Raffles Medical Group (RMG) is an integrated private healthcare provider with three segments such as Healthcare Services, Hospital Services and Investment Holdings. For Financial Year 2015, these segments contributed 61%, 36% and 3% respectively.
It offers a range of specialist medical and diagnostic services. It also offers dental practice services for both inpatients and outpatients. RMG provides health insurance, other general medical services, management and consultancy services. It runs over 100 medical facilities across 13 cities in Singapore, China, Japan, Vietnam and Cambodia. RMG serves over 6,800 corporate clients each year, supported by a total staff strength of over 2,500. More than 35% of their patients are foreigners.
RMG is also a member of the reputable Mayo Clinic Care Network. It opens up access to the latest information-sharing tools and services to treat patients with complex medical conditions through these shared resources. This year is also RMG’s 40th anniversary.
RMG started in 1976 when Dr Loo Choon Yong and Dr Alfred Loh bought over Teng’s Clinic and renamed it to RMG to reflect the name of their alma mater – Raffles Institution. By 1998, RMG was appointed the sole medical provider for Singapore’s Changi Airport and Hong Kong’s Chek Lap Kok International Airport.
“For Raffles to be successful, we believe we need to have four disciplines – strategic discipline, professional discipline, financial discipline and execution discipline. Execution discipline means that your project has to be on time, on course and on budget; in short, your plan must be carried through. In fact, the more I think about it, the more I believe that any organization that has these four disciplines will go far. In life, there’s no such thing as standing still, If we don’t grow, we go downhill.” – Dr Loo Choon Yong
- For a long time, Singapore enjoyed the status of being the leading medical tourism hub in South-east Asia. Now, Thailand and Malaysia’s healthcare providers are gearing up to obtain international accreditation as well as deepening their expertise into specialist services.
- There are more medical destination alternatives offering services at a fraction of Singapore’s medical cost.
- Over the years, Singapore bought in S$1,110 million (2012), S$832 million (2013) and S$994 million (2014) of medical tourism receipts. Singapore Tourism Board stopped providing this information in 2015, it is now lumped under “others” category.
- In August 2016, a new clinic was opened in Fragrance Empire Building. A month later, RMG reopened their RafflesMedical in Compass One Mall after renovations.
- Raffles Holland V was officially opened on 21 October 2016 with a 95% occupancy. The medical and retail complex’s performance, so far, was better than expected. The management took extra care to ensure the tenant mix is complementary to its medical centre. RMG is occupying the entire fifth floor and the rest are leased out.
- RMG’s expansion into Japan is paying off. Their Osaka clinic, equipped with English, Japanese and Mandarin-speaking staff, benefited from the massive tourism influx from China and local demand.
- RMG launched their hospital project in Shanghai. The project, expected to be completed in 2019, consists of a 400-bed international hospital to offer a full complement of specialist services.
- Extension to its flagship Raffles Hospital will be completed 3rd quarter of 2017. It will yield about gross floor area of 530,000 square feet, almost double of the size of its existing hospital facilities. The addition of beds will be done progressively.
Latest Q3 results
Find out more about how RMG did in their latest 3Q results here!
|Last Twelve Months Calculations||Raffles Medical Group||Ramsay Health Care||IHH Healthcare||Bumrungrad Hospital|
|Gross Margin (%)||29.6%||14.0%||34.9%||42.1%|
|Net Margin (%)||15.2%||5.2%||10.9%||19.1%|
|Return on Equity (%)||11.0%||26.3%||5%||26.4%|
|Net Debt / Equity||-0.1||1.8||0.2||-0.2|
*diluted EPS before Extra
(as of 25 October 2016)
(source: Raffles Medical Group, SGX, The Straits Times, NextInsight)
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