The last session of Healthcare Senate 2016 saw CXOs of leading hospitals across the country share the stage to discuss a topic which has a lot of relevance, especially in the current times – Balancing profitability with responsibility. Amit Misra, Head – Consulting Services, North India, IMS Health moderated the session. The panelists were Joy Chakraborty, COO, PD Hinduja Hospital and Medical Research Centre; Dr Tarang Gianchandani, CEO, Jaslok Hospital; Dr Alok Roy, Chairman and MD, Medica Synergy; Dr J Sivakumaran, COO, Kovai Medical Center and Hospital; and Aloke Mullick, COO, KIMS were the panelists.
Misra the moderator began the session by asking each panelist about the measures implemented at their organisation to achieve this goal. Improving operational efficiency, right pricing of services, using feedback from patients to reduce errors etc., were the suggestions given by experts to build a profitable yet responsible healthcare organisation.
Dr Gianchandani said that being responsible as a hospital involves various aspects such as being true to the organisation’s values, being completely ethical and transparent, provide quality healthcare to all without any discrimination etc. However, at the same time they have to ensure that it is a profitable venture as well. She explains that trust hospitals try to balance profitability and responsibility by offering subsidised or even free treatment to the needy but at the same time charge patients who can afford to pay for the services they get.
Dr Roy opined that social relevance and healthcare are deeply intertwined. Therefore, healthcare is beyond just profitability and the social angle of the business should also be given a lot of importance. He also elaborated on the various measures that his hospitals have put in place such as educating the people about hygiene to prevent diseases, conducting health camps to spread access to healthcare facilities, etc.
Key takeaways
- Social relevance and healthcare are deeply intertwined
- Operational efficiency is paramount to balance profitability with responsibility
- Quality would be the determenant which would drive patient footfalls to a hospital
- Healthcare should be a shared value between all the stakeholders
Dr Mullick said that responsibility and profitability actually go hand-in-hand. Explaining further, he said that happy patients are the best way to attract more patients and thus make your organisation profitable. However, only a hospital which is aware of its responsibilities and ensures that they offer quality services in the most cost-effective manner and operate within an ethical framework can keep patients happy. He said that his organisation measures its progress on the basis of the patient feedback and they continuously take efforts to eliminate any concerns or complaints raised by the patients. This helps them to be both, responsible and profitable.
Dr Sivakumaran recommended adoption of energy conservation as a measure to cut down costs. He said that these steps have helped them bring down operating costs considerably and also build a more environmentally sustainable organisation. In turn, the patients have benefitted in two ways— a better healing environment and more cost-effective services. He urged other hospitals to undertake such activities as well to strike a balance between profitabiltiy and responsibility.
Chakraborty said that constantly adding value to the services offered in terms of quality is how a healthcare organisation can be profitable and responsible. He urged accreditation as a way to achieve this and said that quality would be the determinant which would drive patient footfalls to a hospital. He also spoke of being responsible and accountable to the people working in the hospital to ensure that they are happy and satisfied. This, in turn, would also drive quality and the end beneficiaries would be the patients.
The moderator also led the discussion to other interesting areas such as the outreach programmes undertaken by hospitals to help improve health access, steps to achieve financial sustainability, making healthcare a shared value between all the stakeholders, building trust in patients’ mind etc. The audience appreciated the session and interacted with the panelists for further clarity on different aspects of healthcare delivery.