₹50,000 Heart Surgery Becomes ₹2 Lakh: Indian Hospitals Fund Foreign Investors
Ashish Singhal, founder of CoinSwitch, warns that foreign ownership of Indian hospitals is driving up healthcare costs and prioritizing profits over patient care.
HealthcareForeign InvestmentHospital CostsPatient CarePrivate EquityReal EstateAug 22, 2025
“You think you're getting treated in India. You're actually paying US hospital prices,” Singhal wrote in a blunt post reacting to health insurance expert Avigyan Mitra. “Because it's not really an Indian hospital anymore.”
Singhal pointed out that several major hospital chains are now majority-owned by foreign investors. “These are businesses focused on profits,” Singhal noted. “Your ₹50,000 heart surgery became ₹2 lakh overnight. Because profit targets went up.”
He cited “revenue optimisation” practices like unnecessary CT scans and extended hospital stays, which pad the bill for patients but serve investor goals. “And guess where those profits go? To investors sitting in Toronto and New York,” he wrote. “The guy in Pune paying ₹20,000/year for health insurance... is literally funding someone else's retirement in Canada.”
Mitra, whose original post sparked the conversation, argued that foreign private equity (PE) funds now control some of India’s most critical private healthcare networks. While this capital has brought improved infrastructure and broader access, Mitra warned it also shifts hospital priorities toward investor returns and away from patient outcomes.
“Hospitals become financial assets first, healing institutions second,” Mitra wrote. “Healthcare is not like tech. You can’t optimize for exit multiples without real-world consequences.”
With India’s healthcare market projected to reach $372 billion by 2027, the concern now is who will own—and benefit from—this growth. “We used to complain about US healthcare being expensive. Now we’re doing the exact same thing,” Singhal concluded.
The implications of this trend are significant. As healthcare costs rise, more Indian patients may find themselves unable to afford necessary treatments, leading to a broader public health crisis. Policymakers and healthcare advocates are now calling for greater regulation to ensure that healthcare remains accessible and affordable for all Indians, rather than a profit-driven industry catering to foreign investors.
Frequently Asked Questions
What is the main concern about foreign ownership of Indian hospitals?
The main concern is that foreign ownership is driving up healthcare costs and prioritizing profits over patient care. This results in higher bills for patients and a shift in hospital priorities.
Who is Ashish Singhal and what did he say about Indian hospitals?
Ashish Singhal is the founder of CoinSwitch. He warned on LinkedIn that foreign ownership of Indian hospitals is turning healthcare into a high-margin, investor-first industry, leading to higher costs for patients.
What are some examples of 'revenue optimization' practices in hospitals?
Examples include unnecessary CT scans and extended hospital stays, which increase the bill for patients but serve investor goals.
What are the potential consequences of this trend?
The potential consequences include higher healthcare costs for Indian patients, reduced access to affordable healthcare, and a shift in hospital priorities from patient care to profit generation.
What is the projected growth of India’s healthcare market?
India’s healthcare market is projected to reach $372 billion by 2027. This growth raises concerns about who will own and benefit from this expanding market.
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