All through the year, we also maintained a focus on improving our
environmental footprint and to build a stronger foundation for healthier communities.
Dear Members,
It is with pleasure and a measure of pride that we present to you the
annual report showcasing our journey over the year. This year, we focused on exceptional
value creation through new expansion projects, going digital through a newly created
innovative app and driving clinical excellence through significant investments in
cutting-edge medical technology. We continued to deliver the highest levels of care and
improve clinical outcomes through numerous new initiatives. We also made significant
progress in forging stronger relationships with the local communities around us and in
implementing our ESG agenda designed for sustainable growth.
We commissioned a new onco-tower in Shalimar Bagh in North-West Delhi
in Q-4 FY23. Construction commenced in our expansion project in Gurgaon, Mumbai and in
Mohali. As I write this, our new hospital in Dwarka, South West Delhi, is approaching
completion and will start operations in the next few months.
In the areas of clinical excellence, we continued to showcase our
commitment to enhancing patient safety as well as driving positive health outcomes. Our
multidisciplinary teams of highly skilled and compassionate clinicians worked tirelessly
to deliver the highest standards of care. With the adoption of advanced medical
technologies, our teams made cutting-edge healthcare a reality for thousands of our
patients. A new genomics and molecular lab became functional, adding greatly to our
abilities to conduct molecular testing. We also managed to digitise our clinical processes
to improve medical services, reduce wait times and enhance the overall patient experience.
All this was driven keeping in mind one simple goal that the patient
should remain at the very centre of everything we do. Every project, every change and
every investment is made to enhance patient outcomes, convenience and experience at all
our touch points.
All through the year, we also maintained a focus on improving our
environmental footprint and to build a stronger foundation for healthier communities. To
ensure sustainable growth, we adopted an eco-conscious approach, making our business
practices greener and environment-friendly. We remain irrevocably committed to this path,
which will lead to a brighter future for our future generations.
Sustainable growth
It is imperative that we drive growth that is environmentally
sustainable. As a responsible healthcare organisation, we continue to limit our
environmental footprint and contribute towards the betterment of society. We have been
working towards achieving the environmental goals that we had set for ourselves last year.
We are proactively working towards reducing our water consumption and also attaining water
neutrality by the end of FY25, significantly increasing the use of renewable energy,
managing emissions from our facilities and minimising waste generation.
With our commitment to facilitate a smoother transition to green
energy, we have achieved a 33.3% renewable energy share in the total energy mix in FY23,
and we plan to increase it to 60% by FY25. We also recycled 39% of the total water
consumed during the fiscal year. In order to fulfil our sustainability goal of being
water-neutral in FY25, we have put together a roadmap for recharging and developing water
bodies in rural communities around our hospitals. This year, we rejuvenated a pond in a
village in Ghaziabad district by implementing an integrated natural wastewater treatment
system that has made water available for agriculture to the local community, mitigated
waterlogging and also recharged groundwater.
This year, we introduced ‘Max My Health', an app designed to
offer our services to patients from the convenience of their mobile phones.
Our environmental goals are sacred to us, and I am happy to report to
you that we have made excellent progress in achieving those.
Supporting local communities
We have always been deeply involved with communities around our
healthcare facilities. This year was no different, and we could make a big difference in
the lives of people living in marginalised communities around our hospitals. We offered
free treatment to approximately 3.63 lakh patients (valued at approx. INR 202.9 Crores) to
citizens hailing from the economically weaker sections of society. We organised 6,000+
community activities including health camps and awareness sessions to educate people about
the importance of prevention, hygiene, communicable diseases and timely treatment. These
included regular screening programmes for cervical, breast and oral cancers conducted both
within and outside our premises to promote early detection and prevention. Outreach
programmes were also organised to provide free examinations to those with limited
healthcare access. We provided nutritional support to 2,300 TB patients under the
Government of India's Ni-kshay Mitra programme. Our dedicated campaigns have
transformed lives, provided timely access to good quality healthcare and improved patient
outcomes.
Driving digitisation to empower patients
In an evolving healthcare landscape, digital innovations are playing an
important role in transforming access to healthcare. Our ability to harness technology and
data have enabled our patients, as well as our clinicians, to immensely benefit from
new-age digital solutions. This year, we introduced ‘Max My Health', an app
designed to offer our services to patients from the convenience of their mobile phones.
The app allows them to book appointments, pathology tests, review reports and order our
home care services in a seamless manner. In the future, more services will be added to the
app, making the entire patient journey across all our touchpoints smooth.
We have also created a repository of patient and clinical information
through the implementation of a Data Lake. The data lake will help generate critical
insights about patient cohorts and help us customise treatment plans.
The new website of Max@Home, with e-commerce-like features, makes
booking appointments to online payments simpler and hassle-free. Our immigration portal
assists people going abroad to book services related to their immigration health checks,
thus eliminating the need for manual intervention ensuring a more efficient and error-free
experience.
