Annual Report 2012-2013
Thus, a sustainability strategy and approach for the Company, and initiating action, receives priority at the highest level of the organization. We believe that the most important factors relating to the overall utilization of a hospital include the quality and market position of the hospital and the number, quality and specialties of physicians providing patient care within the facility. Since inception, the hospital has structured its operations to ensure that it fulfils its economic, environmental and societal responsibilities in a fair and transparent manner. Generally, we believe that the ability of a hospital to meet the health care needs of its community is determined by its breadth of services, level of technology, emphasis on quality of care and convenience for patients and physicians. Other factors that affect utilization include general and local economic conditions, market penetration of managed care programs, the degree of outpatient use, availability of reimbursement programs such as health insurance, and demographic changes such as the growth in local populations. Utilization across the industry also is being affected by improvements in clinical practice, medical technology and pharmacology. In addition, hospital operations are subject to certain seasonal fluctuations. Ability to recruit and retain quality physicians. Typically, physicians are responsible for making hospital admissions decisions and for directing the course of patient treatment. As a result, the success and competitive advantage of our hospitals depends, in part, on the number and quality of the physicians on the medical staffs of our hospitals, the admi ing practices of those physicians and our maintenance of good relations with those physicians. If we are unable to provide high ethical and professional standards, adequate support personnel or technologically advanced equipment and facilities that meet the needs of those physicians, they may be discouraged from referring patients to our facilities and our results of operations may decline. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors’ Responsibility Statement, it is hereby confirmed: i. that in the preparation of the annual accounts for the financial year which ended on 31st March 2013, the applicable accounting standards have been followed along with proper explanation relating to material departures;
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