Importance of Hospital Management

Abstract

AbstractThe healthcare industry of India encompasses hospitals, medical equipment and apparatus, health insurance, telemedicine, clinical trials, outsourcing, and medical tourism. The healthcare industry is emerging at an upsurge pace, focusing on strengthening of the coverage, service delivery, and escalating spending by both the public and private sectors. In the Indian economy, a segment of healthcare has emerged as one of the largest ambits, in the phrases of employment and revenue. In terms of revenue since 2016, it has been on the rise at a Compound Annual Growth Rate (CAGR) of 22%, and in terms of employment, the health sector has been employing 4.7 million individuals directly. In India, the health sector had the potential to produce 2.7 million additional jobs between 2017 and 2022, approximately 500,000 fresh jobs every year. It is indeed a fact that the pandemic of COVID-19 has given challenges to the healthcare sector, but also presented numerous opportunities for our nation to develop. As the growth of the Indian healthcare sector is in double digits, the role of hospital management is rising continuously. Hospitals are dynamic in nature and complex organizations. As the hospitals play a pivotal role in providing healthcare services, they need to run at full efficiency, i.e., in the case of quality of services, turnaround time, low-cost pricing, consumption of material, and output of all services. Related to all these key drivers, hospital management has a significant focus on the efficiency of service delivery. Hospital management allows to set a benchmark and to improve the delivery of healthcare services. Accessibility, quality, and efficiency are the three dimensions of the Health System Performance. The ability of patients to get healthcare, the right care in the right way, accessibility, and effectiveness related to available resources help to measure the health system performance. The expectation of healthcare consumers for the performance of the health system is about to increase over time. To meet these requirements, hospital management can offer noteworthy opportunities to change and to build up the overall performance of healthcare.