THURSDAY, March 28, 2024
nationthailand

THG in the pink of health as it develops into a smart hospital organisation

THG in the pink of health as it develops into a smart hospital organisation

The Covid-19 crisis has impacted economies and societies worldwide, and hasnt spared Thailand either, with even private hospitals, especially those serving mainly foreigners, descending into poor business health as the number of overseas patients dropped significantly amid lockdowns and recent travel restrictions.

The Covid-19 crisis has impacted economies and societies worldwide, and hasn't spared Thailand either, with even private hospitals, especially those serving mainly foreigners, descending into poor business health as the number of overseas patients dropped significantly amid lockdowns and recent travel restrictions.

Thonburi Healthcare Group (THG) is one private hospital that has clearly suffered from the impact of the Covid-19 crisis.

However, in order to keep a business running and making a profit, it requires experience, vision and adaptation – and that’s exactly what its 83-year-old charismatic chairman Dr Boon Vanasin had and followed.

THG presently consists of eight hospitals and ten other affiliated hospitals nationwide, including one in Myanmar. The group is led by Dr Boon, a successful business doctor who has nursed his organisation back into the pink of health.

THG opened its doors 40 years ago as a 60-bed hospital. From a modest hospital founded four decades ago, it has grown into a large public company and is now listed on the Stock Exchange of Thailand.

Dr Boon admitted that the Covid-19 crisis has had a direct effect on business, especially at Thonburi Bamrugmuang Hospital, where 99 per cent of its patients are foreigners.

“THG had lost more than THB200 million in the first quarter of 2021 but started to recover in the second quarter,” he revealed. “As the number of virus cases surged later in July, we decided to build a 650-bed field hospital with intensive care units. We also teamed up with hotels to provide more than 4,600 hospitel beds for patients with mild symptoms. We were able to save more than 300 lives this way and also witness a revenue increase of almost 10 times during the month.”

The able-bodied THG chairman said rapid adaptation has been gradually benefiting the organisation.

In the third quarter of 2021, the company’s net profit and total revenue rose to THB833 million and THB3.86 billion from THB75 million and THB1.91 billion in the same period last year, respectively.

THG in the pink of health as it develops into a smart hospital organisation

The figures are expected to increase by the year-end as the company has joined hands with the government sector.

Dr Boon said the key to becoming successful is to foresee and grab business growth opportunities. According to him, it would normally take more than eight years for a hospital to earn a net profit, but THG hospitals were able to gain profit in the first five months because of their foreign customer base.

He pointed out that Thailand is a medical tourism destination featuring world-class hospitals with brilliant specialists, while the cost of treatment is some 60 per cent cheaper than in other countries. Families can bring their sick members in for treatment while other members can enjoy travelling around the country.

“To become a ‘smart hospital’ organisation, a hefty amount of investment was ploughed into technology improvement. We have robots, along with providing long-distance and laparoscopic surgeries to boost the efficiency of treatment. Our laboratories are being developed to become one of the best in the world. Meanwhile, there is a logistics system to deliver medicines to patients at their homes.

“We use information technology to reduce the waiting time for lab results, from more than a day to only 20 minutes. The technology is also used to provide at-home treatment for bedridden patients to help reduce costs. Each hospital visit normally costs about THB1,500 and at least three family members have to leave work just to take care of the patient. But with at-home treatment, even if a patient is in Phuket, the family needs to pay only around THB200 to have medical personnel provide treatment at their doorstep,” Dr Boon explained.

He said it requires a high level of technology to help reduce costs and hospital visits for patients. IT is also used to boost treatment efficiency and gain more profits.

“The transformation has won us the World’s Best Hospitals award for two consecutive years since 2020. Thonburi Hospital was ranked the tenth best hospital in Thailand last year and then jumped to fifth in 2021,” Dr Boon indicated.

The 83-year-old revealed that he owns 50 other businesses and has rarely slept in the past eight months. He said he has been treating patients for up to 15-16 hours a day and discussing vaccine imports with the US, Germany and Israel.

For physically fit Dr Boon, exercising regularly is most important. He wakes up at 4am to run on a treadmill for an hour before work and then swims for two hours after arriving home at 8.30pm. He has been following this regimen for the past forty years, also eating one healthy meal per day. He added that he mainly eats fish and vegetables while adhering to a balanced nutrition system.

“When you are young, you have to eat food as medicine, otherwise when you are old you will have to eat medicine as food,” Dr Boon emphasised.

Instead of having his children take over the business, Dr Boon has his sights on his grandchildren.

“Chinese people often say that the business will go bankrupt by the third generation because their parents are so rich they do not think it is necessary to work. Therefore, I told my children to serve society and look after the poor. The method has worked satisfyingly as my children are enthusiastic about knowledge and sports and not obsessed with money.

“It will take about 30 years to skip a generation and have grandchildren continue the business. These grandchildren will be successful and see value in money, which may not be the case if they are raised in a wealthy family,” he added.

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