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Tag: Pritika Singh

  • India’s Hospital Sector: Revenue Models, Digital Innovations, and Investment Trends

    This article has been contributed by Ms Pritika Singh, CEO at Prayag Hospitals Group.

    The healthcare sector experiences unique difficulties. Medical facilities and hospitals have to continue to be economically viable while putting first the well-being of their patients. This balance becomes particularly complicated in India because of the country’s diverse economic groups, changing regulatory landscape, and increasing dependence on technology for management and treatment.

    Revenue Models in the Hospital Industry

    Multiple revenue models are used by hospitals to determine their long-term viability. According to TechSci Research, the Indian hospital industry has been projected to grow at a compound annual growth rate (CAGR) of 10.64% from its 2024 valuation of USD 108.57 billion towards USD 197.31 billion by 2030. This growth indicates the increasing demand for hospital services as well as the difficult financial environment these facilities must operate in.

    The fee-for-service system, whereby patients pay for their own treatments, consultations, and procedures, is one of the most predominant models in India. While this approach guarantees money flow, it sometimes encourages the overuse of medical tests and procedures. Because it supports efficiency and cost control, hospitals are starting to use bundled payments, in which they charge an upfront amount for a treatment cycle.

    Value-based care is another recent development which encourages hospitals to focus on enhancing patient outcomes rather than simply service volume. Private healthcare facilities frequently opt for insurance-driven models, which leave a significant percentage of the population dependent on out-of-pocket expenses regardless of whether they are advantageous for insured patients. By giving coverage to those who are economically disadvantaged and increasing hospital accessibility nationwide, government initiatives like Ayushman Bharat have tried to close this gap.

    Cost-Effective Healthcare Without Compromising Quality

    One of the largest issues facing the sector is still trying to create the right balance between affordability and maintaining high standards of care. With investments in AI, telemedicine, and digital health records improving service delivery, India’s healthcare system has gone through considerable modernisation. In remote locations, telemedicine, in particular, has transformed healthcare access. Expert consultations are no longer limited to major cities because of the connectivity between rural areas and urban medical centres. By using telehealth, hospitals lower costs for patients who would otherwise have to pay for travel and lodging in order to receive medical care.

    The rising incidence of non-communicable diseases in India has given rise to the emergence of specialty hospitals with an emphasis on cardiology, orthopedics, and cancer. By investing in modern technology that minimises human error and standardises treatment processes, these hospitals improve operational efficiency. Data-driven patient management, AI-assisted diagnostics, and robotic surgery have enhanced accuracy yet preserved cost-effectiveness.

    Mental health services continue to be underfunded despite these recent changes. The World Health Organization estimates that India’s burden of mental health issues stands at 2443 disability-adjusted life years per 100,000 people, with an age-adjusted suicide rate of 21.1 per 100,000. Between 2012 and 2030, the economic loss due to mental health conditions is projected at USD 1.03 trillion. Government policies such as the Mental Health Policy (2014) and the Mental Healthcare Act (2017) provide a framework for integrating mental health into primary healthcare. However, hospitals must invest more in psychiatric units, counselling services, and rehabilitation centers to address the growing demand for mental health support.

    Simplifying administrative expenses is also required for cost-effectiveness in healthcare. AI-driven healthcare management systems that automate scheduling, cut down on paperwork, and improve billing transparency are currently being adopted by hospitals more frequently. By reducing waiting lists and administrative problems, these steps not only save money on operating expenses but also improve the patient experience.

    Innovation and Investment Opportunities in Healthcare

    India’s hospital sector is seeing investment, predominantly in digital health, artificial intelligence, and medical infrastructure. AI-powered diagnostics are enhancing the accuracy of disease detection, while machine learning models predict patient deterioration, allowing for timely intervention.

    Healthcare improvements have also been pushed by the increasing popularity of connected medical devices. Doctors may remotely track chronic illnesses with the help of IoT-enabled gadgets that collect health data in real time. This is particularly crucial when it comes to managing conditions that need constant observation, including diabetes and cardiovascular diseases. These developments reduce the demand for emergency care services and hospital readmissions.

    Since both public and private organisations have come to understand the need for top-notch medical facilities, investments in hospital infrastructure have also risen significantly. The Indian hospital industry generated INR 7,940.87 billion in FY21 and will continue to rise at a CAGR (compound annual growth rate) of 18.24% to reach INR 18,348.78 billion by FY27, according to the Government’s Invest India report. The development of cities, increasing health insurance penetration, and increasing healthcare awareness are the main drivers of this expansion.