On the clinical side, we have automated our processes for gathering and
analysing clinical data. More than 57 clinical parameters are now monitored through a
digitised system called the Clinical Outcomes Measurement System. The system allows us to
standardise these parameters, establish benchmarks and measure outcomes against these
benchmarks. The dashboards generated are available to the clinical teams to help them
improve their clinical outcomes over a period of time. This has a significant impact on
improving patient safety and outcomes across the organisation and will play a pivotal role
in the future.
Adding capacity to serve more patients
Our hospitals have been operating at high occupancy. Thus, one of our
imperatives is to create additional capacity. The expansion plans for the Shalimar Bagh
Hospital have been executed as planned, and we have added 92 beds in a new oncology block.
A new 300-bed hospital in Dwarka will commence operations later this financial year.
Construction work is in full swing for the expansion of Nanavati Max Hospital, Mumbai, as
well as at Max Hospital, Mohali. A new hospital in Gurugram is also under construction.
Our plan to add ~2,800 beds in the next five years is underway.
We also continue to evaluate inorganic growth opportunities in various
cities across the country and we will make significant investments to further augment our
capacities.
Redefining treatment with advanced medical technology
We have been making significant investments in medical technologies
that help us offer the most advanced healthcare solutions to our patients. The
advancements in medical technology will revolutionise healthcare delivery in the near
future. From the implementation of electronic medical records and telemedicine solutions
to leveraging artificial intelligence and data analytics, we have embraced digital
advancements to streamline processes, enhance diagnostics, and empower our healthcare
professionals to make informed decisions.
The use of robotics in almost all our hospitals has enabled us to
conduct minimally invasive surgeries across multiple specialities like Oncology, Urology,
GI Surgeries, Obstetrics and Gynaecology, Transplants, Spine Surgeries and Orthopaedics.
Providing high levels of precision and accuracy. Our advanced Cath Labs, S8 Navigation and
TomoTherapy Systems have enabled us to introduce novel methods of treatment and patient
care. We believe investments in state-of-the-art infrastructure, technology and equipment
will empower us to provide better clinical outcomes, minimise hospital stays for patients
and would be beneficial for us
Through a mixture of brownfield and greenfield expansion, we intend to
add over 2,800 beds. In addition, we are exploring opportunities for expansion in
different parts of the country through M&A and built-to-suit asset light model.
in the long run. Investing and leveraging the world's leading
medical technologies will remain a cornerstone of our business strategy.
Clinical research and academics
In addition to patient care, we remain at the forefront of medical
research and innovation. Our dedicated research centres have actively pursued breakthrough
studies in areas such as metabolic diseases, oncology, cardiology, neurology, public
health and more. Over the last seven years, we have produced approximately 2,000 research
papers, published in reputed medical journals across the globe. Our researchers have also
received grants from both nationally and globally renowned organisations and we have
formed strategic alliances with IIT Bombay, Ashoka University, Sonepat and IIIT Delhi in
addition to our ongoing partnership with Imperial College London, Royal Melbourne
Institute of Technology, Australia and several others to facilitate ongoing clinical
research in diverse areas. We are presently pursuing over 100 clinical research projects.
In the area of Academics, we have recently started a two-year Masters
of Public Health Programme through a collaboration with AcSIR. A PhD programme in various
scientific disciplines has also been initiated in collaboration with AcSIR. We have also
established an Advanced Trauma Life Support (ATLS) programme with the prestigious American
College of Surgeons. In the last fiscal year, over 10,000 students enrolled in various
academic programmes and over 500 DNB students are pursuing training in 35+ specialities.
Looking ahead
The year gone by has further cemented our position in the healthcare
industry. Our consistent focus on improving healthcare paradigms and patient outcomes
continue to keep us well on track for sustained growth. Leveraging our exceptional
financial performance, we intend to significantly increase our bed capacity over the next
five years. Through brownfield expansions, we intend to add over 2,800 beds. Besides, we
are also eyeing opportunities for greenfield expansion in different parts of the country.
Driven by strong free cash flow, we also plan to expand our operations
through mergers and acquisitions. With our capital-light adjacencies in the form of Max
Lab and the homecare vertical, Max@Home, we seek to reach more patients and conveniently
deliver exceptional services. Max Lab, for instance, is helping drive greater visibility
and recall for the brand Max through its expanded network that has close to 1,000
collection points across 35 cities in India.
The Max Myhealth App is expected to provide convenient access to all
our services through a single window. It has had 2.95 lakh downloads and is growing at a
fast pace. User adoption by both patients and doctors has been rapid. The app does 100
video consults daily, with 40% of users viewing their electronic medical records. 80% of
our doctors who do OPDs' have signed up on the app. Alongside this, digital
initiatives to support automated clinical outcomes and employee benefits continue to make
a positive impact.
Moreover, our focus on sustainability and ESG parameters is expected to
deepen in the course of the next few years. It will empower us to be a genuinely
sustainable entity-focused on the well-being of people, the planet and communities.
Regards,
Abhay Soi,
Chairman and Managing Director