Shetty gets innovation award from global magazine

| 10/10/2011

(CNS): The Indian heart surgeon who is proposing to build a health city in the Cayman Island has won The Economist’s 2011 award for business-process innovation. The magazine acknowledged Dr Devi Shetty’s skill as a surgeon but said his innovative contribution to global health care was what won him the prestigious accolade. In a release, The Economist pointed out that by using mass-production techniques Dr Shetty has shown that better health care need not cost more. Despite serving a much poorer population, Shetty’s hospital group earns an after-tax profit of 8%, slightly above the 6.9% average for an American hospital.

“He is renowned for his skill as a surgeon, but we are recognising his additional talent as an innovator, by naming him the winner of our business-process innovation award,” Tom Standage, Digital Editor at The Economist and chairman of the judges panel said.

Dr Shetty founded his Narayana Hrudayalaya Hospital in Bangalore in 2001 with 1,000 beds, compared with an average of 160 in American heart hospitals. D. Shetty and his staff performed 6,272 heart operations last year, compared with 4,128 at the Cleveland Clinic, a leading American hospital. The Economist pointed out that each operation costs around $2,000-$5,000, compared with $20,000-$100,000 in America.  It also noted that in 2008 Shetty’s hospital reported a 1.4% mortality rate within 30 days of coronary-artery bypass-graft surgery, one of the most common procedures, compared with an average 1.9% in America.

News that the Indian surgeon was first interested in developing a hospital in the Cayman Islands to cater for the North American market first broke here just under two years ago in November 2009. Government signed an MOU with Shetty in April last year for 12 months which was extended.  Since then the government has amended the health care practitioner’s bill and created legislation to limit medical mal-practice pain and suffering damage claims and is currently working on legislation to legalise organ transplants. Shetty also signed a deal in November last year to run a much needed cardiac cath lab at the Cayman Islands hospital, which HSA officials said recently was still in the works but the conversion work on an operating room was still being done.

Shetty’s local representatives recently announced that the team had finally found the right location and announced  in August that the hospital would be built in East End in the High Rock region and denied any problems regarding financing for the project, which had been reported in the international media.

Gene Thompson, director of operations in Cayman for the health-care city project, said at the time that work would begin later this year and officials on the project would soon be revealing more details about the design of the first phase, which is expected to be a 150 to 200 bed facility.

Pleased to hear about the recent honour, Thompson said he was not surprised as his business model was increasingly being studied throughout the world, and that his facilities in Cayman will help establish this country as a leader in the growing medical tourism industry.

The long term plan for the Narayana Cayman University Medical Centre, stretching over 15 years, will include a tertiary-care hospital, an educational facility, a biotech park, and an assisted living community with a capital investment of approximately $2 billion.

See announcement by The Economist

Category: Business

Comments (12)

Trackback URL | Comments RSS Feed

  1. Breadfruit Lover says:

    And Ezzard against this too!!  

     

    I certain dont recommend he become Premier, even if thats what he want, or dog eat our supper.

  2. Anonymous says:

    Everyone thinkg they are an expert… Got to love it!

  3. Anonymous says:

    This is super news and one that the Cayman Islands needs to embrace and nurture. To have a facility like this on. Island is nothing short of great under many different points of view. The country needs this to succeed and make the path forward for this without any obstacles. The country though in order to have Americans use this hospital and the services planned need to get the country’s deficit under true control so that it does not appear to be a true third world country. Second the CoPolice needs to get with the program and stop making public statements like the one today on regards to the burden of proof and his past critizing the Judge on a ruling. It gives an impression that the county’s Judicary and laws are on at best shambled. What is also in shambles is the issue of crime which mostly his charge. Of these things coupled by the Islands high violent gang crimes are not addressed then anything is a hard sell. Remember Shetty could not put the facility in Mexico as crime and safety were a major block. Donot think that the Cayman Islands ate immune from the same fate.

  4. The really big picture says:

    Wow, The Economist is not a rag magazine!  This got my attention.

    This award and recognition has teeth people.  I went on to read more articles about innovation and India and Dr. Shetty's ideas and have to say, I am converted.

    I did not really follow the Shetty hospital plans, but if he expands here in Cayman (with open arms) it would rock the medical world.  I suspect he is being courted by many countries to open hospitals around the globe.  His business model and results are sound.  Of course profit and patient success are factors too, but I say let him open our eyes to this new medical way of operating.  Think….if we looked at how hositals around the world operated even 100 years ago, we would be shocked.  Follow the efficient path and welcom Dr. Shetty.  

    Actually, read this article in The Economist and start courting the India, not the Chinese!  The "IDEA" makers could teach our politicans how to approach problems with innovation and LESS spending.

    http://www.economist.com/node/15879359

     

  5. Anonymous says:

    shetty hospital first announced nov 2009!…….. someone needs to detail the delays, failures and missed startdates of this plan over the last 2 years…… it is shocking indictment of all those involved…..

    • Anonymous says:

      Your comment is ridiculous.You obviously have an agenda.  Hospital projects are complicated and expensive and usually take longer than this to get going. SMH

      • Anonymous says:

        Anon 0956 I agree with your point that it takes long to put in place.

        With the GOvernment hospital losing money hand over fist, would it be possible to consider downsizing it since we would have Shetty and Christ Thomplinson hospital?

         

        I mean everyone has been talking about downsizing Government would that be considered or even possible?

      • Anonymous says:

        only in cayman could you try and justify this incompetence…..

      • Chris Johnson says:

        The idea seems to have been molted in 2009. Just recently we heard where it is to be located. Now that is what I call progress. I have not seen the land register and that would be interesting. It is making as much progress as the Oil Refinery, Spotts Bay and the George Town dock. Now how many contracts will be cancelled after May 2003? Remember the hospital contract that was cancelled when a new government came in? Well it cost Cayman and we are heading in the same direction. Ask the Italians.
        I do hope Shetty gets his numbers right. The two 20 room hospitals in the Turks cost $124m.

      • Anonymous says:

        So, didn't they know that it usually takes longer than this to get going?  Is that why they lied to us just to get a 12 month MOU?

         

        I have a problem if we are not given true facts and realistic timetables.  Otherwise, it just ends up throwing the whole plan off kilter.

  6. The lone Haranguer says:

    I hope this is still on.