1.Double Trouble
According to a study by Federation of Indian Chambers of Commerce and Industry,
The private health care facilities which includes private hospitals and clinics have incurred a revenue loss of 70%, in the month of March alone.
Several renowned hospital chains of India have suffered a revenue loss of 90% since March. The list is endless and we can expect the numbers to rise in the near future.
According to Priyanka Kishore, head of India and Southeast Asia economics at Oxford Economics,
India’s recovery trajectory is going to be weak as the country is struggling to get past the peak of the pandemic.
The Investment bank, Goldman Sachs, predicted a massive 45% economic decline from the month of April 2020.
Evidently, the statistics are not appealing to the private clinicians and hospitals in these harsh times.
2.Current Scenario
With the lockdown being lifted and India currently in phase 4 of unlock, the situation seems to be improving at a snail’s pace. Many private clinicians have started to treat patients on appointment basis and perform emergency treatments. Elective surgeries and procedures are slowly beginning to re-enter the arena.
According to the Economic Times, July issue,
India’s economy will spring back to normal sooner than expected and may even make a sharp V-shaped recovery in the next financial year.
This is a ray of hope but nothing can be predicted given the sudden rise in the number of cases in India. On 6th September, 2020, India was declared the pandemic’s second worst hit country after United States of America, with more than 90,000 cases being reported in 24 hours.
3.Patient’s perspective
The Indian patient will now think twice before entering a hospital for elective treatment.
According to an eminent chain of private hospitals in India, the percentage of walk-in patients has reduced by 90% since March. There is a steep drop in the number of in- patients as well.
This has severely affected the revenue of the hospitals. Another well-acclaimed chain of private hospitals has declared an average revenue loss of 25 crores per month.
There have been reports of patients delaying treatment for months just to avoid the highly infectious environment of hospitals and clinics.
4.Patient’s Social Media Surge
To counter off the stress and take their minds off it, Indians are responsible for a sharp rise in social networking sites and apps usage. From taking online lectures to ordering groceries with a single click, the Indian community has made social media a part of their lives.
Recent studies show that WhatsApp usage has increased by 40% in the pandemic year.
According to a study performed in the United States, 51% of adults have a higher consumption rate of social media than before pandemic. A similar situation is also observed in India as well.
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