novel and advanced surgical technologies. Also, GHK and med-tech organisation Varian have jointly established a regional radiotherapy reference centre, the first of its kind in the private healthcare sector in Hong Kong. China In February 2023, we celebrated the soft opening of the Parkway Shanghai Hospital, located in the Shanghai New Hongqiao International Medical Zone. The 450-bed multi-specialty tertiary hospital will leverage IHH’s existing network of Parkway primary care clinics in Shanghai to provide high-quality integrated care for nearby residents and beyond. Subsequently in November, we launched the Parkway Shanghai Hospital Oncology Center and Parkway International Refractory Oncology Consultation Center in partnership with Professor Ding Gang, renowned oncologist and founder of Sharehereon Health. This collaboration unifies the resources and expertise of both healthcare organisations to deliver better oncology diagnosis and treatment for cancer patients. Our Commitment to Quality Care and Improved Outcomes To be deserving of the trust that our patients have placed in us, we are continually and holistically reviewing and tracking our performance in areas ranging from clinical excellence to service excellence. We made good progress in expanding our clinical quality indicators and Value-Driven Outcomes (VDO), in addition to improving accuracy of billing estimates in our core markets. IHH will continue to invest in our people, by providing training opportunities to optimise processes and operations, and hence deliver better care. In 2024, we will also introduce an AI-powered workforce application to amplify nursing efficiencies across the Group. The ACE Framework Insights from my visit to the various markets have been instrumental in the inception of IHH Healthcare’s newly defined ACE Framework (more details on page 3), which will allow us to strive for healthcare leadership that benefits our patients and people, while providing sustainable investor returns. The framework does not deviate from our existing growth plan and strategy, but provides refinement and guidance for our next steps. It will anchor, unify and elevate as one IHH Group. ACE simply stands for Align, ensuring that profitable growth has to be in line with our aspiration to Care. For Good.; Challenge, the willingness to transform and improve as individuals, teams and as an organisation to achieve efficiencies and better care; and Empower, giving local teams stronger mandates to excel by leveraging on our scale and depth of expertise across the network to maximise performance and optimise operations. With this framework, we are working towards organic growth such as expanding inpatient capacities and facilities upgrading, inorganic growth through capturing earnings-accretive assets, and expanding our services across the healthcare continuum. We are also developing new growth engines, with an eye on turning our laboratories into a core business. Lastly, we will turnaround underperforming assets to maximise their value potential, by improving performance and operations. We are placing particular focus on India and Greater China in driving growth for the Group. Our twin engines of growth in India include the nearly 100% IHH-owned Gleneagles Hospitals, which operates six hospitals in the country, and Fortis Healthcare, one of India’s largest healthcare providers. In Greater China, we have made the decision to reposition our clinics and invest resources in the new Parkway Shanghai Hospital. Along with IHH’s brand repute, our regional network will serve us well in long-term profitability. The Way Forward Once again, my focus is set on elevating IHH as a Group, dedicated to achieving profitable growth and healthy return on equity while upholding commitment to do right by all our stakeholders. As we put ACE into action, I am confident of our financial and operational outlook. We fully expect to continue delivering topline expansion while offering healthy returns to our shareholders. We are pleased to announce the appointment of Mr. Dilip Kadambi as the Group Chief Financial Officer. Dilip joined IHH in 2020 as the Group Head of Business Transformation and has assumed various roles, including in corporate finance and treasury. He was also the interim Head of Group Procurement. With his extensive experience and demonstrated leadership, we have full confidence that he will continue to drive financial excellence for IHH. Additionally, I cannot overstate the importance of our people in making IHH a highly trusted healthcare network, across all our markets. As we move forward, I hope for everyone to keep the spirit of excellence alive and to challenge ourselves and those around us to always stay nimble and adaptable in a volatile global environment. To our people, thank you for your hard work, dedication and excellence. To our shareholders, thank you for your continued support. To our patients, thank you for your unwavering trust and belief in IHH. We all have a unique role to play in building IHH’s collective future. I look forward to journeying with everyone in the years ahead. Dr Prem Kumar Nair Group Chief Executive Officer Annual Report 2023 29
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