27 May 2021 | News
Strategic investment to help expand managed integrated care business in key Southeast Asian markets and bring innovative digital solutions for clients
Photo Credit: MiCare Health Technologies
MiCare HealthTEC Holdings Pte Ltd, a subsidiary of Zuellig Pharma and a leading medical claims administrator in the region, has announced that the International Finance Corporation (IFC), a member of the World Bank Group, and Mitsui & Co. (Asia Pacific) Pte. Ltd., a subsidiary of Mitsui & Co, will be investing c.US$60 million in the company. Zuellig Pharma will remain as MiCare’s largest shareholder and MiCare will continue to be led by its Founder and Group CEO, Moses Hee.
The strategic investment will be used to fund MiCare’s expansion in key Southeast Asian markets including Indonesia
MiCare is a managed care
“The new investment will help us continue enhancing our client offerings by strengthening our digital capabilities and enabling us to introduce innovative solutions through partnerships with healthcare ecosystem players such as pharma and telemedicine companies. This is in line with our mission to help manage escalating medical costs and improve healthcare affordability and outcomes for patients,” said Moses Hee, Founder and Group CEO, MiCare.
MiCare focuses on three pain points in addressing rising healthcare costs – fraud, waste and abuse. The company has vast experience in managing and adjudicating medical claims using a robust digital platform empowered by an AI fraud detection engine and predictive analytical tools. It also provides wellness and disease management programmes including partnering with pharma companies on various chronic disease management programs, providing occupational health services, digital solutions, telemedicine and data analytics services.
MiCare currently processes medical claims of approximately US$400 million annually. The company manages and administers medical claims for over 45 insurers in the region, serving more than 6,500 corporate clients in over 5,000 hospitals, clinics and pharmacies.