Major investments by Radiant Life Care in India’s leading Nanavati Hospital
Nanavati hospital was inaugurated by India's first Prime Minister Pandit Jawaharlal Nehru in 1950. Since then, the 65 years old hospital has been one of the oldest healthcare service providers in India, setting benchmarks through their medical services and catering to all the sections of the society.
Recently, Radiant Life Care, which is backed by KKR & Co., has come in collaboration with Nanavati Hospital to help revamp its quality care delivery through resource optimization. The hospital is expected to introduce global hospital’s management practices, better operations and hold a multi-specialty team to cater to diverse patient’s needs.
Operations and management (O&M) alliance with Radiant Life Care
Radiant Life Care brought the structural fixtures with the (O&M) model, which is A successful model widely used in the hospitality and healthcare sector. Citing the man behind the development, Abhay Soi, the MD of Radiant Life Care said “O&M is asset-light and return on capital is very high. We have substantial equity and are nearly debt-free.”
The healthcare management firm made its debut in the industry merely eight years ago, with revamping the super-specialty hospital BL Kapur (BLK) in New Delhi in 2009. Currently, Radiant Lifecare has two stand-alone hospitals as a part of its restoration agenda including Delhi’s BLK and Mumbai’s Nanavati Hospital.
Talking about the vision for Nanavati hospital, Soi, says, “The hospital has a very strong legacy of more than 50 years. Secondly, it is an iconic part of Mumbai’s landscape and the third important aspect is the academics. So it is inherent in developing Mumbai’s healthcare fabric of serving the people of Mumbai and North India.”
The alliance is likely to benefit the hospital through the addition of 250 beds, to the existing number of beds, striking a major investment of INR 350 crore. Currently, the hospital consists of 350 beds, which is to be upgraded to 600. Radiant Life Care Private Limited further aims to incorporate clinical expertise along with sophisticated technology, bringing to superior health-care as a part of the hospital’s mainframe. Through the union, Soi also purposes to bring international standards of medical care to the hospital’s echelon of existing operations. This transformative phase will push better medical procedures and increase the hospital’s capacity. The stakeholders, through the joint partnership, have been engaged to bring in the better healthcare ecosystem.
The collaboration is expected to elevate domain-related specialty in the field of Neurology, Neurosurgery, Urology, Kidney Transplant, Nephrology, Gastroenterology, Cancer, BMT, Cardiac and Surgical Gastroenterology, Liver Transplant, Orthopedics including Spine Surgery, Joint Replacement & Sports Medicine, Cosmetic & Reconstructive Surgery and comprehensive Mother & Child Care.
Also, with India increasingly gaining the traction of patients around the world, as a result of increased medical tourism in the country, the remodeling is likely to further boost the health-care sector in Mumbai. The innovative and sustainable models of operation are the future of health-care department in India, and the new O&M model has shown great potential with respect to it, scaling up and thereby achieving better healthcare management.
The public and private healthcare sectors coming into unison have opened new corridors for established hospitals in major parts of the country such as Nanavati Hospital, whose existing goodwill would have perished without technological developments.
Also, the partnership will enable systematic information base, gauging for equipped treatment options along with a health-inclusive business. Leveraging technology-enabled integrated medical treatments will help Nanavati Hospital make confident strikes to revive its healthcare efficiency.