Health Management International Pte Ltd, a regional healthcare provider, on Monday announced that it has entered into an agreement to fully acquire MHC Asia Group Pte Ltd, a leading medical benefits administrator and healthcare technology platform in Singapore.
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With a revenue base of more than S$350 million, this investment enables the Group to tap into the digital healthcare opportunity in Southeast Asia, with an estimated market size of $11 billion by 2027.
The combination of HMI Group and MHC into one vertically integrated healthcare platform places the Group in a better position to address some of the key challenges that Singapore’s healthcare sector is expected to face over the coming years, including a rapidly ageing population, rising healthcare costs and a growing prevalence of chronic diseases.
Together, the Group serves more than 3 million patients every year across a full suite of digital and physical services ranging from telemedicine, diagnostics, health screening, as well as primary, specialist, ambulatory and inpatient care.
A vast network
HMI Group owns 45 primary care and health screening centres, 15 specialist centres, and an 11-storey ambulatory care centre in Singapore, in addition to a panel of approximately 1,500 primary and specialist clinics through its medical benefits network.
In Malaysia, it owns two leading tertiary hospitals in Johor and Melaka, which are both MediSave accredited for overseas day surgery and hospitalisation.
As consumers increasingly demand “anywhere, anytime” care, MHC’s digital health and technology leadership will strengthen the integrated platform’s value proposition to improve patient engagement and accessibility to appropriate doctors and services and increase cashless payment touchpoints.
HMI Group will continue to invest in technology to broaden the scope of care delivery and provide greater access to medical information and analytics for better health outcomes based on patients’ needs and life stages.
Chin Wei Jia, Group CEO of HMI Group, said that they were looking forward to joining forces with MHC to expand their healthcare footprint in the region.
“Working with like-minded partners allows us to further our commitment to delivering seamless and value-based quality healthcare. With an integrated healthcare platform supported by the latest technology, we will be able to introduce new care models to better engage and support our patients throughout their healthcare journey,” she added.
Dr. Low Lee Yong, Founder and Chairman of MHC Asia, said that he considered the partnership with HMI Group as a very important and exciting milestone for his company.
“Together we can now achieve vertical integration of care and explore vast possibilities to manage rising healthcare costs for our insurance partners and corporate clients both locally and in the region,” he added.
Founded in 1998, HMI Group, which was launched in 1988, is a fast-growing regional healthcare provider committed to advancing healthcare and changing lives for communities across Southeast Asia.
In Singapore, the Group owns StarMed Specialist Centre, an 11-storey one-stop ambulatory care centre, Eagle Eye Centre, the largest private ophthalmology group, OneCare Medical, a nationwide primary care chain, and HMI Institute, the firm’s social enterprise providing healthcare education.
In Malaysia, it owns two tertiary hospitals, Mahkota Medical Centre in Melaka, and Regency Specialist Hospital in Johor. HMI also has a network of representative offices in Singapore, Malaysia, and Indonesia.