    Public-private partnerships, or PPPs, are also impacting how healthcare is delivered in India. Government-funded initiatives and private hospitals have been working together to give people access to healthcare, especially in tier-2 and tier-3 cities. This structure improves healthcare penetration in underprivileged areas while ensuring private businesses’ financial stability.

    Medical tourism offers yet another profitable investment opportunity. India has become an increasingly common choice for foreign patients looking for reasonably priced, excellent medical treatment. Patients from the Middle East, Africa, and even advanced nations seeking more affordable options are drawn to procedures like orthopedic interventions, cosmetic surgery, and cardiac surgery. This opportunity is being seized by hospitals that are investing in concierge services and specialist international patient departments.

    The healthcare system in India is undergoing an immense change. A balance between ethical patient care and economic viability must be maintained by hospitals. Accessibility must continue to be a primary focus of healthcare development, even when business patterns and treatment approaches are transformed by technology. Quality does not have to be compromised for affordability, and India’s healthcare sector has shown that efficiency and innovation can coexist.

    The primary focus should be on integrated healthcare models that incorporate advanced treatment choices, early diagnosis, and preventive care. This requires expenditures on workforce development, infrastructure, and research-based solutions. India’s healthcare system can have an economically viable and ethically responsible future if hospitals continue their focus on effectiveness without neglecting patient care.

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  • Prayag Hospitals Success Story – How they Provide Exceptional Care Without Exceptions?

    Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Prayag Hospitals Group.

    The healthcare industry in India is a complex and diverse sector that plays a vital role in the country’s economy and society. India has a large and growing population, and the demand for healthcare services is high. The healthcare industry in India consists of both public and private sector organizations, with the public sector providing a significant portion of healthcare services. The Indian government has made efforts to improve the healthcare system and increase access to healthcare for all citizens, including initiatives such as the National Health Policy and the National Rural Health Mission.

    There are total almost 30,000 hospitals in India. Thats 1 hospital for almost 47,000 people. Hence, the need for better hospital facilities and management is the biggest concern of Indians. One hospital that takes care of its patients in the best way possible is Prayag Hospitals Group.

    Prayag Hospitals Group is providing exceptional healthcare without exceptions and the CEO Pritika Singh has been a game-changer in healthcare.

    StartupTalky interviewed the CEO of Prayag Hospitals Group, Pritika Singh to know more about their vision, mission, Inspiration, business strategies and more.

    Prayag Hospitals Group – Company Highlights
    Prayag Hospitals Group – Vision and Mission
    Prayag Hospitals Group – Inspiration
    Prayag Hospitals Group – Key strategies for successful business
    Prayag Hospitals Group – Social work
    Prayag Hospitals Group – Challenges
    Prayag Hospitals Group – Operating locations
    India’s healthcare industry in the next 5-10 years
    Advice to the new industry leaders/entrepreneur

    Prayag Hospitals Group – Company Highlights

    CEO Pritika Singh
    Founded in 1999
    Industry Healthcare
    Website www.prayaghospital.in

    Prayag Hospitals Group | Homepage
    Prayag Hospitals Group | Homepage

    Prayag Hospitals Group – Vision and Mission

    Prayag Hospitals Group is focused on creating a chain of hospitals providing all treatments at the most affordable price for middle-class customers. Their short-term goal is to provide more jobs, which is also a part of their long-term goal.

    My long-term goal will be to create a chain or group of hospitals
    where poor and middle-class customers can walk in without any fear or burden of payment. We want to create such a noble image in the market, through a chain of hospitals where finance is not a concern when you are entering the hospital for any treatment. – Pritika Singh

    Prayag Hospitals Group – Inspiration

    Pritika was inspired from her parents. Her father is a renowned ENT and orthopedic surgeon, and her mother has always looked after the management and administration parts, so she got inspiration from them.

    When she was a child and her father used to do his OPD, Pritika used to look with curiosity at what he was doing. Her father used to sit with each patient for about half or one hour and explain to them every detail of the treatment or the disease. While she was growing up, she felt that the hospital and healthcare industry need to have such a system where one can give a lot of awareness to the customer which is lacking in the industry.

    I know a lot of people surf the internet nowadays before entering a
    hospital. By the time they see a doctor, they know a few terms, but they need proper guidance which only a specialist can give. – Pritika Singh

    The other side of the coin is people from underprivileged or poor socio-economic backgrounds, who are eligible for free health treatment but don’t know about the privileges or benefits they have got from the government. There are very few organizations that are spreading such awareness and theirs is one of them.

    Pritika’s parents are the first people with whom she shared her vision.

