India has become the choice of many for a good medical and quality treatment destination. This certifies that despite being surrounded by the pandemic, we in India were able to provide good healthcare to people across the globe. This has also been reflected in numbers when we see the recent news shared by the Economics Times. The estimates have fallen in favor of both the patients and the hospitals and definitely India at large.
As reported by the Economics Times, ” Hospital chains have started to see a revival in medical tourism – a high profit “. This provides a lot of confidence in Indian startups like GoMedii which are making the best possible strides to expand the accessibility of healthcare across the globe.
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What do the numbers say?
“While their share to overall revenues may be less, yields from medical travelers are very high,” an executive of a large hospital chain said. “The average revenue per occupied bed (ARPOB) from medical travelers is 50% higher than the patient on a CGHS (central government health scheme), and 20%-30% higher than average insurance patient… And hospitals will get upfront payments from these patients, helping their cash flows,” said the person who requested not to be identified.
This in nutshell explains that medical tourism can be boosted par the potential as there are good schemes and policies which are also backing it.
Max Hospital & Apollo Emerge As Gainers
The good news for one of our associate hospitals Max Super specialty is that there has been a good and staggering 68% of revenue jump that can be credited to the influx of international patients.
Max Healthcare said its revenue from international medical tourism stood at ₹77 crores during the third quarter of the current fiscal, up 68% from the September quarter. Max said the revenue represented two-thirds of the pre-Covid run rate. Foreign medical travelers used to contribute about 10% of total revenues of major hospital chains in the country in pre-Covid times, industry insiders said.
Executives in the medical travel industry said it may take a quarter or two for medical tourism to reach pre-Covid levels partly because there continue to be international travel-related restrictions.
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India Always A Look After Destination
India, though, has not restricted medical visas, which grants for 60 days from the first date of entry in the country.
“We hope things should reach pre-Covid levels by the first quarter of FY23,” said Mihir Vora, founder of Magnus Medi, a Mumbai-based medical value travel company that does marketing overseas, and assists patients in choosing the hospital, appointments, arranges visas, tickets, and accommodation.
“Medical travel saw a recovery in the third quarter of FY22, with brief disruption in January caused by Omicron wave, but now things are getting back to normal,” he said.
Pandemic is not the only challenge for the industry, though. About 20% of medical tourists coming to India used to be from Afghanistan. Now, hardly any Afghani is coming for treatment due to uncertain political and economic conditions.
Apollo Hospitals, a leading hospital chain with more focus in the South, said revenues from medical tourism remained muted in Q3FY22. “The medical value of travel has seen an uplift in this quarter versus last quarter…going forward we will get that benefit as well,” the company said in the recent earnings call.
GoMedii is glad to have associated with such reputed hospitals as Max Super Speciality Hospital & Apollo Hospitals. This gives hope that the world is getting back to normal. It is important to get through the conditions and revive this industry. We are glad about our association with Max Super Speciality Hospital!
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