breadthwise Best of Tech is our flagship research program aimed at defining the technology road map in multiple industries over the next 12 to 18 months. Our site Best of Tech Talk is a platform for industry thought leaders to share their perspectives to further add value to our research.
Coeus Age conducted Best of Tech Talk 2023 for the Hospitals sector on August 10, 2022. The virtual roundtable was presented by BMC Software.
Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services and increasing expenditure by public as well private players. (Source – www.ibef.org)
The healthcare market can increase three-fold to Rs. 8.6 trillion (US$ 133.44 billion) by 2022. In Budget 2021, India’s public expenditure on healthcare stood at 1.2% as a percentage of the GDP. A growing middle-class, coupled with rising burden of new diseases, are boosting the demand for health insurance coverage. With increasing demand for affordable and quality healthcare, penetration of health insurance is poised to expand in the coming years. (Source – www.ibef.org)
Coeus Age is pleased to present the Research+Perspectives that were discussed at the Best of Tech Talks 2023 (Hospitals) roundtable.
grounded views – RESEARCH KEYNOTE BY DR KAPIL DEV SINGH
In his research keynote Dr Singh presented the position of Hospitals Sector on the DX Market Matrix, as relative to other industry sectors. DX Market Matrix by Coeus Age maps individual enterprises and industries on two dimensions – Depth of Tech Evolution, and Coverage of Enterprise by Digital. Hospitals are at the lower end of the placement, which suggests hat for most of the hospitals DX journey has just begun, though a few hospitals may be well ahead in the race.
Three distinct areas have been identified as the technology focus for hospitals for 2023 –
1.Strengthening the Digital Platforms – Hospitals are working on evolving a holistic health platform that unify the value chain rendering services to multiple stakeholders. The platform intends at weaving automational, informational, and transformational aspects together.
2. Ramping Up the Cloud Footprints – Embracing cloud first strategy for applications for ensuring availability and seamless integration of the individual elements of the platform.
3. Undertaking Isolated Tech Led Innovations – Undertaking isolated yet innovative application of data analytics, AI, ML, AR/ VR, Robotics, 3D Printing and IoT.
Coeus Age analysis estimates IT spending to grow by 7 to 9% in 2022-23 in the hospitals sector.
A mapping of these priorities with the 7 DX Principles indicates that some aspects like Enterprise Scale for emerging technologies, Data Centricity through an overhaul of the Data Infrastructure, and Collaboration and Learning are still not mainstream in the hospitals sector.
#WOW – INDUSTRY KEYNOTE BY MR DEEPAK SINGLA
Mr Deepak Singla made three distinct points as being the focus of hospitals during the pandemic and beyond.
1. Building always available hospital systems and increased collaboration between patients and doctors, and among doctors
2. Managing hospital as an organization with focus on people, processes and equipment for efficiency and effectiveness
3. Achieving 360 degrees automation of processes for a unified supply chain to evolve, spanning multiple internal domains and external entities
#WOW – CIO PERSPECTIVE BY MR NIRANJAN RAMAKRISHNAN
Mr Niranjan Ramakrishnan discussed how emerging technologies like AI, ML, AR, VR, Robots, 3D Printing, IoT etc. are becoming relevant to the hospitals. The use cases around these technologies can open newer opportunities for better diagnosis, patient servicing, operational efficiency, and even new business models. He also touched upon the challenges involved therein.
#WOW – CIO PERSPECTIVE BY MR J P DWIVEDY
Mr J. P. Dwivedy presented a stakeholders perspectives to relevance of digital in hospitals. He argued for building a system that addresses the demands of all the four stakeholders – patients, nursing staff, doctors, and the management. His perspective has a direct reflection on the Principle of Competing Agendas, one of the 7 DX Principles. The principle argues about meeting incompatible agendas (like efficiency and agility) together with a new operating or business model.
#WOW – CIO PERSPECTIVE BY MR BHOOPINDER SOLANKI
Mr Bhoopendra Solanki presented his views on how technology helped hospitals during the pandemic. He also spoke about the opportunities and challenges that exists in the post pandemic future.
#WOW – CIO PERSPECTIVE BY MR VISHAL GUPTA
Mr Vishal Gupta presented an evolutionary perspective to IT and digital in hospitals. He also stressed upon the role of information at ‘patients and caregivers’’ levels and information exchange ecosystem at the ‘healthcare system’ level of India.
COLLECTIVE THINK – TECH PRIORITIES FOR HOSPITALS FOR 2023
The six thought leaders collectively made a holistic assessment of the “Top tech priorities for hospitals for 2023?”. While the dots were successfully connected, an industry perspective also emerged from BMC Software.
SUMMING IT UP
The “Research + Perspectives” on Top Tech Priorities for the Hospitals for 2023 provides a holistic perspective. While the research identified three broad areas, the debate further elaborated it in terms of specifics.
Hospitals today are focusing on strengthening their digital health platform for service delivery to four key stakeholders – patients, nurses, doctors, and the management, thus rendering (although organically) a new service model that thrives on automation, information, and autonomy. The emerging model shall help them address conflicting imperatives like reach and quality for the patients and efficiency and growth for the management, simultaneously.
Though most of the hospitals are busy with the basics, some leading ones have their eyes set on putting emerging technologies to good use. They are working, though in a piecemeal basis, on usage of AI and ML for diagnostics or clinical accuracy. or on Robotics for surgery, or on Internet of Medical Equipments, or on creating public health data models using third party cloud platforms.
Coeus Age believes that the hospitals, in general, will spend on technologies that strengthen the digital health value chain by automating macro and micro processes, creating information dashboards, adding new service channels, cloud enabling their applications, and embedding new technologies on a piecemeal basis in 2023.
For further details you may connect with us at kds@coeusage.com
