Private Hospitals Market in Odisha to touch US$ 4 bn by 2020
As per the draft National Health Policy 2015, current health care segment in private sector stands at US$ 40 billion and it is expected that the number would grow to US$ 280 billion by 2020. In Odisha, the private hospitals market size will grow from US$ 750 million currently to around US$ 4 billion by 2020. A major share would be in the hospital segment, as health care is becoming increasingly corporatized. Thus, healthcare services are considered to be the value added services for the life style of the new generation, patients are given utmost importance as consumers.
While doctors and care givers remain at the center stage of the health care services, consumerisation in the healthcare business is growing with significant use of management principles. Value creation has to happen in each encounter of healthcare consumers with the healthcare providers, else the expansion of healthcare industry would be limited and remain as a sought after curative service.
Dr. Biranchi N. Jena, Director of IIHMR Bangalore, said, “Apart from issues like patient safety, quality of care, management issues like consumer satisfaction, availing services at the most easy and convenient way, sufficient awareness, effective utilization of IT products for the patient benefit, provision of disintegrated and integrated health care services, etc. are becoming matters of concern for running medium and large scale hospitals and other health care organization. Therefore, the demand for health care management professional is bound to grow exponentially in coming years in India. Currently, there is a requirement of around 10,000 health and hospital management professionals in India and I can foresee this number shooting up to 100,000 by 2020. In Odisha, the demand for health care & hospital management professionals is expected to growth ten-fold to more than 3000 by 2020.”
“So, for graduates from any stream, be it science, pharmacy, humanities or commerce, can look forward to assured and well-paying jobs if they were to take up health and hospital post-graduate management course,” added Dr. Jena.
During the 1950s, the share of private sector in the health care segment was 10% and now this proportion has gone up to 90%. While a lot of private funds are flowing into the healthcare sector, better management of those funds is a prerequisite. With a growing requirement of additional 600,000 to 700,000 beds in coming five years, the private sector is poised to grow at a compounded annual growth rate (CAGR) of more than 40%. The growth of the sector would also bring the implementation of quality platform like NABH to ensure patient safety. This would drive the growing need of health and hospital management professionals.
IIHMR Bangalore offers a 2 years full-time post-graduate course in health and hospital management and admissions are open till June 2015. Under this post graduate programme, graduates from any stream can apply based on their MAT/CAT/CMAT/ATMA/XAT scores. Graduates having two years working experience are exempted from entrance exams and can directly apply. IIHMR students are assured of placement at reputed organisations.