Anaesthesiologist and pain management specialist Dr Wilson Tay is a huge advocate of simplicity in an increasingly complex world.

“As the environment we live in becomes more complicated and interconnected, we need a set of simple fundamental truths to guide us through various crossroads in life,” the Chief Executive Officer of SGX-listed Livingstone Health Holdings Ltd pointed out.

“Values that have served me well are diligence, determination, and loyalty with dedication. I also believe in being present - showing up, and giving my full attention to whoever I meet, be it a patient, friend or family member.”

After graduating from National University of Singapore (NUS) with a Bachelor of Medicine and Bachelor of Surgery in 2004, Tay went on to get his Master of Medicine in Anaesthesiology five years later. In 2012, he completed a multi-disciplinary chronic pain clinical fellowship programme at St Joseph’s Health Care London in Ontario, Canada.

Between 2011 and 2014, Tay held consultant roles with Singapore General Hospital’s (SGH) Pain Management Centre and Department of Anaesthesiology, before setting up his own private practice at Farrer Park Medical Centre in 2015. He remains a visiting consultant with SGH’s Pain Management Centre.

“Through my journey of specialisation, what I have learned is that we may not always be able to deliver a cure to all diseases that patients suffer, but their suffering can be alleviated through the relief of pain,” Tay noted.

“Pain management is not only a functional aspect of healthcare - it may also improve patients’ self-esteem, providing them with a great psychological boost when it comes to managing their diseases,” he added.

“It is my hope that in doing so, we can improve the mobility of patients and enable them to perform the various activities of daily living.”

It is this mission of making a positive impact in the lives of patients that sparked the conceptualisation, and establishment, of Livingstone Health. “The initial founding group of doctors comprised myself, Dr Rachel Lim, Dr Sebastian Chua, and Dr Sean Ng, who has since left to pursue his own passion,” Tay recalled.

“Starting from a single clinic in 2015, we’ve since compounded into a multi-disciplinary group. While still in the early stages of growth, we’re thankful for our fellow practitioners, partners and patients, who have moulded us into what we are today.”

Holistic Healthcare

Livingstone Health is a Singapore-based, multi-disciplinary healthcare group specialising in Cardiology, Orthopaedic Surgery, Pain Management & Anaesthesiology, Aesthetics & Wellness, and Family Medicine.

The Group combines both primary and tertiary healthcare. The primary healthcare line comprises Phoenix Medical Group, which provides family medical services in Singapore. The tertiary healthcare line comprises medical specialists that include anaesthesiology and pain management, internal medicine, orthopaedic surgery and aesthetics.

The name “Livingstone” is derived from the succulent plant Lithops, which is also known as “living stones”. Both a stone and a plant, living stones symbolise the Group’s resilient growth, as well as its determination to be recognised both as a trusted integrated healthcare provider for patients and a centre of excellence for medical professionals.

In February this year, the Group changed its name to Livingstone Health Holdings Ltd from Citicode Ltd, following the completion of a reverse takeover (RTO) that involved a share consolidation and transfer of its listing status to SGX Catalist from the Mainboard.

Currently, Livingstone Health has 16 medical doctors practising at 12 medical clinics, one medical spa and one health screening centre in Singapore. The Group has ventured into other paramedical products and services, such as physiotherapy, and offers healthcare design consultancy services. 

“We’re focusing our efforts on building a robust internal ecosystem within Livingstone Health, ensuring our network of primary care and tertiary care doctors work cohesively to provide our patients with holistic healthcare,’ Tay said.

In April, Ardennes Healthcare, a wholly owned subsidiary of its Phoenix Medical Group, launched a health screening centre, targeted at extending its reach to a larger pool of patients, which could translate into increased referrals for its primary and tertiary healthcare services.

Focused Expansion 

“Shareholders can expect Livingstone Health to double its team of doctors and boost its range of specialisations within the next few years, in line with our goal of becoming a leading multi-disciplinary healthcare specialist,” he added.

