Singapore based digital healthcare platform MyDoc ramps up expansion plans across Southeast Asia with BaoViet deal to address 35-45% group insurance premium growth
SINGAPORE, Nov. 6, 2019 /PRNewswire/ — MyDoc recently inked a strategic deal with BaoViet Group Insurance; adding Vietnam to its expanding B2B online-to-offline healthcare ecosystem across Southeast Asia, with plans to add more countries in 2020.
(From L-R) Nguyen Thi Trieu Giang, Deputy Director, Claims Division, BaoViet; Vyctoria Tran, Operations Manager, MyDoc Vietnam; Dr. Snehal Patel, Chief Executive Officer and Co-Founder, MyDoc; Do Hoang Phuong, Deputy CEO, BaoViet; Nguyen Quang Hung, Deputy CEO, BaoViet; Tran Thi Van Anh, Deputy Director, Health & Benefits Division, BaoViet; Tran Thi My Linh, Director, Marketing Division, BaoViet.
The partnership with BaoViet, who leads the industry with a 40 percent market share, is the first of its kind to offer a cashless digitally integrated clinic service to its health insurance policyholders nationwide.
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.
An audit and report by PwC confirms that MyDoc will help patients avoid unnecessary hospitalisation which in turn will substantially lower the cost of healthcare. MyDoc has a proven track record for leading digital healthcare adoption through strategic partnerships since 2012, strengthening patient engagement and reducing the cost of claims across the region which is estimated to grow at a CAGR of 24 percent from US$8.5 billion in 2018 to US$38.1 billion by 2025.
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.
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."
Beyond Vietnam, the company is in the process of scaling 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.
MyDoc is a digital healthcare platform that delivers the right care at the right time.
Combining the latest in healthcare technologies, over a million standardised clinical data points and a GP-led coordinated care clinical triage, MyDoc continuously steers patients onto personal care pathways that lead to better health outcomes at lower costs.
Through MyDoc, employees and their dependents stay connected with a team of licensed allied healthcare professionals. Patients covered by corporate and personal healthcare plans from six of the largest health insurers in the region enjoy a convenient cashless care journey.
Established in 2012, MyDoc’s integrated online-to-offline ecosystem is used by employees of over 200 Fortune 500 companies and insurance policyholders across six markets in Asia. MyDoc is a part of the Singapore MOH sandbox and is audited by PwC. The company is also a member of the American Telemedicine Association.
For more information, please visit www.my-doc.com.
More than fifty years of strong development, continuously ranked in the top position in the market in terms of revenue, market share, growth, Bao Viet Insurance Corporation has always pioneered the application of technology and successful solutions of the 4.0 technology revolution not only in sales, business management, compensation management, customer data control but also in interacting with customers to bring the highest convenience.
Processes and transactions are converted through digital technology, helping to find and access information quickly, efficiently, saving customers time; Systematic and managed data information, increased security and careful backup. Bao Viet Insurance continues to expand its interactive channel through its online sales page (baovietonline.com.vn) and other digital partners to bring more optimal choices to customers.
For many consecutive years, Bao Viet Insurance has received many prestigious awards, including: Vietnam Best Non-life Insurance Enterprise 2018 and the most innovative Non-life Insurance Enterprise Vietnam 2018 (Global Banking and Finance Review); Best Vietnam Non-life Insurance Brand 2018 (Best Brand Magazine); Top 10 most prestigious non-life insurance companies in Vietnam (Vietnam Report), etc.
And along with many other awards in the country and the region, this is a clear testament to the direction of Bao Viet Insurance is customer-centric as a guideline for its activities. Throughout its establishment and development, Baoviet Insurance has always affirmed its role as an insurer playing a leading and constructing role in Vietnam’s non-life insurance market, with strong resources and proper implementation.
BaoViet’s commitment to customers, to bring the best benefits to the customers and the community.
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