Raffles Medical Group balances patient care, growth and shareholder returns
What began as a modest endeavour by two doctors in Singapore has now grown into a renowned integrated healthcare provider with a significant presence across Asia. Raffles Medical Group’s (RMG) journey is not just one of impressive expansion but also a testament to its unwavering commitment to patient-centric care and medical excellence.
RMG’s story traces back to 1976 when co-founders Dr Loo Choon Yong and Dr Alfred Loh established a small medical practice in Singapore. With just two clinics, they embarked on a mission to provide quality healthcare for the local community. Dr Loo, then a medical practitioner fresh from medical school, had little knowledge of business management when he started the journey. His primary focus was always on patient care, believing that if patients were well taken care of, the business would naturally thrive through loyal customers and word-of-mouth referrals.
“We are a healthcare company that sells healthcare services, reliability, honesty and professionalism. We strive to deliver a brand that will be known for good healthcare services, a brand that patients will always trust. When the patients trust us, they will come back and refer us too. It is a simple business model and I think it is still relevant today,” says Dr Loo, executive chairman of RMG, in an interview with
Over the years, RMG’s relentless pursuit of excellence in healthcare has transformed it into a formidable healthcare conglomerate. Today, it stands tall as a leading healthcare provider in Asia, boasting a vast network of over 100 multi-disciplinary clinics in Asia, with over 500 multi-specialty physicians and more than 1,500 physicians, nurses and allied healthcare professionals all working together.
RMG’s general practice clinics serve as the frontline of healthcare, providing primary care services. The group also has secondary and speciality centres all across Singapore. Its flagship hospital is located on North Bridge Road, just next to the Bugis MRT Station.
Dr Loo says RMG will continue to expand its footprint in Singapore by opening more family clinics. He shares that consumer behaviour has changed after the Covid-19 pandemic so RMG takes into consideration the rising popularity of the hybrid work model when opening up clinics. “We have a strategy to let our patients have convenient access to quality healthcare — be it near their home or office,” says Dr Loo, adding that RMG recently opened up new clinics in neighbourhoods such as Marine Parade, Woodleigh Mall and at CapitaSky in the Central Business District area.
“We are well known in Singapore. There is a demand in Singapore and our patients are loyal so we will keep expanding. It is not rocket science. If it works well — we deliver quality care and we earn the trust of our patients and customers — why do we want to change it?” says Dr Loo.
Care without prejudice
RMG’s commitment to healthcare extends beyond treating illnesses. It firmly believes in the adage that prevention is better than cure. The group offers a wide array of services including vaccinations, supplements and comprehensive health check-ups to ensure individuals can proactively safeguard their well-being. This holistic approach underscores RMG’s dedication to promoting overall health and vitality.
“You don’t have to be sick to visit us. Health is something that we stand firm on and we are happy to help you maintain or improve your health. Times have changed and people’s views and demands on well-being have changed. We are on your side and part of what we do is to care for you. We want to help you to live healthily,” says Dr Loo, adding that this is the way that he and Dr Loh have practised medicine for 47 years and continue to hold the same values today. Therefore, when the Singapore government launched the Healthier SG initiative, RMG pledged to support the initiative and contribute to it actively.
At the heart of RMG’s success lies a set of core values — compassion and commitment. Dr Loo believes that providing healthcare is not solely about profits but firstly about providing the right care to patients. RMG’s pricing strategy also reflects this ethos; being neither the most expensive nor the cheapest healthcare provider but striking a balance between affordability and quality.
The way Dr Loo sees it, there is no contradiction between offering personalised and quality healthcare and growing the business. “We have to be sustainable because we want to still be here in the next 50 years. There are important healthcare services that we continue to provide because our patients need the service. We are a holistic healthcare provider,” says Dr Loo.
Dr Loo sees the whole business as a “balancing act”, where the company is in a sweet spot to deliver quality care to patients at a reasonable price, take care of its staff, invest in the future of the company, and reward shareholders.
It seems that RMG has perfected this balancing act as the company won the overall sector winner for healthcare services, pharmaceuticals, biotechnology & medical research in this year’s Billion Dollar Club organised by
Healthy outlook
However, RMG’s growth journey is far from over. As healthcare demands continue to grow, the group remains steadfast in its commitment to expansion and innovation. Its vision is to build upon its existing strengths and services, catering to the evolving needs of the communities it serves. With a strong foundation of trust and excellence, RMG is well-positioned to continue making significant contributions to the healthcare landscape in Asia.
Apart from its large footprint in Singapore, RMG also has a strong presence in China, Hong Kong, Vietnam, Cambodia and Japan. Dr Loo shares that RMG will continue to service these regions and explore ways to serve the Indonesian market as demand stays high. As for other markets, Dr Loo says that it will depend on the opportunities the market presents.
“It sounds boring but we are focused on growing the same things as our competitors but of course with our brand of quality care and philosophy. We are focusing on the growth of our people and their expertise too, to achieve a better outcome for the company. We will continue to seek growth and we will not forget our basic raison d’etre, which is providing ethical, professional and excellent healthcare service,” says Dr Loo.
RMG’s remarkable journey from its modest beginnings to becoming a leading healthcare provider in Asia is testament to its unwavering commitment to patient care and medical excellence. With a focus on both tertiary and preventive healthcare, RMG continues to be a beacon of compassion and commitment in the healthcare industry. As it embarks on a path of further growth and expansion, the group’s mission remains clear — to provide quality healthcare services to the communities it serves.