Raffles Medical Group is seeing a drop in medical tourism revenue and numbers.
Raffles Medical Group is one of the leaders in Singapore medical tourism and apart from the ever-present Indonesian patients RMG’s top five foreign patient sources are constantly changing. Their diversified patient base includes growing numbers from the Middle East.
Despite advertising and marketing overseas, RMG is still seeing a drop in medical tourism. Indonesian patient numbers are falling and now form less than 20% of total foreign patients. Falling Indonesian numbers is higher than increasing numbers from Malaysia, Vietnam, Myanmar and China, as medical tourism growth is subdued.
There are three deterrents to Raffles’ medical tourism growth including a strong dollar, the rising private healthcare costs, and the strong competition from regional peers. Weak medical tourism, limited domestic growth and expansion costs are hitting the group’s income and profits.
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