Operations Review
(extracted from Annual Report 2011)
FY2011 was a year of tremendous growth for our Group and we will continue to focus on quality service and care standards that have brought us to new levels of opportunities and achievements.
SINGAPORE
Medicare Centres and Nursing Homes
Our network of Medicare Centres & Nursing Homes is performing exceptionally well. The strong market demand also prompted us to expand our bed capacity in two of our Medicare Centres. Even with this expansion, the average occupancy is still maintained at a consistently high level. This increased utilisation of our nursing home beds reflects the growing confidence our customers have in the quality of our care and service.
This growing confidence is also evident in our partnership with the government as we have been awarded a contract by Ministry of Health (MOH) to operate and manage a new medicare centre at Yio Chu Kang Road with up to 80 beds capacity. This is a first-of-its-kind initiative by MOH to collaborate with a private operator to deliver quality, cost-effective nursing home services with a focus on recuperative care. ECON Medicare Centre @ Yio Chu Kang started operation in June 2011.
In 2010, we also received recognition for service excellence for the second consecutive year as one of our nurses was awarded the nation's prestigious Healthcare Humanity Award by President SR Nathan for her dedication and service distinction. This is a tremendous honour and affirmation of our commitment in providing quality services to our residents as well as their families.
In our continuing effort to enhance our Quality in our business operations, we were successfully recertified for the Quality Management System ISO 9001:2008.
The improved overall performance of our ECON Medicare Centres and Nursing Homes drives us to expand where needs and demands are high and we are confident that we are well positioned to meet the increasing needs of an aging population for nursing home services both in Singapore and Malaysia. With an environment that is conducive for growth, we will continue to upgrade our service and systems, focus on building our staff capability, driving productivity and reducing waste as strategic responses to a bright future that abounds with opportunities.
West Point Hospital
At the West Point Hospital, we augmented our team of Specialists and Resident Medical Officers to ensure responsiveness in view of our patients' increasing number. Our well-equipped and enhanced Emergency Department and 24-hour Clinic capably attended to this rising number of patients both from the business community as well as residents in the vicinity.
Likewise, our corporate clients showed a strong and significant increase. To meet the needs of this growing pool of corporate clients, we added services such as onsite medical support health screening and Spirometry, amongst many others. We also extended value added service to our corporate clients by organising events such as regular partners' forum and seminars.
Our partnership with NUH through the establishment of an NUH Ward (called NUH Ward1 at Jurong) in West Point has been working well, benefiting patients and both hospitals.
The monthly Continuing Medical Education (CME) lectures conducted in West Point for the General Practitioners (GPs) from the Jurong vicinity were well attended. These lectures, accredited by the Singapore Medical Council, provided GPs with updates in medicine relevant to their practice. Through the CME, we were able to further strengthen our partnership with the GPs.
As part of our support to the community, we continued with partnering neighbouring constituencies like Frontier Community Club, West Coast Community Club and Taman Jurong Community Club to organise periodic public forums and workshops on relevant health issues to educate the residents in the community.
The Group's focus on West Point Hospital remains as we continue to grow the pool of clients in the western part of Singapore; providing more specialist medical services; as well as collaborating with restructured hospitals. The Group plans to commence the construction of new medical facilities at WPH in FY2012 following the completion of temporary medical and administrative facilities. The redevelopment is executed in phases to minimize disruption to the normal hospital operations. Upon completion, WPH is expected to have premium and classic private wards, medical suites, full operating theatres, day surgery facilities, a medical spa and retail space, thus increasing its diversity of income sources.
Collaborations with Government agencies
ECON Health and Wellness Centre (EHWC), a senior service centre located at Golden Jasmine Studio Apartments at Bishan was a highly successful and unique project we undertook in partnership with MCYS which commenced operation in January 2011. Performing well and gaining positive response from residents at Golden Jasmine and members at the neighbouring blocks, the facility offers, alongside regular social recreational activities, medical services and facilities like TCM and Rehabilitation to residents and members. On the business front, this promotes the public's greater confidence in our healthcare service brand.
Following the success of EHWC at Golden Jasmine Bishan, we have been appointed by MCYS to manage and operate our second Senior service centre at Queenstown. This should be ready for operation by December 2011 and will foster our business' health advocacies and partnership with the government.
These growing collaborative projects with the government agencies bring us to a higher level of service that reaches out to more people as Singapore moves toward an inevitable aging population it faces.
Other growth areas
In addition to the above, we see positive growth in other services such as Traditional Chinese Medicine and Rehabilitation. These also show tremendous growth potential as needs for them and confidence in their benefits increase.
MALAYSIA
Our ECON Medicare Centre in Kuala Lumpur has been delivering outstanding performance. To meet ever-rising demand, the centre increased the bed capacity by more than 40% and we are constantly planning subsequent expansions to enable us to cater to greater healthcare needs.
Our new purpose built Medicare Centre in Taman Perling, Malaysia is targeted to start operation by end 2012. Just across the Tuas causeway, this aged-friendly medicare centre boasts of close to 200 beds and more recreational and outdoor spaces for residents and their families as well as private rooms and comprehensive facilities making it poised to become the choice nursing home for both locals and Singaporeans.
CHINA
Business development in China is a key area we are focusing on.
We received the third batch of 30 senior management staff from China who attended the "Effective management of nursing homes" course conducted by our ECON Careskill Training Centre (ECTC). We expect more students for this course in the coming years as the focus on the need for elderly services and facilities increases.
The developments of our elderly apartment projects at Tianjin Eco-city and Suzhou Industrial Park have gained traction and are progressing very well. For both projects, we have entered contracts to provide ECON brand of consultancy and know-how in the structure's planning and construction well as to provide management service upon their completion and commencement of operations.
Our associate company, Acare Medical Equipment Co. Ltd, which manufactures hospital beds and equipment has also been performing well. With exports to more than 400 cities worldwide and 60% sales to cities in China where the rate of demand for healthcare and eldercare facilities is fast rising, we are anticipating even better results in the coming years.
MOVING FORWARD
Moving forward, we will further build on our strengths, enhance the quality of our services and develop our talents to provide greater value to our customers and shareholders.
We will carry on with efforts to grow other key services namely, Rehabilitation / Physiotherapy and Traditional Chinese Medicine as part of the company's integrated care delivery model.
A strategic direction for the local market is to constantly explore collaborative opportunities with Government agencies and private sector to expand and enhance our eldercare and healthcare businesses.
With vast opportunities on the horizon, we will continue to leverage and build on our strengths to expand overseas - building stronger presence in Malaysia, China and beyond.