The Hospital Strategic Management Summit 2018 held on 23 March brought together government and healthcare industry leaders for a panel discussion on the challenges faced in healthcare and the future trends that will shape the industry.

The first edition of The Economic Times Hospital Strategic Management Summit 2018 held at The Lalit brought together government officials, healthcare industry leaders, analysts and service providers under one roof to focus on delivering innovative and world-class hospital planning. While healthcare systems and hospitals are faced with increasing pressure to find operating efficiencies in a time where traditional cost-cutting methodologies are producing diminishing returns, it is imperative to create sustainable healthcare funding mechanism.

The event convened with a panel discussion on the procurement/supply chain heads of hospitals brainstorming on the latest challenges like GST, bottom-line revival, government policies, vendor management and the future trends that will shape hospital procurement. In the spotlight session, Varsha Kaushal, Deputy Director Materials, P. D. Hinduja Hospital & Medical Research Centre said, "There is a need to shift the focus from hard-core procurement to utilization management."

Sharing his views on the subject matter, Dr. (Col.) VMP Thomas, AVP - Operations & Projects, Dr. L.H. Hiranandani Hospital said, "We have to look at our vendors as partners which goes beyond providing periodic feedback. We must include them as stakeholders in the provision of healthcare." Setting the tone for the day, Deepak Lamba, President - Times Strategic Solutions, said, "Despite its impressive growth, the Indian Healthcare industry has been inconsistent. While we have world-class hospitals, state-of-the-art technologies, highly qualified doctors and health care professionals attracting patients from all over the world, the average Indian patient faces high prices, inadequate access, and inconsistent quality. We at the Economic Times believe that this summit will help provide a strategic path ahead for the healthcare sector."

In a session that laid emphasis on future trends in healthcare, speakers like K Ganesh, Chairman, Portea Medical; Dr. P M Bhujang, President, Association of Hospitals and Dr. Aniruddha Chimote, Director, HosConnn Consulting Service discussed that consumers today are more demanding than ever. Not only do they want to be in control, they also want options tailored specifically to their needs and something that fits their budget.

Hence for the betterment of the overall healthcare it is important to focus on personalized data, real-time information and blockchain technology that is better for patient outcomes. It democratizes health and creates greater efficiencies and scalability, thus influencing purchasing decisions in respect to healthcare. It is a catalyst for strategic planning, policy positioning and opportunity identification.

In the last panel discussion based on Hospital trends, budget 2018 and beyond Randeep Guleria, Director, AIIMS said, "Medicine is a social sector rather than a cost-effective service sector. There is a need to provide proper care to the citizens of India no matter what the social status is. The solution to this is the merger of the public and the private sector making it cost-effective for the payers and profitable for the stake holders at the same time."

The day concluded with a felicitation ceremony and an enlightening address by the chief guest Dr. Deepak Sawant, Hon'ble Minister of Health and Family Welfare, Govt. of Maharashtra, who said, "The concept of smart hospitals is essential for the current scenario." Considering the role of technology in healthcare, he said, "IT & healthcare goes hand in hand hence we must go for tele-medicine since we are short of doctors. Correct use of technology can improve patient doctor relationships and can help reduce the gap that can create issues."