Singapore
Singapore
Making an appearance on MoneyFM 89.3’s “Business Forward with Canon”, Low Lee Yong, founder and CEO of MHC Asia Group, shared more about his company and how they make healthcare simpler while ensuring quality and managing costs. Read on to find out more about their business model and use of tools amidst the complex healthcare system. You can also listen to the podcast here.
MHC Asia Group is a healthcare company that aims to enhance efficiency and productivity in the healthcare sector. They do this by providing a platform for corporate employees and individuals to enjoy cashless outpatient visits in Singapore, Malaysia and Hong Kong, connecting various stakeholders in the healthcare delivery chain.
While high levels of productivity are sought after for most businesses, Dr. Low asserts that in the healthcare sector, this chase for productivity and profits should not be made at the expense of patients. Instead, productivity in this sector is better understood as cost-containment, cost-efficiency, cost-effectiveness and transparency – values that MHC strives to give their customers.
For MHC, their large cashless platform links doctors and healthcare providers with patients, employers and insurers. This results in the need to store huge amounts of data. As such, tools such as Business Intelligence and Big Data analytics are employed to process information and provide relevant data to their customers.
For example, when patients are advised to go for certain procedures, MHC makes use of their analytical tools to help patients gain insight into the most cost-effective and cost-efficient doctors. Such tools simplify the seemingly complex healthcare process and enable payers to enjoy enhanced levels of ‘productivity’.
This cashless platform and the use of Big Data analytics also help to detect fraudulent claims made by healthcare providers. The company will do their best to recover such duplicitous claims for their customers, minimising the risk of corruption in the industry. By ensuring accountability for every claim submitted , MHC prides themselves as a trustworthy and transparent enterprise, which contributes to improving healthcare productivity.
Furthermore, MHC seeks to boost efficiency of processes such as drug ordering and distribution with their smartphone app, ProcureDrugs. The app offers round-the-clock service for healthcare companies to order drugs and also includes a clinic management and appointment system that gives doctors in MHC’s panel a platform to build their corporate clientele. ProcureDrugs also helps manage the thousands of clinics linked to it, reducing the amount of work to be done by employers, HR departments and insurers.
Patients can also access information on cost-effective clinics and their locations. With its cashless platform, patients no longer need to collect receipts and submit them for reimbursement, reducing the tedium of dealing with paperwork.
The process of drug ordering, distribution as well as clinic management are subsumed into this single app – a simple and convenient solution for all stakeholders in the healthcare sector.
Nevertheless, MHC still has its challenges. Not only is the business environment evolving at a rapid pace, technology is also advancing at exponential rates. Dr. Low explains that he has had to educate himself quickly to keep up with these changing times – be it about chatbots, blockchain technology, artificial intelligence or even coding. While this can be difficult, his efforts help the company stay ahead of trends and tools, keeping afloat in the complex and volatile business environment.
As a word of advice, Dr. Low implores fellow businesses to focus on the fundamentals. He recommends looking at your business’ revenue model, using it to derive your method of generating revenue and working towards providing the service to do so.
Moreover, Dr. Low highlights that businesses should also look at how they can positively impact society and humanity. For MHC, this means supporting the needy and giving back to the community. They actively support children in Sabah through an organisation called Goducate, providing needy children with an education and way out of poverty. MHC also gives musical instruments to less fortunate children in the Philippines and often donates to medical school bursaries, passing on the help that Dr. Low himself received when he was in medical school.
In a highly complex healthcare system, MHC provides a tangible solution to help simplify things, proving to be a valuable game changer in their industry.
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