Aims to Improve the Cost of Quality Care Delivery for Hospitals in UAE
DUBAI, U.A.E/PRNewswire/ -- StratMed is one of the largest data-driven, healthcare performance improvement companies. It is unlocking the value of Planned Consumption and Supply Chain Management for large hospital chains in Asia. Having built one of the largest and fastest growing healthcare demand and supply aggregation networks, StratMed is now expanding its presence in UAE.
The UAE Healthcare System has been at the forefront of providing world-class medical facilities, establishing safety protocols and stringent operating procedures for delivering quality care. According to Global Soft Power Index 2021, UAE is highest ranked nation across MENA – and 15th globally – on the COVID response metric.
UAE's Private Healthcare Sector is showing signs of rapid growth due to aging population, change in disease burden and growing popularity as a preferred medical tourism hub. The positive growth indicators on the supply side are emergence of medical universities in Emirates coupled with Pharmaceutical Partnerships with US Majors for setting up of manufacturing facilities in Emirates. However, Cost of Quality Care Delivery still continues to impact Hospitals and they grapple with challenges such as Pricing and Procurement Regulations, Unstructured Medical Practices, Untapped Medical Wastage and Limited Healthcare Infrastructure. As a consequence, Cost of Healthcare is increasing at an alarming rate of 15% per annum resulting in high out of pocket expenses.
With a proprietary data-driven, systemic approach towards Intelligent Consumption Planning and Spend Management, StratMed has been able to deliver cost savings for partner hospitals across different categories:
- Quaternary care – 12-15%
- Tertiary Care- 13 – 16%
- Single-Specialty Hospitals– 10 - 13%
StratMed plans to enable similar efficiencies for hospitals in UAE and plans to do so by leveraging Global Best Practices and Benchmarking to address Healthcare needs that are specific to the UAE region. StratMed aims to help hospitals in UAE reduce:
- Cost of Consumables (8-12% improvement with immediate impact)
- Cost of Implants and Pharmaceuticals (6-10% improvement with Mid Term impact)
- Formulary Design and Monitoring (5 – 8% improvement with Mid Term impact)
- Wastage and Optimize Process (4-6% improvement with Mid Term Impact)
"StratMed has partnered with reputed hospital chains such as KIMS Health, Dr. Agarwal Eye Hospital, Dr. Rela Institute and Medical Centres, Cloud Nine etc. delivering quality care to patients across the globe.
Our teams work closely with the Clinical Teams at our partner Hospitals to design effective formularies and move beyond traditional "bulk purchasing". With a focus on Commercial, Process and Consumption Optimisation, they ensure that Clinical Outcomes are not adversely impacted due to a reduction in the Cost of Care Delivery.
Our future plans include - setting up of a manufacturing base in one of the UAE SEZs for white labelling Consumable Products; onboarding 40,000+ Hospital Beds in UAE and India and managing purchase volumes to the tune of USD 500 Million by end of this fiscal. We are also looking to raise growth capital to fund our growth plans and to further enhance our Healthcare Spend Analytics Platform- INTEGER™," said Dr Sameer Ahmed Khan, Founder and CEO, StratMed.
SOURCE StratMed
© Press Release 2021
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