Private healthcare provider hoping to lift its fortune appoints Tan Chuan-Jin to head new medical advisory board

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Private healthcare provider Healthway Medical has appointed Speaker of Parliament Tan Chuan-Jin as the chairman of its medical advisory board. The Marine Parade MP will be joined by MP for Jalan Besar GRC, Dr Lily Neo, who will serve as a member in the newly formed board.

Professor Bernard Yeung, who serves as dean of National University of Singapore’s Business School, has also been appointed to the board and will join the politicians to advise the healthcare group.

Announcing the news in a media release this morning, Healthway Medical said: “Together, these distinguished members will provide guidance as well as insights on key market trends to the management. The advisory board will also advise the management on developments in the medical field that may impact Healthway Medical or its operations.”

Despite professing that it has the largest network of medical centres and clinics in Singapore, Healthway Medical has posted a net loss of S$34.8 million for the 2016-2017 financial year that ended Dec 31, 2017. According to local reports, this is an improvement from the S$44.1 million net loss the organisation posted the financial year before that.

The corporation reportedly attributed the net loss from FY2017 to the impairment of goodwill, and operating loss due to a “challenging operating environment”. The clinic operator which had been in the red throughout 2017 has previously linked its losses to higher staff costs and other operating expenses.