    Prayag Hospitals Group – Key strategies for successful business

    After joining the business, Pritika transformed the logo, tagline, and all other things that needed a rework because she wanted the brand to connect with her vision. The only strategy that they follow and are following till now is creating a one-to-one customer experience, giving a personal touch, and taking care that their service delivery or care includes Indian tradition and culture in doing business.

    To have a successful business, you also need to have a good working environment in your organization, and I make sure we specifically take care of the mental health of our employees. We try to create a personal repo with the employees so that they work in a comfortable and encouraging environment and perform better – Pritika Singh

    Prayag Hospitals Group – Social work

    At Prayag Hospitals Group, they have a special ward where they treat patients who are not very critical. They don’t charge doctor fees, nursing fees, or bed fees; only food and medicine costs are there. So, it becomes very affordable for somebody who comes from a poor socio-economic background and doesn’t have any benefit or support from the Government, or any medical insurance.

    Prayag Hospitals Group – Challenges

    At the beginning of her journey, she faced a challenge within the organization as the employees or staff were already working as per the vision of her parents, and then she entered with a different vision. A lot of people were not comfortable and had little belief in her. They thought that her vision is not complete or feasible or that what she is talking about is not practical. However, when you have belief in yourself, you can make others believe in you too.

    Another biggest challenge that I faced was in the form of typical stereotypical thinking that if your parents are doctors running a hospital, you also need to be a doctor to run the business. So, my parents took some time to gain that level of trust in me as I was from a management background. Despite a lot of rejection of my vision and ideas, in the beginning, I was able to build that trust with my employees as well as my parents. Another challenge that you face being a newcomer in the industry, and being ayoung woman is that people in the industry look at you with doubt. They havetheir own assumptions, but if you are confident about your capabilities, you canovercome every obstacle, and stereotypes and bust myths. – Pritika Singh

    Prayag Hospitals Group – Operating locations

    The hospital’s operating location is in Noida and Greater Noida, and they are also planning to come up with a hospital in West UP and Uttarakhand. They are also planning to expand their operations in Middle Eastern countries for their specialized branch – the department of holistic healing — where they talk about mental health. They work on mental health because India is a hub for the same.

    India’s healthcare industry in the next 5-10 years

    Pritika believes that the healthcare system is already in place, and it has seen a dynamic transformation in the COVID-19 pandemic recently. Digitization in healthcare has taken hospitals, even in tier 2 or 3 cities, to another level. However, there is a need to create more beds and encourage youths to enroll themselves in studying or choosing a career in the healthcare industry. The reason is that when thinking of increasing the beds, there is also a need for manpower to attend to more patients in the form of paramedical staff, support staff, doctors, and nurses. In addition, she thinks more hospitals should be introduced in smaller towns and cities so that people from these underserved areas can also get quality treatment.

    The healthcare sector is set for robust growth in the next 5-10 years, with the industry expected to reach a size of $50 billion in the country by 2025.

    The Government is working on all strategies to revolutionize the sector in the next few years by focusing more on innovation, technology, and R&D. She thinks this will help all those involved in the hospital industry by being able to offer more advanced forms of treatment and medication at an affordable cost. At the same time, the technological disruption in the industry cannot be ignored, considering the dramatic rise of telemedicine during the pandemic and the introduction of new-age technologies like AI and virtual/augmented reality.

    Advice to the new Industry Leaders

    The advice that I would like to give to newcomers is that healthcare
    is a noble industry where you can earn money and give back to society. Do not consider this industry only for making profits as we are engaged here 24X7 with the customers’ emotions along with the emotions of the staff, doctors, and all those who are involved in the business. We must have that noble vision when we are entering this industry. In the end, I would like to say that for an entrepreneur, your energy also counts. You have to match a high-vibration frequency environment, so you have to have that dynamic character with very high energy in order to sustain the business. If you can leave your comfort zone and are ready to work in a dynamic, fast-paced environment, then you can consider this field as an entrepreneur. – Pritika Singh

    Conclusion

    For an entrepreneur, energy also counts. You have to match a high-vibration frequency environment, so you have to have that dynamic character with very high energy in order to sustain the business. If you can leave your comfort zone and are ready to work in a dynamic, fast-paced environment, then you can consider any field as an entrepreneur.

    FAQs

    Who is the CEO of Prayag Hospitals Group?

    Pritika Singh is the CEO of Prayag Hospitals Group and she has been a game-changer in healthcare.

    When was Prayag Hospitals Group founded?

    Prayag Hospitals Group was incorporated on June 20, 1996.

    Where is Prayag Hospital located?

    Prayag Hospital is located in Sector 41, Noida, Uttar Pradesh 201301, India.