Leaders adopt financial strategies for long-term growth
Indian healthcare leaders recognize Generative AI as the next frontier of AI innovation that will help unlock new efficiencies and insights from patient data, with 93% of them already investing in it today or planning to invest in the technology in the next three years, according to a survey by Royal Philips of the Netherlands.
Recognizing the importance of cross-sector collaboration, Indian healthcare leaders are focused on building partnerships that support sustainability and efficiency, said the survey by Royal Philips (NYSE: PHG, AEX: PHIAI), a global leader in health technology.
Philips announced on 29 Nov the India findings of its flagship Future Health Index (FHI) 2024 report titled ‘Better Care for More People: Bridging Gaps in Healthcare’.
The report shows that 52% of the surveyed leaders see health technology companies as essential partners to enhance integration and interoperability, which are key to making healthcare more efficient http://main.mohfw.gov.in.
Leaders are also adopting financial strategies focused on long-term growth and sustainability, with 48% exploring new business models, like community health centres, to manage costs and extend access to care.
These results highlight the commitment of Indian healthcare leaders to transforming the healthcare system through collaborations, data insights, and digital innovation with the goal to provide better treatment for more people across the country.
The Future Health Index India 2024 study highlights significant advancements by healthcare leaders in adopting new models of care to overcome staffing gaps, optimize patient outcomes, and enhance data accessibility. Indian leaders report a keen interest in leveraging technology—such as virtual care, AI, and automation—to improve care delivery efficiency. Notably, 94% of Indian healthcare leaders see the positive impacts of virtual care in easing the impact of staff shortages https://www.bseindia.com/.
Commenting on the launch of the report Bharath Sesha, Managing Director, Philips Indian Subcontinent, said, “The 2024 Future Health Index India findings reveal that Indian healthcare leaders are navigating critical challenges, including staff shortages, data integration, and financial pressures, which impact timely access to care.
“Indian healthcare leaders have taken cognizance of these challenges and are rethinking traditional care models by embracing advanced technologies like automation and artificial intelligence (AI) https://www.nseindia.com/.
“At Philips India, we are committed to improving patient outcomes by supporting our customers and partners with groundbreaking solutions which enable them to create a truly integrated and patient-centered care model.”
Owing to a combination of growing and aging population, there has been an increase in demand for healthcare workers in India. The resulting staff shortages are taking a heavy toll on healthcare professionals in the country, with 64% of healthcare leaders reporting increased incidences of burnout, stress and mental health issues among their staff https://sbi.com.in/.
Issues around staffing are also impacting patients and leading to delays in care. More than half of healthcare leaders are concerned that staff spend less time with patients, with one in five (20%) calling this a severe issue in their organizations.
At the same time nearly two-thirds report a lack of time to upskill staff and embed new technologies that could help address such issues, exacerbating the problem further http://who.int.
Indian healthcare leaders are responding to this challenge by adopting digital tools to alleviate pressures on hospital staff. Virtual care is a major area of focus, with 94% of healthcare leaders affirming its role in alleviating staffing challenges.
Virtual care is not only extending the reach of healthcare but also enabling collaboration across locations, according to the survey.
Further, the survey pointed out that 99% of the surveyed Indian healthcare leaders believe that data-driven insights have the potential to improve their organizations’ ability to provide high-quality care. They see a wide range of opportunities to improve patient care by bringing data from disparate sources together in a meaningful way.
However, data integration remains a significant challenge, with 90% of the respondents facing integration issues that impact timely and effective care.
As a result, nearly two in five (38%) healthcare professionals lose precious time accessing or integrating data, leaving less time to care for patients. The same number say they face increased risk of errors, reduced patient safety and quality of care, while 41% cite increased operational costs is a consequence of data integration challenges.
The ninth edition of the Future Health Index report examines how Indian healthcare leaders are addressing the barriers to delivering high-quality, timely care through innovative technologies and partnerships.
Since 2016, Philips has conducted original research to help determine the readiness of countries to address global health challenges and build efficient and effective health systems. Fiinews.com
