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Parkway's Strategies to Expand Medical Tourism
- 1. SMOOTH OPERATORS Ryan Bonifacio, MD Benedicto Cid Marjay Gulapa, MD Tanya Louisse Tysmans, MD February 15,2020 MEETING HUGE CHALLENGES: PARKWAY SINGAPORE
- 3. QUESTIONS: Parkway Group Hospitals – How can it compete within Asia’s Medical tourism market – How can Parkway position itself to attract more patients?
- 4. Situation Analysis Founded 1987 by Dr. Lim Cheok Peng
- 5. Situation Analysis PARKWAY HOSPITALS Strong Brand, Growing With Acquisition
- 8. • High quality service standards from Pre admission to discharge • Reception counter/ assistance desk: 24/7 • Patients as five star hotel guests • Translator Situation Analysis
- 9. • High speed internet • Video on demand • Video games • Dedicated staff per suite Situation Analysis
- 10. • Cutting edge technology • Modern facilities Situation Analysis
- 11. GLENEAGLE HOSPITAL Situation Analysis ROOMS FOR RENT/PURCHASE GUARANTEED BED 24/7 ADMISSION DESK 68% share of accredited specialist 44% of private hospital admissions in all of Singapore
- 13. Parkway’s Weaknesses Many Cheaper But Strong Tourism Alternatives Top Medical Tourism Countries – USD K Per capita GDP 2019 1- USA 65.1 2- S Korea 31.4 3- Turkey 9.0 4- Thailand 7.8 6- India 2.2 8- Malaysia 11.1 10- Iran 5.5 11- Jordan 4.4 12- Taiwan 24.8 13- UAE 37.7 18- Singapore 64.0 20- Israel 42.8 24- Australia 53.8 Source: International Monetary Fund Situation Analysis
- 14. Threats to Parkway Strong Competitors Right Next Door • Thailand 4x & Malaysia 2x Singapore’s medical tourism revenue • Thailand in 2018 64 JCI facilities – 3x more than all Singapore • Malaysian national organizations drive medical tourism Situation Analysis
- 15. Opportunities for Parkway Capitalize on Its Strengths • Expansion into lower cost countries Situation Analysis • Replication of its high quality model
- 16. SUCCESS MODELS • Serious investment drives success – Over 20 years, Thailand built up JCI accredited facilities Situation Analysis • Focus drives success – South Korea and Thailand first focused on beauty
- 17. MISSION: To make a difference in people’s lives thru excellent patient care VISION: To be the global leader in value- based integrated health care Objectives
- 18. Objectives • Increase medical tourism revenue and profit • Strengthen its brands across Asia and the Middle East
- 19. Strategies & Tactics LEVERAGE: by rolling out hospitals under the same name – Start in nearby countries – Replicate excellent services locally – Earn JCI accreditation
- 20. Strategies & Tactics LEVERAGE: by rolling out hospitals under the same name – Luxury brand with excellent amenities – Linkage with local medical tourism organizations
- 21. – Replicate medical and customer service model – In Parkway affiliates which cater to premium market segments – In countries with large base of expert practitioners Strategies & Tactics LEVERAGE its expertise across more countries
- 22. – Focusing on medical specialties where Parkway hospital expertise maximizes superiority – Earn JCI accreditation Strategies & Tactics LEVERAGE its expertise across more countries
- 23. – Support the development of leading edge medical practice – Focus on complex medical conditions and practices – Propagate innovative practices across the tourism network Strategies & Tactics PROTECT AND ENHANCE Gleneagles reputation
- 24. Actions: CAREFULLY SELECT NEW SITES • Based on thorough assessments – Operating costs much lower than Singapore – Abundant medical expertise – Substantial non- medical tourist traffic
- 25. • Ensure management of new sites thoroughly versed in Singapore experience – Local management to work in Singapore for at least a year prior to launch – Launch management will combine Singapore and destination country nationals Actions: MANAGEMENT KNOWS SINGAPORE LESSONS
- 26. • Only one or two medical specialties at launch • Different sites, different specialty • Debug operations during soft launch before marketing Actions: FOCUS NARROWLY, PACE CAREFULLY
- 27. Controls • Closely track medical and customer service quality indicators • Achieve customer satisfaction levels comparable to Singapore from Year 1 of full operations
- 28. • Pace expansion, avoid borrowings • Relax profitability targets in early years Actions: FOCUS NARROWLY, PACE CAREFULLY
- 29. QUESTIONS: Parkway Group Hospitals – How can it compete within Asia’s Medical tourism market – How can Parkway position itself to attract more patients?
