On 22nd February 2022, we announced our Group’s investment in MiyaHealth, a Singapore health tech start-up which aims to improve the healthcare experience for patients, payors and providers. We led the investment with participation from elev8, a Singapore deep-tech investor and other angel investors. This investment will strengthen the partnership between MiyaHealth and ST Engineering Digital Systems business to disrupt the healthcare ecosystem with digital solutions.
Technology and Solution
With an experienced team of healthcare and insurance experts, MiyaHealth has the bold ambitions to not only address one single aspect of the healthcare ecosystem, but they believe that true impact can only be realised by transforming all 3 aspects — patients, payors and providers. For patients, MiyaHealth has built MiyaAvatar, a predictive and personalised patient navigation platform to direct patients to the appropriate treatment at the appropriate time. Helping long term patients cope with their chronic diseases has always been a key goal of the company and they can now do so with MiyaAvatar. For providers, MiyaHealth seeks to lower the administrative burden for healthcare professionals so they can focus on their primary role of helping the patients. For payors, by eliminating inefficiencies and automating claims processing, MiyaHealth helps payors to lower their administrative costs which ultimately leads to more affordable health plans for patients.
Global healthcare expenditure, at around US$8 trillion, is approximately 10% of global GDP. Within this expenditure, it is estimated that almost 10% goes into administrative and net insurance costs. This presents an opportunity for MiyaHealth to demonstrate value in minimising such costs for healthcare stakeholders as healthcare expenditure continues to grow year on year. There has been a shift towards value-based care as countries see a need to align provider incentives with improving patient outcomes to manage healthcare expenditure. In the US, companies like Olive and Stellar Health are using technology to lead this shift as providers seek to trim labour-intensive processes and enable their staff to focus on their core duties. Since the onset of the pandemic, we also see an uptake in digital healthcare services as globally as lock-down measures became a catalyst to drive consumer adoption of remote healthcare services. Telehealth services will continue to play a key role in aiding providers to provide efficient and timely primary care to patients who are growing accustomed to such digital services. We believe these trends will continue to stay and Miyahealth, with their focus on the patient’s journey, will be the right team to work with providers and payors on this transformative journey.
The company is led by founders with vast experience in the healthcare and insurance industries. Dr. Ramesh Rajentheran (CEO), KK Loo (President), Bevan Cheong (CCO) and Shirley Ah-Hee (CFO) were all seasoned executives at established healthcare and insurance institutions, bringing with them not only years of industry experience but also knowledge of the current flaws. The team also employs local medical experts that are equipped with the extensive medical and regulatory knowledge on the ground that is key to tailoring solutions for different geographies. In Malaysia, Dr. Sharizan, the Chief Healthcare Officer, has years of medical negligence litigation experience, and she also developed the country’s first medico-legal app. For data analytics, it is headed by Dr. Koh Wee Ming, who has years of experience in actuarial and claim analytics. We believe that having the right team composition is the key to succeed in this highly specialised industry and MiyaHealth has the right people to do so.
Miyahealth is already gaining traction in Southeast Asia and Europe, and we are excited for the journey that we will embark with them. Our colleagues from ST Engineering Digital Systems will be sharing their expertise in data analytics and cloud infrastructure with MiyaHealth to co-create secure and differentiated solutions together. We will be looking forward to hearing their future developments to improve the patient’s journey.