Dr Devi Shetty is building the future of affordable heart surgery.
Table of content:
Heart health is a rising issue in India. Termed as the heart disease capital of the world, India has been experiencing a surge in the number of heart patients, and is estimated to soon have the highest number of heart disease cases in the world. It is due to lack of awareness that the patients do not seek affordable heart care solutions. However, with people like Dr Devi Shetty, the scenario is changing and affordable heart care solutions are now accessible in the country. Narayana Health, founded by Dr Shetty, has a chain of 23 medical centers across India. With over 15,000 heart operations performed in his medical career, he was awarded the Padma Shri in 2004, followed by Padma Bhushan in 2012. Both the award were given to him in the field of affordable healthcare.
Heart Surgery Facts:
With over 50 per cent heart attacks in India, occurring under 50 years of age and 25 per cent of them occurring under 40 years of age, the need for affordable heart care solutions is important.
Cardiac surgeries are amongst the most critical care services provided in the medical industry. Usually complicated and time-consuming, heart surgery cost in India is really high. Also, choosing the right heart surgeon is of utmost importance. What most people today are unaware of is that affordable cardiac surgeries are available in India.
Dr Devi Prasad Shetty, who is a pioneer in the field of heart surgeries, changed the way it is done. With his unique vision and creative approach, he brought an entirely new model to change the scenario.
Dr Devi Shetty Business Model:
To understand better, let’s compare his working methods to that of an assembly line in a car factory. Similar to what Henry Ford did when he created the famous assembly line and changed the way cars were made, Dr Devi Shetty implemented the model to cardiac surgeries. With an aim to reduce the heart surgery cost substantially, he incorporated sections in a patient’s surgical process.
With different teams of surgeons moving from one operation table to another, the patient is taken through sections, where specialists perform all the steps involved in a surgery one by one. One of the biggest benefits that this model provides, is that there are minimal chances of errors. When the same patient goes through multiple stages, many specialists examine him/her. This leaves very less room for error.
Another major benefit is that it saves a lot of time. Traditionally, if a surgery may take 6 hours to complete, using this model, at least three patients can be treated in the same amount of time. The team of doctors who perform the first phase, can attend another patient while the first patient is transferred to the second unit.
To understand the next big advantage, it is crucial to know a few facts about the organization running these hospitals. The money spent on each hospital bed by Narayana Hrudayalaya is Rs 24.9 lakh, which according to the company, is lower than many of its competitors. The chain of hospitals is able to keep this cost lower than the others because they spend money on management and equipment, unlike their competitors who spend the money on land and buildings.
It is this factor, combined with the assembly line or production line method of working that makes the overall process cheaper and affordable. While the average open heart surgery cost in India is around Rs 2 lakhs, Dr Devi Shetty aims to offer surgeries for as low as Rs 65,000.
Devi Prasad shetty is the only person in India whose hospital Narayana Hospital is doing 10% heart surgeries of all the surgeries operating in India.
The first person in the medical department to follow a unique working style, the basic principle followed by Dr Devi Shetty is Economies of Scale. A model that aims at reducing the cost by increasing production, his method is a huge success. The 62-year-old stands out in around 900,000 odd doctors in the country.
Experience with Mother Teresa:
Once a personal physician to Mother Teresa, his innovation has brought the right development in the Indian Medical sector. The acclaimed organization, Narayana Hrudayalaya Limited debuted on the Indian bourses on January 6, 2016. The closing on that day itself saw an increase of 34 percent. The share price was Rs 336.70 on the BSE.
Narayana Hrudayalaya :
As of 2016, Narayana Hrudayalaya (Now Narayana Health) was valued at a staggering $1.02 billion (Rs 6,880 crore). The stakes of Narayana Hrudayalaya owner and Dr Devi Shetty wife Shakuntala Shetty were also valued at more than $620 million.
A result of helping people with affordable health care solutions, Dr Devi Shetty’s popularity has soared in the recent years. Not only India, but various other countries have acknowledged his efforts. Creating a system that gives heart care a new dimension, he is featured among the top 10 cardiologists of India. Moreover, in 2003 he also launched the world’s cheapest comprehensive insurance scheme. The Yeshasvini Co-operative Farmer’s Healthcare Scheme provides cover to poor families for just Rs 18 every month. It covers 805 surgical procedures.
It is crucial that the right heart care solutions reach the masses. With affordable heart care on the block, visionaries like Devi Prasad Shetty have brought the light of hope in many people’s lives. With many unique products and services delivered to the people already, the coming years will also witness a positive change. Heart care has slowly reached the remotest corners of India, and with the efforts of doctors who aim to truly serve their people, there is hope ahead for all.