IHH Healthcare - Maybank Research 2025-01-15: Visible Value Creation From Northern Hospitals

• We visited IHH Healthcare's Island Hospital, Gleneagles Penang and Pantai Hospital Penang.
• Island Hospital was the trip’s highlight, boasting an impressive oncology unit with the latest TruBeam machine and a bustling international crowd. Island Hospital’s success in medical tourism lies in its quality, efficiency and brand-legacy, in our view.

Island Hospital – a market leader in medical tourism

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• We understand that Island Hospital’s strategy includes health screening packages (~50% conversion rate), accommodation packages, close relationship with corporate partners (insurers), and a seamless patient experience.

Leveraging on cross-referral synergies

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• Island Hospital is one of the very few hospitals in Penang with an enhanced cancer detection (via PET scan machine) and treatment unit. The latest external beam radiation therapy machine (TruBeam) for cancer treatment is able to serve 20-30 patients per day (previously 18-20 patients per day). This optimises patient retention via cross-referrals from Gleneagles Penang and Pantai Hospital Penang.

Further expansion plans underway

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Nur Natasha Ariza Maybank Research | Yin Shao Yang Maybank Research | https://www.maybanktrade.com.sg/ 2025-01-15 SGinvestors.io

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