The exponential growth of the home healthcare industry has been one of the silver linings of the pandemic. A $6.2 billion market in 2020, the industry is expected to cater to a $21.3 billion market by 2027. This whopping growth will, however, pose its own challenges—from setting sustainable practices in place to getting the quality benchmarks right and ensuring the affordability of the services. Building a robust industry branch amidst a population of 140 crore will take the supreme versions of leadership, vision, and experience. Discussing more about the challenges and opportunities in the home healthcare industry is Vishal Lathwal, CEO—Apollo Home Healthcare, Apollo Hospitals. Vishal is a seasoned professional with 16 years of experience spanning the healthcare, automotive, and consulting industries. Below is an excerpt from the interview.
In conversation with Vishal Lathwal, CEO—Apollo Home Healthcare, Apollo Hospitals.
The home healthcare ecosystem is projected to grow to a market size of $20 billion by 2027 at a nearly 20 percent CAGR. What measures should leaders undertake to set quality benchmarks in this space?
India still remains a nascent market when we compare at-home care to developed/payor-led markets like the USA, where top home healthcare companies have a scale comparable to leading hospital brands in our country.
As Leaders, or rather, builders of this new category, one should look at multiple aspects, starting with the core promise of quality clinical care. Developing standardized care protocols that align with global best practices and ensuring strict adherence through rigorous training is essential.
Certification and accreditation of home healthcare providers through recognized institutions, though far and few in the Indian context, further guarantee service quality.
Technology also plays a pivotal role in delivering value in distributed environments; utilizing remote monitoring tools, telemedicine, and electronic health records (EHRs) helps track patient outcomes and ensures adherence to care plans.
Moreover, implementing robust patient feedback mechanisms is vital for continuous improvement. One has to be obsessed with customer service – there is no other alternative to building a regarded service brand in this high-impact segment. Building trust is essential to any healthcare business and delivering consistent quality is paramount to achieving this.
How should organizations and leaders boost innovation to address demand-supply gaps?
Estimates suggest that nearly 60-70 percent of hospital visits can be avoided through innovative home healthcare models that address patient needs directly at their doorstep. Innovation must be integral across the entire home healthcare value chain, from clinical product design to empowering care providers and building efficient service delivery systems.
Homecare is a business of the future, and hence, merits leaders to create effective opportunities for others to participate and build the ecosystem
Investing in internal capabilities and fostering a culture of innovation is crucial. For example, creating integrated care platforms that connect patients, caregivers, and healthcare providers ensures coordinated care and improves patient outcomes, addressing systemic inefficiencies. Data analytics also plays a key role in managing resources effectively, with Deloitte reporting that data-driven healthcare can reduce overall costs by 15-25 percent.
Advancements in AI and machine learning can predict patient needs, optimize resource allocation, and personalize care plans. They can also automate and effectively track care delivery at a fraction of the cost and with faster turnaround times. The global AI in healthcare market is projected to reach $45.2 billion by 2026, highlighting the significant opportunity for innovation in home healthcare.
Furthermore, one can externally source innovation through strategic partnerships with technology companies, academic institutions, and even health-tech startups. The domestic health-tech space is vibrant, with new innovative products emerging regularly. This allows home care companies to focus on core delivery while leveraging plug-and-play innovations. This is particularly helpful since the inherent low margins at times limit the ability to make significant investments in technology and R&D.
What initiatives should the industry and leaders undertake to support care delivery beyond Tier 1 cities and close to remote areas?
Homecare is still largely an urban issue today, with a higher willingness to spend on health, growing demand for convenience-based services and dissolving family structures. However, to support overall healthcare delivery beyond Tier 1 cities and into remote areas, the homecare platform, in conjunction with technology and community-based solutions, can be aptly leveraged.
Investing in telemedicine and remote monitoring technologies allows healthcare providers to offer remote consultations and track patients' health in real-time, significantly reducing the need for travel and ensuring timely medical intervention. Telehealth in India has the potential to save $10 billion annually as per reports.
Deploying mobile health units equipped with essential medical equipment and staffed by trained professionals can bring healthcare services directly to underserved areas. Training and deploying community health workers is also vital, as they can provide basic healthcare and health education, acting as a bridge between remote populations and healthcare providers.
Public-private partnerships can further enhance these efforts by utilizing existing infrastructure. Additionally, offering incentives such as higher pay and housing can attract healthcare professionals to work in remote areas, ensuring sustained and quality care delivery.
Home healthcare is an economic boon to the healthcare sector; how can leaders create lucrative opportunities for healthcare providers and budding entrepreneurs?
Home healthcare helps solve one of the biggest gaps in our current healthcare delivery system, i.e., the availability of hospital beds. It can significantly reduce the burden on the stressed bed capacity and provide enhanced access and even affordability.
Homecare is a business of the future, and hence, merits leaders to create effective opportunities for others to participate and build the ecosystem. Relevant Industry forums or platforms have already been institutionalized be it CII or NATHEALTH and FICCI that encourage dialogue around the space. Another lever is to provide “patient capital” for startups and entrepreneurs to develop innovative solutions. Incubators and accelerators specifically for home healthcare innovations can be doubled down upon, offering mentorship, networking opportunities, and access to resources.
Additionally, offering specialized training and development programs for healthcare providers can create more job opportunities and career advancement prospects within the home healthcare sector to solve for the growing supply gap. Advocacy for favorable policies, including insurance coverage, tax incentives and grants, can further stimulate growth and investment in this field.
Tell us about your leadership approach. What are the guidelines or methodologies you follow as a leader?
I think authenticity and empathy are essential traits to leading teams, especially while working with millennials. The ‘why’ of things takes precedence over the ‘what’ when you are out to translate vision into reality.
These two traits are immensely powerful in building a high-performing and trust-oriented culture at the workplace.
What would be your advice to the individuals aiming to set benchmarks in their career in this industry?
My advice to individuals aiming to set benchmarks in the home healthcare industry is multifaceted. First, pursue excellence relentlessly. Strive to innovate and improve patient care continuously, leveraging emerging technologies and best practices. Second, embrace lifelong learning. Stay informed about industry trends, advancements, and regulatory changes to stay ahead. Seek mentorship from experienced professionals who can provide guidance and insights based on their expertise.
Additionally, empathy and compassion are essential qualities for healthcare professionals. Understand the unique needs of patients and their families and prioritize their well-being in every decision.
Finally, be resilient and adaptable. The healthcare landscape is dynamic, so be prepared to navigate challenges and seize opportunities for growth.
Hobby: "I love spending time with family and friends and building professional circles. There is so much to learn from others’ experiences. Beyond this, I am a car enthusiast and often find myself driving out long distances. I also love to sketch whenever I get the time."
Favorite Cuisines: "Nothing beats traditional Indian home-cooked comfort food. While eating out, Italian and Mexican are clear favorites."
Favorite Movies: The Pursuit of Happyness, The Shawshank Redemption and any of Priyadarshan’s Indian Comedies.
Favorite Books: "The Lean Startup" by Eric Ries, "Good to Great" by Jim Collins, and "The Innovator's Dilemma" by Clayton Christensen.
Favorite Travel Destination: Anywhere in India with family and friends.