Singapore-based Digital Healthcare Platform Expands across Southeast Asia
MyDoc and BaoViet, Vietnam's largest listed insurance company layout deal to target growing healthcare market and to ramp up expansion plans across Southeast Asia.
SINGAPORE | 4 November 2019
The Singapore-based digital healthcare company, MyDoc, started out in 2012 to serve as a value-based digitally managed healthcare provider. The company has since grown to partner with various healthcare systems, pharmacies, and insurance companies throughout Asia.
MyDoc announced that it has recently drafted a strategic deal with BaoViet Group Insurance; adding Vietnam to its portfolio of B2B online-to-offline healthcare ecosystem in Southeast Asia.
The partnership with BaoViet, is the first of its kind, offering a cashless digitally integrated clinic service to its health insurance policyholders nationwide. BaoViet at the moment leads the industry with a 40 percent market share.
Audit and report by PwC confirms that MyDoc will be helping patients to avoid unnecessary hospitalization that will translate to reduced cost of healthcare. MyDoc proven track record for paving the way for digital healthcare adoption through strategic partnerships since 2012. Its strengthening patient engagement and reducing cost of claims across the region is estimated to grow at a CAGR (Compound Annual Growth Rate) of 24 percent from US$ 8.5 billion in 2018 to US$ 38.1 billion by 2025.
Currently, Vietnam is reported to have the highest medical inflation rate in Asia at 14.2 percent. By 2021, the country is expected to spend US$22.7 billion on healthcare, which represents a 12.5 percent increase from US$16.1 billion in 2017.
Dr. Snehal Patel, CEO and co-founder of MyDoc, said, “We are simplifying the health insurance claims process and tackling the shortage of healthcare capacity by reducing hospital readmissions. Our integrated gateway model offers more than just faster access to best-in-class healthcare. Our clinical research teams can use millions of anonymised clinical data points studied over seven years to identify disease patterns and their treatments. We enable market-leading providers like BaoViet to give patients the right care at the right time and keep them out of hospitals."
The service will be rolled out in phases, with locally licensed doctors from clinical partner DHA clinic group and a major multichain pharmacy. Policyholders will be able to access free value-added digital concierge and healthcare services on their mobile phones, including doctor consultations and electronic prescriptions, in English and Vietnamese.
In the year 2020, MyDoc will be planning to add more countries to their portfolio, looking to scale up its operations in Hong Kong, Thailand, Philippines, and India where it has been running virtual and in-person clinics for employees at the head offices of its Temasek-backed investor UST Global.
Dr. Patel added, “We select best-in-class clinical partners carefully through a series of stringent standards and procedures. All clinical teams are required to complete clinical and product training and pass test consultations prior to certification. It’s only through putting our patients first, that we can deliver quality healthcare to 600 million people across Southeast Asia.”