While mulling over the health of the healthcare sector in India, a number of hindrances are often ruminated. These include, inter-alia, higher cost of services, social inequality, shortages of medical personnel, inadequate medical research, and overdependence on private establishments. These bottlenecks are prevailing since time immemorial and difficult to surpass with a population of more than 1.35 Billion. With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. The data repository of healthcare records of individuals acts as a lead to the practitioners, whereas the improvised usage of telemedicine may help to overcome staffshortages. Electronic Health Record (EHR) helps future research with a strong data pool, whereas a wide range of wearable devices develop healthy practices. In a developing country like India with limited resources to cater to the need of the growing population, the path-breaking emergence of digital interference in healthcare is imminent.
Future of Healthcare Investment in India
Various market research projections estimated a significant growth in the healthcare sector in India. The market size is expected to reach $372 billion by 2022, whereas the Indian medical tourism market is expected to reach US$ 9 billion by 2020 growing at 18% y-o-y. Health insurance, on the other hand, is attaining significant momentum in India. Gross direct premium income underwritten by health insurance grew nearly 17% to Rs 51,637.84 crore (US$ 7.39 billion) in FY20. Government’s contribution in the healthcare sector in India has also witnessed sustainable growth for last two decades. Various policies have been framed to increase the expenditure outlay in the healthcare sector. Union Budget 2020-21 outlaid Rs. 69,000 crore for the healthcare sector, and Rs 35,600 crore in various nutrition-related policies. National Nutrition Mission (NNM), Pradhan Mantri Jan Arogya Yojana (PMJAY), Mission Indradhanush, and last but not least Ayushman Bharat-National Health Protection Mission had broadly indicated the unidirectional aim of the policymakers to have a well-organized healthcare framework with significant policy intervention. The data depicted in Table 1 represents healthcare spending (out of pocket and public) of SAARC countries as % of GDP. Although India has a spending trend lesser than the SAARC average (Figure 1), there is a large potential for further spending in sync with a foreseeable increase in market volume.
Considering the prospect of the sector as a whole, it is evident that Digital Health in its various forms is going to be a game-changer. On top of this, the digital record keeping (Electronic Health Record or EHR) of the millions of users would be of immense importance in defining the fate of future research and development, user-specific medication and effective disposal of healthcare services.
What is Digital Health?
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UNVEILING DIGITAL HEALTH AND ELECTRONIC HEALTH RECORD THE IMPENDING MECHANISMS TO AMELIORATE HEALTHCARE EFFICACY IN INDIA
With sustainable economic growth potential and foreseeable improvement in public service delivery, India needs instruments to improve sectoral productivity in healthcare. In the modern world of technological advancements, digital intervention is inevitable to increase healthcare effectiveness. Digital health includes multiple digital care mediations ensuring the convergence of digital technologies with wellness, treatment, healthcare, and society to improve the efficacy of service delivery and make medicines more explicit and user-specific.
IMPLEMENTING AN INTEGRATED HOSPITAL COST MANAGEMENT SYSTEM
The unique features of Healthcare Sector and their Business Process Flow are a big challenge to implement an Integrated Cost Management Solution. Even though a Hospital may have an effective Medical Information System of Patients and an ERP, they still struggle with implementing a Costing System; this is because the information is in different Silos. To implement an effective Costing System, the cost structure should be either inbuilt in the ERP or should have information flowing in from the Accounting and Patient Information. Identifying the Cost Elements and their classification, defining Cost Objects and their hierarchy and mapping the flow of information from Accounting and Medical Information System are pre-requisite for an Integrated Cost Management Solution. With the rapid development in information technology many IT firms/ERP use Data Connectivity for seamless integration. An integrated Costing System will facilitate online reporting and help Management in decision making on Pricing, Profitability and Cost Control.
