Health insurance and health care
Filed Under: Business, Health & Science | Posted: 05/18/2011 at 3:29AM
Comments | Region: India
The healthcare provider business today is not only confined to treatment but also includes host of other things ranging from prevention of diseases to detection of ailments of financial aid to cure. We can draw an analogy between health care and human body. While hospital may be akin to vital organs like the heart, brain or kidneys, insurance will function as the circulatory systems that keep-s money flowing and diagnostic clinics, medical hardware companies, new technology etc. will function as the skeleton framework supporting this structure.
Typically health insurance can make healthcare affordable to larger number of people. In US for example, three out of four people are covered by health insurance and this has been responsible for turning the US into a massive $ 1.2 trillion market. In case of India this ratio is abysmal. According to Economic intelligence unit, barely 0.25 of the Indian population has insurance of any kind. This number includes two million holders of Mediclaim-a General insurance Corporation health insurance scheme.
General people blame the low numbers on the public sector GIC having never aggressively marked health insurance. Moreover, since GIC can take up to six months to process a claim, many people do not even bother. Another important pint to be closely studied is the fact that GIC’s med claim reimburses its customers after they have paid for the treatment out of their own pocket. For a proper market of healthcare services what is more needed today is further liberalization of our health care insurance schemes.
Franchising in health care marketing
One X great Hospital has just two diagnostic centers-one in Mumbai and another Chennai. The company plans too have 20 new ones in the next year, of which half will be owned by franchisees and managed by X hospital. In other words X hospital will be using the power of brand to expand. Diagnostic enters are one of the areas where franchising is expected to catch on rapidly.
Medical equipments for diagnostic enters in each state capital complete with top of the line CT scanner, a fully automated pathological laboratory, an x -ray machine, and ultrasound machine would help generating a good business for the franchise. Franchisees can start making cash profits around the time they cross 50 percent utilities mark.
The other areas where entrepreneurial efforts are expected to reap profits are day care centers, care for the aged, medical transcription services and medical insurance claim processing.