Fortune has included the parent company of Health City Cayman Islands, Narayana Health, on its list of the world’s most innovative healthcare providers in the magazine’s annual ‘Change the World’ list of companies.
The list features companies that recognise public health, environmental, economic and social problems as major challenges and provide solutions.
Narayana Health was one of nine companies on the list with less than $1 billion in annual revenue, and placed 33rd out of 52 companies.
Analysing the success of Narayana Health, Fortune said the company offered medical care at “prices that boggle the American mind” by rethinking surgical care and cutting its price. For example, open-heart surgery at NH facilities in India costs US$3,500, while the price of an endoscopy is $14.
The healthcare group, which has grown to 24 hospitals, with all but Health City Cayman Islands located in India, makes treatment affordable in part by being judicious with skilled workers’ time. Fortune added that “senior surgeons swoop in for just the most challenging part of a procedure and so perform roughly four times as many surgeries as a US doctor would”.
Dr. Binoy Chattuparambil, clinical director and chief cardiac surgeon at Health City, noted in a press release that NH has earned the accolade. “The inclusion of Narayana Health on this list of innovators is entirely fitting,” he said. “The very existence of Health City Cayman Islands is evidence of [NH founder and chairman] Dr. Devi Shetty’s focus on innovation and changing the way healthcare services are delivered to patients around the globe.
“Dr. Shetty himself has said that ‘in healthcare, you can’t do one big thing and reduce the price. We have to do 1,000 small things’.”