Discusus the factors behind the success of Bumrungrad. utline specific factors and their specific outcomes.
Bumrungrad Hospital, the first hospital company to be named the 'Best Small Cap Company' by the magazine Asiamoney, has a lot factors behind its drastic success.
First of all, Bumrungrad has made a remarkable recovery from the dark days of the Asian economic crisis through an effective restructuring and has emerged as the dominant regional player in the South East Asian health care market for cost effective internatinal medical care.
During the currency crisis in 1997, vast majority of people had moved away to government run hospitals frm private ones. Bumrungrad perceived this adverse situation as an opportunity for growth and followed an aggressive marketing strategy that targeted foreign patients to the hospital.
The hospital is equipped with the most modern medical equipment and has 600 physicians, nearly half of whom had been trained in the U.S., and drawn from different parts of the world.
Well-planned pricing was a major contributor to Bumrungrad's success. The healthcare costs at Bumrungrad were significantly cheaper than those at similar medical facilities at Hong Kong, Singapore and the US.
Being the first health care company in the world to receive the certification of 'Comprehensive Tertiary Acute Medical Centre', Bumrungrad launched its website in 1997 where patients could choose from 600 doctors and book an appointment online on the basis of their preferences. This led to a successful rate of 150 appointments per day online.
Another factor leading to their success is the opening of representative offices in different parts of the world which provided assistance to foreigners, helping them to procure visas and make travel arrangements and providing cost estimates to patient intending to get treated. arrangements fro picking up and dropping off patients are also made at the Bangkok Airport.
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