- 30. SMOOTH OPERATORS Ryan Bonifacio, MD Benedicto Cid Marjay Gulapa, MD Tanya Louisse Tysmans, MD February 15,2020 MEETING HUGE CHALLENGES: PARKWAY SINGAPORE
Editor's Notes
- This template can be used as a starter file for presenting training materials in a group setting. Sections Sections can help to organize your slides or facilitate collaboration between multiple authors. On the Home tab under Slides, click Section, and then click Add Section. Notes Use the Notes pane for delivery notes or to provide additional details for the audience. You can see these notes in Presenter View during your presentation. Keep in mind the font size (important for accessibility, visibility, videotaping, and online production) Coordinated colors Pay particular attention to the graphs, charts, and text boxes. Consider that attendees will print in black and white or grayscale. Run a test print to make sure your colors work when printed in pure black and white and grayscale. Graphics, tables, and graphs Keep it simple: If possible, use consistent, non-distracting styles and colors. Label all graphs and tables.
- With many hospitals in Asia competing in the medical tourism market how can Parkway position itself to attract more patients?
- a wholly-owned subsidiary of Parkway pantai limited, is one of the leading providers of private health care service in asia This reputation is the result of Quality clinical outcomes and Comprehensive health care Made achievable with an extensive network of hospitals, integrated health care facilities and over 40 years of experience in hospital development
- Operates 4 hospitals in Singapore Mount elizabeth novena hospital, mount elizabeth hospital, parkway east hospital, and gleneagles hospital Where multidisciplinary specialist care is effectively administered in one place
- GLENEAGLE hospital, parkways flagship facility, Was ranked by Medical travel quality alliance (MTQUA) as second highest for medical tourism in 2010 And this achievement is a testament that they achieved their primary mission which is to make a difference in peoples lives through high level of patient care
- Attracting new patients Invites specialist to purchase or rent rooms on its premises. By creating this close proximity, the doctors tend to admit their patients here, where the admission desk operates 27/7, without the need of referral or appointment, and a guaranteed bed 68% share of accredited specialist and 44% of private hospital admissions in all of singapore
- Has acquired strong hospitals in rest of asia and the middle east 16 hospitals in Singapore, malaysia, Brunei, india, china, united arab emirates network of affiliated hospitals to feed patients Parkway Singapore
- Thailand alone in 2018 had 64 JCI accredited facilities, 3x more than all Singapore JCI is gold standard in healthcare standards Means Singapore had 16 JCI facilities Parkway alone has 4 hospitals Others likely specialist facilities Umbrella organizations drive medical tourism in Malaysia Maximizing leverage against individual operators
- Expansion into lower cost countries Replication of its high quality model in other countries
- Success in medical tourism results from serious investment Over 20 years, Thailand built a large group of JCI accredited hospitals Success results from focus South Korea and Thailand built reputations by specializing in one medical area
- Increase medical tourism revenue and profit for Parkway Singapore Strengthen the Gleneagles and Parkway brands across Asia and the Middle East
- Leverage the Gleneagles name by rolling out a range of hospitals under the same name -Start in nearby countries where Gleneagles is respected -Replicate successful medical and customer service practices locally -Earn JCI accreditation -
- Leverage the Gleneagles name by rolling out a range of hospitals under the same name -Start in nearby countries where Gleneagles is respected -Replicate successful medical and customer service practices locally -Earn JCI accreditation -Position Gleneagles as a luxury brand, providing appropriate amenities -Link up with local medical tourism umbrella organizations for marketing leverage
- Leverage Gleneagles expertise across more countries Replicate the Gleneagles medical and customer service model In Parkway affiliates which cater to premium market segments In countries with large base of expert practitioners
- -Focusing on medical specialties where Gleneagles and local Parkway expertise maximizes superiority -Earn JCI accreditation
- PROTECT AND ENHANCE Gleneagles reputation - By supporting development of leading edge medical practice in Singapore - By focusing on complex medical conditions and practices - Propagating innovative practices across the Parkway tourism network
- Select new sites based on thorough assessments Operating costs much lower than Singapore Abundant medical expertise Substantial non-medical tourist traffic
- Ensure management of new sites thoroughly versed in Singapore experience Local management to work in Singapore for at least a year prior to launch Launch management will combine Singapore and destination country nationals
- -Focus on only one or two medical specialties at launch -Different sites, different specialty focus -Debug operations during soft launch before marketing
- Closely track medical and customer service quality indicators Achieve customer satisfaction levels comparable to Singapore from Year 1 of full operations
- -Pace expansion, avoid borrowings -Relax profitability targets in early years
- With many hospitals in Asia competing in the medical tourism market how can Parkway position itself to attract more patients?
- This template can be used as a starter file for presenting training materials in a group setting. Sections Sections can help to organize your slides or facilitate collaboration between multiple authors. On the Home tab under Slides, click Section, and then click Add Section. Notes Use the Notes pane for delivery notes or to provide additional details for the audience. You can see these notes in Presenter View during your presentation. Keep in mind the font size (important for accessibility, visibility, videotaping, and online production) Coordinated colors Pay particular attention to the graphs, charts, and text boxes. Consider that attendees will print in black and white or grayscale. Run a test print to make sure your colors work when printed in pure black and white and grayscale. Graphics, tables, and graphs Keep it simple: If possible, use consistent, non-distracting styles and colors. Label all graphs and tables.