Building a hospital is expensive and challenging. A few of the challenges include large capital requirements, location of the hospital, electricity, and water, adopting green building strategies, approvals, certifications, licenses, manpower availability, regulations, and guidelines. In such a case medical equipment loan becomes a very easy option. Also, hospitals should be always ready to respond to both expected and unexpected changes, such as possible increased regulatory demands, environmental mandates, and future healthcare innovations.
Owing to the huge under-penetration of healthcare facilities in India, hospitals have emerged as one of the most lucrative businesses lately. The sector has been attracting a lot of interest from foreign investors, Private Equity, Venture Capitalists, businesspersons, etc.
The Indian healthcare industry is growing at a rapid pace. As the industry is growing fast, the supply of suitable manpower for the industry has not kept up the pace. There are many challenges that the industry faces on various counts. Many hospitals can opt for medical equipment loans for hospitals to avoid some of these challenges. Rural India is where 70 per cent of the Indian population resides and hence healthcare demand in rural areas is growing. All this is putting a lot of pressure on the management of the hospitals as there are shortages of well trained and qualified staff.
In India, there exists a significant quality difference between healthcare in rural and urban areas and between public and private healthcare providers.
The Government of India has several schemes aimed at promoting healthcare in India. The National Rural Health Mission was established in 2005 for the improvement of health care in rural India. This mission focuses resources on rural areas and states with poor health facilities.
Despite the presence of a vast number of healthcare schemes for the poor population, ineffective public healthcare and insurance models have hindered this effort. Furthermore, extended hospital waiting times, no availability of beds, the perception that public health care in India is of poor quality, and significant labour and infrastructure shortages are all systemic impediments to access.
One of the biggest challenges faced by the healthcare industry is manpower shortage. There are very few people who have the requisite skills required by the hospitals. There is an active shortage of doctors, nurses and other qualified staff. There are several medical schools but the course content in these schools is not always in sync with what the industry requires. Because of this, the hospitals might have to re-skill the doctors by providing relevant training.
Adding to the shortage of manpower is the phenomenon of high attrition, making matters worse. There is a great demand for Indian doctors and nurses abroad, where they are paid even higher. Hence, the attrition rate for this sector is as high as 40%.
The management is also faced with the challenge of a lack of soft skills among the hospital staff who may not be groomed so much in their colleges or institutes. The hospital must arrange for training on various aspects like how to handle the patient with care, how to deal with irate relatives of patients and other associated aspects. The staff must be groomed to be courteous to the patients and their relatives.
There are several challenges to building and running a hospital in India. These challenges are of varied nature – financial, skill-related, manpower shortage, technology, etc. however professional loans for doctors can be a good solution for building a hospital. Addressing these challenges is of great importance to the Government and the private sector so that we can expect a healthy country in future.
How magical was the day when you discovered your career path? After a lot of research, putting in so much hard work, late nights, your heart and soul, you have become what you are today.