INAUGURATION OF LONDON OVERSEAS CENTRE OF COST ACCOUNTANTS ON 23rd JANUARY 2021
On the auspicious occasion of 125th birth anniversary of Netaji Subhas Chandra Bose on 23rd January or ‘Parakram Diwas’ this year, The Institute of Cost Accountants of India added a feather in its cap through the grand opening of London Overseas Centre of Cost Accountants (LOCCA), the first ever European centre in the heart of London. It was highly supported by British Deputy High Commission, Kolkata, India Business Group and UK India Business Council.
EMPLOYEE WELLNESS PROGRAM: ITS BENEFITS SURPASS ITS COST
When a person falls ill, it costs a lot not only in monetary terms but also in terms of his mental well-being. Not only the person who has fallen ill suffers, his family, friends also have to suffer because of his illness. The same logic applies to an organization also. When an employee falls ill, the whole organization suffers. In order to avoid such damages and disturbances, precautions are to be taken. For that, employee wellness program is a great panacea. Employee Wellness Program is the program run by an employer in order to improve employee health and also to help an individual employee to overcome any specific health related issue. So, the organizations should implement such Employee Wellness Programs to reap the benefits of the same. In this article, how Employee Wellness Programs can be executed, types of wellness programs and their benefits are discussed.
DIGITAL TRANSFORMATION ADVANCEMENTS IN APPLICATIONS OF BLOCKCHAIN TECHNOLOGY THE EVOLVING POWERHOUSE OF INDUSTRY 4.0
The idea for processing transactions in a cryptographically secured chain of blocks was first revealed in 1991 by computer scientists Stuart Haber and W. S. Stornetta.
VISION OF “ATMA NIRBHAR BHARAT” ROLE AND SIGNIFICANCE OF MSME
The present paper aims to explore the changing role of MSMEs (Micro, Small and Medium Enterprises) in making India ‘Atmanirbhar’.
REVIVAL OF MSMEs (POST COVID-19) STRATEGY OF CMAs
Abstract There has been an unprecedented slowdown due to Covid-19 and MSMEs are worst affected. Given their pivotal role in Indian economy, urgent measures need to be taken for their survival, revival and growth. Indian Government has taken various initiatives including Atma Nirbhar Package, however, still majority MSMEs are looking for timely guidance and hand holding at this critical phase. CMAs are known for rich experience in finance, domain expertise in cost management and sound knowledge of Indian regulatory mechanism. CMAs can play role as ‘Economic Warrior’ while offering customised strategy for revival of ailing MSMEs which will in turn boost up economic growth and help our grand nation to be ‘USD 5 Trillion’ economy soon.
MICRO, SMALL & MEDIUM ENTERPRISES IN NEW TECHNOLOGICAL ERA CHALLENGES & ROAD AHEAD
Abstract We live in the world which is rapidly changing due to technological advancements. The technological advancements lead to fourth industry revolution which is known as “Industry 4.0”. This digital revolution is changing the business models of all manufacturing & service industries whether it is large, small or medium. The need of adopting latest and modern technology is realised not only for large scale industries even small and medium size industries to compete in global market.
INTERVIEW INTERVENTION INTERVIEWERS NEED TO EQUIP WITH INTERVIEW TECHNIQUES
Abstract: Human assets are the most precious assets in an organization. Interviewers need to do a lot of homework before an interview. They need to keep the industry and age syndrome at bay, while shortlisting resumes. First impression of a candidate though great but should not be given too much weightage, rather go deep into the career to observe the kind of value creation they can bring to the organization. Interviewers should be able to establish whether the candidate is a real one, reliable and can be trusted upon and not a good actor. The key to have a successful interview is to test with situational level questions. Candidates who have got quality work experience and possess the right skill sets will be able to respond adequately with solutions and separate themselves from others. Do an ethical test to figure out honesty. Interviewers should be futuristic rather than focusing on the past.
INTERVIEW: CMA Umesh Dongre (ICoAS)
Director (Finance) and Chief Financial Officer Rashtriya Chemicals and Fertilizers Limited, Mumbai
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