Bumrungrad Hospital Pcl said the plunge in medical tourists traveling to Thailand amid the coronavirus pandemic has squeezed its business, as the majority of the health-care operator’s revenue typically comes from international patients.
“The Covid-19 crisis is a very tough test for all businesses,” Chief Executive Officer Artirat Charukitpipat said in a written interview on Monday. “More than 50% of our patients used to come from overseas. They’ve now disappeared. The most important question is how we will get over this crisis. At Bumrungrad, agility runs in our blood. We have great staff, and they are ready to adjust.”
The hospital helped pioneer Thailand’s medical-tourism industry about three decades ago. With it’s core patient base closed off, Bumrungrad has stepped up telemedicine as well as conducting at-home blood tests, vaccinations and drug deliveries, according to Artirat. The hospital operator, whose flagship is in Bangkok, also implemented new residence programs for those requiring quarantine or physical distancing, she said.
Thailand’s borders are mostly closed as part of a state-of-emergency order imposed in March that lasts through May. Foreign tourist arrivals plunged 76% in March, with arrivals for the full year seen dropping by 42%, to 15 million, according to government figures.
Bumrungrad “is the most sensitive” of Thailand’s hospital operators under current circumstances because it has the highest proportion of foreign patients, said Suwat Wattanapornprom, an analyst at Asia Plus Securities Co. in Bangkok. “We recommend our clients switch to other stocks which focus on local markets.”
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