Being a country of over a billion people, India has one of the most expansive healthcare networks in the world. The Indian healthcare market is worth USD 100 billion and is expected to reach USD 372 billion by 2022. Despite its great evaluation, however, there are some glaring deficiencies in the industry – ones that’ve stymied much of its growth efforts. Hospitals are in dire need of effective revenue cycle management and medical billing revenue systems. They’re facing an imminent ‘operational discord’, as a result of which their efficiency is being compromised. While many entrepreneurs have sought to reform this dilemma, only a few have been particularly effective at doing so. This article covers the story of one such entrepreneur- Pankaj Kumar Akshay, President, and CEO of I-Conicsolutions LLC.
Pankaj Kumar Akshay is a first-generation entrepreneur who has over 15 years of experience working in the healthcare industry. His brand, I-Conicsolutions LLC, offers end-to-end as well as standalone medical billing services to multiple US Healthcare providers. Pankaj aims to revolutionize the healthcare sector by highly optimizing companies’ revenue/billing processes. Through this, he envisions multifaceted growth across different domains in healthcare.
Let’s take a deeper look at the various elements that’ve shaped Pankaj’s story, including his inception idea, driving ideals, and successes.
The Inspiration That Drives Pankaj’s Brand
The healthcare sector in India is undergoing a tremendous technological metamorphosis. There are new avenues for technological advancement being created each day. Pankaj, being a visionary at heart, foresaw the immense growth that was possible through such avenues. He thus founded his brand with a vision to provide cost-effective, technologically advanced services to clients. Pankaj has been ardently ensuring that his brand meets premium quality standards when serving clients. Furthermore, he has leveraged multifarious ideas and skills that he garnered during his 15-year career in the healthcare industry. Having worked with multiple companies during this period, Pankaj, for some reason, was unable to use his skills for the betterment of clients. He fulfilled a lot of this latent potential through his brand, I-Conicsolutions. He has been able to create the desired environment where clients consider him as a co-sourced business, not an out-sourced one. Moreover, he has created a platform where his colleagues feel like partners, and not merely employees. I-Conicsolutions has inspired a lot of other brands in the industry to follow suit and ensure high quality and work-life standards.
I-Conicsolutions’ Value-Driven Approach
A pioneer in its field, I-Conicsolutions LLC strives to make Revenue Cycle Management and Medical Billing Revenue systems for clients as effortless and effective as possible. Pankaj and his team firmly believe in providing value-based solutions with confidence in resourceful investment practices. They deploy an array of innovative methods to ensure competent management so that they can handle any number of deliverables and guarantee complete ease to clients. Most companies involved in medical revenue system outsourcing fail to handle the mounting pressure of industrial demands. I-Conicsolutions, however, makes sure that its staff, as well as backend team, are constantly updated. This helps them provide clients not only the latest but also the most seamless services.
Keeping Pace With Changing Market Trends
As a small business owner, Pankaj keeps a constant eye on the market to identify and utilize new opportunities. Here are a few ways in which his brand stays abreast with the market trends:
- Social Media: Keeps the team updated on trends through social media sites like Facebook, Twitter, and Instagram.
- SEO: Enables the team to find articles that cover changing market trends.
- Trade Journals: Enriches them with statistical market updates.
- Magazines: Keeps them in the loop with developments in the industry.
- Networking: Helps connect with other professionals in the field.
- Client Surveys: Assimilates feedback from clients in the form of surveys.
Competitor Research: Keeps an eye on competitors’ market moves.
In addition to the above, Pankaj also gives great importance to R & D initiatives. He continually works towards optimizing processes to reduce costs while maximizing operational efficiency. According to him, a relentless focus on R & D is paramount for brand survival in today’s competitive market.
How Pankaj Ensures Employee Satisfaction
Happy employees are more creative and productive – it’s a known fact. They’re also less likely to quit. Pankaj and his team acknowledge this and hence, they’ve adopted certain ideals for employee satisfaction. These are:
- Prioritizing work-life balance.
- Making employees a part of the bigger picture.
- Ensuring transparency with the employees.
- Encouraging communication in common areas.
- Creating a career pathway for the individual employee.
- Promoting a positive work environment.
- Recognizing and rewarding employees frequently.
- Offering benefits beyond their basis.
The above measures have helped I-Conicsolutions maintain a high overall employee satisfaction level. They’ve also fostered a strong sense of congeniality and cooperativeness among the employees.
Striking a Work-Life Balance
Getting real on the lopsided entrepreneurship journey, Pankaj admits that he finds it difficult to strike a work-life balance. He feels that it’s even more difficult to continually maintain it. Here are some strategies that he uses to achieve the same:
- Leveraging Strengths: Entails playing astutely with his strengths and grasping new brawns inside him.
- Time Prioritization: Involves the dividing of time into three fronts:
a) work that’s urgent and important,
b) work that’s important but not urgent, and
c) work that’s urgent but not important.
- Ensuring “ME TIME”: Includes some personal time or “Me Time” to ensure a healthy relationship with oneself.
- Segregated Working Hours: Involves a segregated set of working hours that’re religiously followed.
- Finance Management: Covers some time for managing personal finances.
- Home Workspace: Entails a contrived workspace at home to make work interesting.
Thoughts on Today’s CEOs
According to Pankaj, entrepreneurship involves a number of core skills and traits that are absolutely essential for business success. This is especially true in the modern business environment, where disruption has comprehensively changed and continues to change the way things are done on a practical basis. CEOs, therefore, should stay updated on trends and think and act like an entrepreneur. This will help them perform better in present as well as future challenges.
Touching upon the subject of corporate competition, Pankaj says that it isn’t just limited to CEOs. Whether it’s a CEO or a regular executive, both would face cut-throat competition irrespective of their rank in an organization. He goes on to say that things are a bit more complex with a CEO, as he has to also compete with himself. He’s in a game of constant self-improvement; a laid-back attitude just won’t work.
Significant Milestones and Future Plans
In a relatively short span of time, Pankaj has achieved some significant numbers with I-Conicsolutions. His brand has shown a steady and upward trajectory when it comes to financial growth. In the very first year of the brand, it achieved a staggering growth of 600%. In the second year, it achieved 450% more growth, and this was during the time of the pandemic. I-Conicsolutions is also an ISO Certified Company, which further bolsters its achievement profile.
Speaking of the future plans for the company, Pankaj shares that he will continuously improve client satisfaction by providing them better and more state-of-the-art services. He aspires to globally plump for the healthcare organization and makes a difference in the industry.
I-Conicsolutions’ CSR Activities
On the CSR front, Pankaj’s brand has been supporting a green initiative in the organization itself, which entails the planting of few trees in nearby areas. Recently, it has also tackled the COVID-19 situation by sponsoring a local community to spread awareness and distribute in tribal areas. There are many other projects in the pipeline as well, which the brand will execute soon.
A Message To Aspiring Entrepreneurs
Encouraging young entrepreneurs to relentlessly follow their dreams, Pankaj says that one should have the courage to live a unique life. Here are some nuggets of wisdom from him: “If you give up on your dreams, you’ll never live the unique life you wanted to live. My message to upcoming entrepreneurs is that if you want to improve your organization, improve yourself first. The organization then gets pulled up with you automatically.”