The parent company of Health City Cayman Islands, Narayana Health, has been recognized as one of the world's most innovative health care providers by Fortune magazine’s annual “Change The World” list of companies.
While the iconic Fortune 500 list identified the world’s richest and largest corporations, Fortune’s “Change The World” honors companies that recognize public health, environmental, economic, and social problems as major challenges - but also as opportunities to initiate a so-called virtuous circle. They understand that doing good for society and the planet can help them bring in more revenue, which can help them do more good, in a self-reinforcing loop.
A total of 52 companies from around the globe were listed and lauded by Fortune for “using the creative tools of business to meet society’s unmet needs". Narayana Health placed at number 33.
The only other hospital group included as a global game-changer was listed at number 47. Prominent global companies Alibaba
, Hilton, eBay, JPMorgan Chase, and Patagonia were also topped by Narayana. It was one of nine companies on the list with less than a billion dollars in annual revenue.
While the smaller companies perform very profitably and are known for their social responsibility, Fortune stressed it doesn’t score companies on their charitable generosity, “nor does it rate them on some cosmic scale of good and bad. It celebrates the nexus where daring ideas overlap with the desire to make the world better.”
World-changing companies recognize that a narrow focus on shareholder value can hurt a business in the long run, but, according to Fortune, “they strengthen their businesses by investing in their employees and bolstering the communities where they operate.”
In addition to eliciting transformative ideas from its employees, successful companies discussed social and environmental issues with its communities and in its public filings.
Dr. Binoy Chattuparambil, Clinical Director and Chief Cardiac Surgeon at Health City Cayman Islands was delighted to hear of the facility’s parent company being recognized by the magazine widely regarded as the world’s most iconic business publication.
“The inclusion of Narayana Health on this list of innovators is entirely fitting. The very existence of Health City Cayman Islands is evidence of Dr. Devi Shetty’s focus on innovation and changing the way healthcare services are delivered to patients around the globe. The ethos of Narayana Health is very much centered on change. The idea is that if you want to change something, you need to keep going, and to continue progressing. Some of the individual changes will be small ones, but they will add up to a transformation. 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’.”
Analyzing the success of Narayana Health, Fortune said the company offered medical care at “prices that boggle the American mind” by “rethinking surgical care and bringing down its price tag.” For example, open-heart surgery at NH facilities in India costs US$3,500, while the price of an endoscopy is $14.
The health care 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 U.S. doctor would.”
In line with its parent company’s ethos, Health City Cayman Islands’ own mission is a commitment to delivering world-class health care that is accessible and affordable for all through innovative, internationally staffed and recognized medical centers of excellence.
“Our centers are characterized by compassionate and exceptional experiences for patients and staff, with medical services that are high-quality and affordable, and reflect a world culture and healing environment that are comfortable for any guest from around the world,” said Shomari Scott, the hospital’s director of business development.