· The hospital chain will have about 1400 beds in the next 3-4 years
· The expansion will focus on teritary care deprived centres in North India
New Delhi, 13th March 2018: Leading hospital chain Paras Healthcare is set to come up with new hospitals in Jharkhand and Uttar Pradesh as part of its plans to expand presence and double its bed capacity in North India over the next 3-4 years.
The new multi specialty hospitals are being especially planned in towns and cities which are currently off the map of quality tertiary care. In fact, the Group plans to double its bed capacity to about 1400 in the next 3-4 years from the existing 730 beds to meet the un-served states like Uttar Pradesh and Jharkhand among others.
The company curently has 730 beds spread over five hospitals in Delhi, Panchkula, Gurugram, Patna, Darbhanga.
"In the next three or four years, we are looking at doubling our bed capacity to about 1400. The new hospitals will come up in areas where there is unmet demand and where patients and their relatives are forced to travel long distances to avail quality medical services. Our goal from the very beginning has been to provide quality services at affordable prices to the patients and we are committed to that goal even now. We will open multi-specialty tertiary care hospitals in the expansions that we have lined up. One such hospital will be made operational in Panchkula in July this year," said Dr Dharminder Nagar, Managing Director and CEO Paras Healthcare.
The healthcare provider has already announced its plans to set up a 300-bed tertiary care hospital in Ranchi. There will be another one coming up in Uttar Pradesh, said Dr Nagar. The Ranchi hospital is being set up in tie up with Public Sector Undertaking Heavy Engineering Corporation (HEC). The hospital is being set up under public-private partnership by Paras and HEC where in the land for the hospital is being provided by the engineering major while Paras will bring its healthcare expertise and manage day to day operations.
The company will utilize the proceeds of the funding that it raised last year for setting up the upcoming hospitals. It had raised 42 million US Dollars (around Rs 275 crore) in July 2017 from PE firm Creador for its growth and expansion plans.
"We will expand in North India in the near future. We are not looking at any part of the country at the moment. We see humongous unmet needs for quality healthcare in this part of the country. In our expansions, we are looking at asset light model. However, we may look at other models on case to case basis” said Dr Nagar.
About Paras Healthcare
Paras Healthcare was established in 2006, with the mission of providing specialized tertiary medical care services at affordable prices to underserved communities across the country. Paras Healthcare stands apart from others in its vision of making healthcare for all a reality for ordinary people in rural and remote regions. Every single individual working in a ‘Paras’ Hospital- from doctors to nurses and the management- is united in the endeavor to deliver top quality healthcare to all.
Paras Healthcare is a leader in establishing specialized hospitals in places that lacks access to healthcare, specifically super specialty tertiary care. Paras Hospitals, Gurgaon, was set up in 2006, and stood out for being the first hospital in this region to provide tertiary care and services to local people. Paras Hospitals, Patna advances the company’s mission of providing healthcare in remote, unchartered territories within the country and is the largest single largest private healthcare provider in Bihar. This tertiary care hospital offers state of the art healthcare facilities and services encompassing cardiac care, neurosurgery and oncology as well all other super specialties to the state of Bihar and adjoining areas of Uttar Pradesh, Jharkhand, Nepal and Bangladesh. Paras Healthcare has launched Paras Hospitals, Darbhanga, the first private hospital in the region to have an ICU, cardiac facility and full-fledged in house diagnostics. It is also setting up a State-Of-The-Art tertiary care hospital in Ranchi in partnership with public sector undertaking Heavy Engineering Corporation. Once Paras Hospitals, Ranchi, will be completely established, the healthcare major will have 1305 beds under operation. Paras Healthcare has also demonstrated its commitment to women’s and children’s health by launching specialized maternity, neonatology & pediatric centres in Chandigarh and New Delhi under the brand name – Paras Bliss.
By 2020, Paras Healthcare intends to establish five more hospitals at select Tier 2 and Tier 3 cities in North India. By then, the healthcare major envisages a bed strength of 2200. By that time, the Group revenue is expected to exceed Rs 1500 Crore. Paras Healthcare believes in providing quality healthcare delivery and we shall plan all our ventures strategically – with competitive and first movers’ advantage.