send blood/urine testing kits to patients who are under critical care at home. These kits collect the samples and the result is sent to the patient for further observation digitally. There are many cases where companies use technology to aid disabled people. These technologies are used to send signals from the body to the brain so that the product/material/organ attached to the body functions normally. Advancements in cloud-based technology enable medical devices to work and operate using broad sets of data.

Technology has taken its initial steps in the healthcare sector. It will undoubtedly take time to improve but, enhancing the human workforce with technology is the ultimate achievable goal. Using IoT, medical practitioners can learn about their patients and approach the treatment with a personal touch and empathy.

Internet of Things is not just transforming lives but emerging into various industries including the healthcare industry to evolve and serve the people more efficiently. We can expect that the future of healthcare relies on IoT until feedback from the patients and result are positive.

Healthcare in India has evolved over the years. Technology has improved diagnostics and ensured better healthcare facilities for the citizens. Considering chronic diseases and the availability of medical services across India, an air ambulance can help in saving lives. Air ambulance is an air transport used for medical emergencies. It provides air transportation for patients who need immediate medical attention.

Medical facilities have to be improved. Though the Government has started ambulance services through a call, there are chances of delay due to traffic and other reasons. Ambulance services in metro cities face this problem owing to the population. To tackle such issues, MedTech startups like Medulance have collaborated to give details about the nearest ambulance available. Also, these startups have made their mark in the emergency ambulance market and they save lives.

As medical facilities in metros and a few districts are at par, people could use them to save the lives of their loved ones. In this case, the air ambulance is preferred as they are a faster, reliable, and safe mode of transport. Air ambulance services in Delhi and other metro cities have improved. To attend to medical emergencies, the government and startups like Medulance are trying to be of great assistance. Providing immediate assistance to medical emergencies can save lives.

Currently, the government is supporting and identifying regions where helicopters could be used as air ambulances to provide emergency medical help. Many hospitals have started air ambulance services to cater to medical emergencies and assist during the golden hour and platinum minutes of a patient’s life. Air ambulance has medical provisions to help during the interim medical care.

The significant advantages of air ambulances are:

• It is more comfortable than road journeys. The transfer doesn’t cause discomfort to the patient.
• Air ambulance is usually equipped with trained aeromedical assistants to assist the patient.
• Air ambulance supports and saves lives in the golden hours.
• It provides better and more reliable health care, promptly.

Overall, healthcare facilities need to develop across the country. At the same time, these services should be economical considering the income strata of the country.

In the last half a decade, medical insurance has gained immense popularity amongst Indians. Lifestyle changes in the citizens are making them more prone and vulnerable to a variety of healthcare issues. These unwanted health-related problems burden an average person with extra expenses which come in as a stressful life since the treatment costs are also not low. In such circumstances, a health insurance plan comes as a savior. While insurance companies serve with a portfolio of different schemes and policies, people lookout for the best one within their budget which can offer comprehensive coverage simultaneously.

Medi-claims in the Indian scenario:

Indian Brand Equity Foundation (IBEF) Annual Report 2017 reported that 85-90% of life insurance frauds fall in the sum assured bracket of Rs.1 Lakh to Rs.10 Lakh. An estimated 10-12 % of the claims are found to be fraudulent or suspected ones. 80 districts across the country have excelled in fraudulent claims over the last decade. And around Rs.10,000 crore was the estimated cost of frauds that were led by fake certificates and other related organized crimes.

Furthermore, per BloombergQuint’s article, only 18 % of urban Indians and 14.1 % of those in rural areas have any health insurance coverage. Out of that, many are reliant on corporate insurance plans, which come with their own set of conditions and, more importantly, have a low sum insured.

Government Initiatives:

The central government has launched its one of the ambitious projects for upgrading Indian healthcare system – the National Health Protection Scheme (NHPS). The scheme has been referred as the world’s most massive health insurance plan. The plan aims at covering ten crore families which amount to approximately 50 crore beneficiaries at large. The coverage amount will be Rs.5 lakh per family per year for secondary and tertiary healthcare. In coming years, the scheme is expected to merge with the existing plan such as Rashtriya Swasthya Bima Yojana (RSBY), along with other state insurance schemes. This cover amount is significantly higher than any other central or state government schemes.

These measures are government’s latest attempt at reforming India’s healthcare system and moving towards making India a healthy nation without any shortage of hospitals, doctors and financial aids to the needy. Moreover, in recent times, the government has also regulated the prices of critical drugs and medical equipment to make them available for the public at large at a minimum cost. Few other plans also have a roadmap of setting up government medical colleges and hospitals to combat the dismal health situation of the nation.

Although the mega-project seems to be a highly ambitious one, it will be no easy job for all the parties involved, i.e., the government, insurers, doctors, and citizens. While challenges are bound to be there and will a tough job to face them, the Indian healthcare industry will be going to have countless opportunities to flourish in the coming future.

Since independence, advancements in healthcare have become one of India’s largest sectors both concerning revenue & employment.

The sector is growing at a considerable pace and increasing its coverage over the nation. Healthcare comprises hospitals, telemedicine, medical tourism, health insurance, and technological advancement in the pharmaceutical sector.

In recent years, medical researchers are talking about the latest terms of healthcare industry such as IoT in healthcare, e-health, m-health, app-based diagnosis, online ambulance booking, big data analytics on the EMRs, promoting generic drugs, and so on.

Modernization of Indian healthcare:

Increase in purchasing power of the citizens, an aging population, growing health awareness had helped them to change their attitude towards a healthy life and this leads to more substantial demand for preventive health care. Here are a few of the trends that are aiding Indian healthcare:

Affordability and quality:

• There is an increase in availability of trained medical professionals across the nation who are helping the system to make healthcare more affordable and accessible.
• Cost-effective yet high-quality medical services and medical equipment manufacturing had placed India at a competitive place for its peers in the West and the remaining Asian countries.

Governmental policies:

• With the aim of making India a global healthcare hub, the government provides policy support in the form of a reduced tax levy.
• Creating and providing infrastructural aid such as building new drug testing laboratories and strengthening existing state laboratories.

The shift to lifestyle diseases:

• With increasing urbanization and problems belonging to modern-day living in the urban culture, there has been an increment in the demand for specialized care.
• High cholesterol, high blood pressure, obesity, poor diet, and alcohol intake cause most lifestyle diseases.

Telemedicine:

• Telemedicine is one of the fast-emerging sectors in India with the involvement of significant hospitals such as Apollo,  AIIMS, etc.
• As of  FY16, the telemedicine market in India was valued at US$  15 million and is expected to rise at a CAGR of 20 percent during FY16-20 to reach US$ 32 million by 2020.
• With telemedicine, we can see growth in medical facilities in rural areas. It will aid support in low-cost consultation and diagnosis facilities in remote areas through high-speed internet connectivity.

Mobile-based health delivery:

• Robust mobile technology infrastructure and 4G connectivity are driving mobile health initiatives in the country.
• Medulance aims to reach emergency situations throughout the nation with its app-based model for booking an ambulance and other emergency services.
• In India, the mobile health industry is expected to reach US$ 0.6 billion by 2017.

It was the youth who played a significant role in explaining the importance and understanding of wellness in India to their parents and loved ones and made them value health more than any other material thing. Relatively low medical cost and clinical research, a rise in medical tourism, and recognition of Indian healthcare at the global level are a few factors that are attracting patients from across the world. It is making India a desirable and developed nation for advanced medical treatment and other technological developments in the healthcare sector.

To conclude, the opportunities are prominent in the Indian healthcare segment which will create a highly efficient healthcare system for the country as well global healthcare economy in the coming years.