Executive Summary
Raffles Medical Group Ltd (RMG), established in 1976, is one of the leading private healthcare providers in Singapore that offers integrated healthcare services. Headquartered in Singapore, RMG ventured into Hong Kong, Shanghai and Indonesia in the earlier years and is looking into Japan market in the near future. It also maintains a network of overseas clients in Vietnam (Raffles Medical Group, 2015).
The group owns and operates a large network of family medicine clinics, a tertiary care hospital, dental, chinese medicine and insurance services, an educational healthcare institute and a consumer healthcare division (Marketline, 2015). Besides providing these services, RMG has its own Clinical Trial Units (CTUs) to develop…show more content… Raffles Medical Group’s Business Model
RMG adopts the Institutional Group Practice Model to facilitate its operations in rendering hospital and healthcare services. In this model, specialists work in teams to provide first-rate medical practices through teachings, researches and services. Likewise, compulsory medical audits are conducted to ensure the provision of the highest standard of care.
RMG have been diversifying into different areas of healthcare with the aim of becoming the finest healthcare provider (Raffles Medical Group, 2015). Hence, RMG's operations are greatly influenced by its service revenues and expenses.
Over the years, RMG saw a steady growth in its revenue (Graph 1). This trend is expected to persist with ageing demographics, increasing medical tourism and rising affluence in the region. In financial year 2014, increase in patient load and specialist consultants spurred a 9.9% growth in revenue, from $341.0 million to $374.6 million.
Operating in a labour intensive industry, RMG staff costs amounted to 61% of its operating expenses (Pie Chart 2). Staff costs are expected to increase significantly to follow governmental standards so as to attract and retain quality health care professionals who are capable of providing differentiated services suited to the market needs (PhillipCapital,…show more content… In order to excel in the healthcare industry, trainings are conducted by RMG to ensure that its employees are equipped with and are constantly improving their technical skills to offer patients with quality and assuring treatments. This accentuates the technical skills of its employees in all disciplinary areas to uphold its reputation. The recent collaboration with Mayo Clinic Care Network has provided RMG the access to their medical expertise (Raffles Medical Group, 2015), thus, improving RMG’s medical knowledge and skills. Also, many foreign patients, including patients with trauma injuries are inclined to seek medical treatments in RMG. This validates that RMG’s teams have the advanced skills required to perform complex medical