Financial Services for the Healthcare Industry
Introduction to Healthcare
Healthcare comprises clinical trials, telemedicine, outsourcing, medical tourism, health insurance, hospitals, medical devices, and medical equipment. At present, the Healthcare Industry has become India’s largest sector in employment, opportunities, and revenue.
The entire Indian Healthcare system is categorized into two important components: public and private. The public healthcare system, also known as Governmental, forms the tertiary and secondary limited care centers in prime cities. Its focus is on providing the basic healthcare facilities in rural areas through the Primary Healthcare Centers. On the other hand, the majority of secondary, tertiary, and quaternary care institutions form the private healthcare system with primary concentration and setups in the metro, tier 1, and tier 2 cities.
India has a large pool of well-trained medical professionals that has helped gain an advantage over its competitors and other peers in Asia and Western Countries. While at the same time, the price range of facilities is much lower in India as compared to other countries. All in all, India is ranked 145 out of the 195 countries in terms of the availability of healthcare facilities, accessibility, and quality.
Financial Challenges in Healthcare
Healthcare is one Industrial sector that is just staying afloat with its financial provisions as the investment to it is not up to the mark. It has made the sector struggle to survive and combat the challenges it keeps on facing. Some of those financial challenges are:
1. Managing investment
With the increasing number of demands, patients, and laws, the need to expand the sector financially is building the pressure. At the same time, trying to cut costs and ensure greater quality provisions in less monetary value to cure and treat patients is a pressure of its own. It has set a restriction on hospitals on how much spending per patient it can ensure.
2. Dipping into technological innovation and transformation
Even with the new technology in the market, the healthcare industry is not able to completely access it due to cost constraints. But the pressure to utilize the new technology and equipment is mounting forcing healthcare institutions to inculcate it in their practice to improve patient care. This is also making the industry hard-pressed to utilize what resources they can to maintain the financial condition.
3. Adapting to market positions
Mergers are impossible to escape in the healthcare industry as more and more healthcare institutions are turning towards corporate banners. There has been pressure to maintain such arrangements in the best possible way. This pressure from government bodies along with patients whose voices are being heard as the ultimate consumers of facilities, the financial challenges are rising.
4. Meeting compliance requirements precisely
A lot of rules and compliance guidelines need to be followed precisely to maintain their decorum of the industry and standards of the healthcare practice. But this demands the utilization of funds to maintain that standard which the institutions lack.
Therefore, to face these challenges and overcome the burden of the financial crisis, Healthcare Industries need a hand.
Benefits of Investing in Healthcare
When the Healthcare industry needs you to lend a helping hand, you might be double-minded. That is because you do not realize the importance and benefits that can truly offer to the community, you, and your loved ones. Rest assured, investing in Healthcare is a great idea. Let us see why!
1. Medical Technology Advancement
Advancements are going on at a rapid speed. No matter the sector or the industry, technological turnover can be seen everywhere. One such industry is Healthcare. The latest technology is great for imaging, to enable a detailed diagnosis of the problem in patients. If you have it in you to provide for the benefit of the health of the nation, then you would be greatly satisfied if you invest here.
2. Health Information
This is one sector where the information that someone can acquire is infinite. There are loads of researches required and much traveling to be done by researchers to get their answers so they can develop the right formula to cure a disease. Investing in such a resourceful sector would be great for the community as a whole.
3. Growing Aged Population
It is not always about the best facilities and five-star provisions in clinics. It is about providing comfortable treatment and stays to the elderly who might not be able to pay for their treatment at every step. It is about helping the aged population live longer and healthier. What’s better than to invest in something like that.
4. Therapeutic Clinics
No everyone needs only surgeries and hard-core treatment. Some need a little stress relief and depression-free treatment. For that, therapeutic clinics find their way into the healthcare banner. Investing there is a great way to support the people in having a healthier lifestyle.
Provisioning of Financial Services for Healthcare Industries
There are numerous factors at work today that are impacting the healthcare industry. These include global pandemic, changing lifestyle, aging populations, and efficiency demands. It’s a given that digital transformations and technological advancements can help deal well with the challenges and improve the patient’s overall outcomes. But this does not come free of cost. With TFCI, Tourism Finance Corporation of India Ltd can help you remove the barriers to any investment opportunity and enable the healthcare organizations to secure the technology, facilities, and equipment required to deliver optimum services to the patients.
Having been a long-standing financial institution with a great many years of experience, our knowledge of financial markets has proved our worth in being the best financial services provider in any industry. Add to that our experience in taking care of all financial aspects of the healthcare industry, TFCI is the best catalyst for a better provisioning industry. Our experts are well versed with the technology and the role it plays in patient care that includes analysis, diagnostics, and medical imaging. All this helps us to develop the best and highly customized financial solutions.
With Tourism Finance Corporation of India Ltd, you can achieve the best outcomes with our financial services that include:
- Increased Customer Value with Vendor Finance
- Modernize and Upgrade to latest technology and equipment
- Enjoy extended payment terms for healthcare supplies
- Invest in your healthcare projects
- Maximize liquidity and flexibility
TFCI can be your go-to partner for all your financial needs. Get in touch with us for consultation and find the best options for you.