In particular, the Group is recruiting more specialists in anaesthesiology and gastroenterology to complement its internal medicine division, due to growing demand for lifestyle medicine in Singapore, following higher incidences of diabetes and obesity. 

Livingstone Health also plans to branch into allied health services revolving around patient care, which are auxiliary services ranging from diagnostics to treatment and rehabilitation. It will start its physiotherapy operations later this year.

Another prong of the Group’s strategy is to extend the brand of Singapore healthcare to emerging Asian markets. 

“The higher standards of medical education, specialisation, processes, IT and healthcare legal frameworks have boosted the branding of medical care in Singapore in recent decades,” Tay noted.

Aiming to tap middle-class patients in the region who desire quality healthcare services, it has appointed its first local market representative in Vietnam, who serves as a conduit for patients seeking specialised treatments in Singapore. It also plans to add representatives in Indonesia and Cambodia in the coming months.

However, the model of medical tourism has now changed, due partly to weaker regional currencies, rising medical standards in Malaysia and Thailand, and higher medical costs in Singapore, he pointed out.

“Several emerging Asian countries now desire to upgrade their domestic healthcare capabilities in order to reduce their outflow of patients. Livingstone Health believes it can offer its expertise to these countries,” he added.

In April, Livingstone Health announced it will partner Hong Kong-listed China Machinery Engineering Corporation (CMEC) and CPG Consultants Pte Ltd to evaluate collaboration opportunities for integrated healthcare infrastructure projects in Southeast and South Asia. 

The Group’s first foray overseas was through a joint venture in 2019 to provide aesthetics and wellness, as well as project consultancy services in Cambodia. “Building on this track record, we intend to leverage the Singapore healthcare brand to offer regional economies with our medical expertise and experience,” he noted.

Nimble Adaptability

While building a strong foundation for the business is a priority, Livingstone Health is also aware of the importance of developing a coherent Environmental, Social and Governance (ESG) strategy, Tay said. 

“We’re a relatively young company that just obtained a listing - we’ll need time to prepare a measurable and meaningful ESG strategy that is aligned with our vision to become a multi-disciplinary healthcare specialist for the Asian region.”

Notwithstanding the bright outlook, industry competition remains a concern, he acknowledged. “The reality is that we are competing with bigger players who have significant resources at their disposal. That said, our advantage lies in being nimble and adaptable.”

“Our doctors are very much aligned with the Group’s vision, and we share similar mindsets and philosophies when it comes to technology adoption and career progression. This gives us the ability to overcome obstacles swiftly as one,” he added.

This dovetails with Tay’s passion to build a well-rounded and collegial team at Livingstone Health. “As the Group expands, I strongly believe that every member will grow along with us.”

Despite his focus on the Group’s operational needs, the 43-year-old is mindful of maintaining a good work-life balance and spending quality time with his daughter, aged 10.

“Being a young parent, I always remember the ‘Blink, and you miss it” moments. As children can grow up very quickly, I greatly cherish every minute I get to spend with her,” Tay said with a laugh.

“The lesson I want to pass on to her and my staff is: While our world today is much more complex than that of my generation or my parents’ generation, simple fundamental truth matters,” he added.

“We reap what we sow, and transparency, simplicity as well as diligence are essential elements to building one’s character.”

Livingstone Health Holdings Ltd

Livingstone Health is a Singapore-based, multidisciplinary healthcare group whose core competencies include Aesthetics & Wellness, Anaesthesiology & Pain Management, Family Medicine, Internal Medicine and Orthopaedic Surgery. The Group has 16 medical doctors practising at 12 medical clinics, one medical spa and one health screening centre located at convenient and accessible locations throughout Singapore. In addition, the Group has also ventured into other paramedical products and services, such as physiotherapy. It has a joint venture to provide aesthetics and wellness services in Cambodia, and also offers healthcare design consultancy services.

The company website is: www.livingstonehealth.com.sg

Click here for the company's StockFacts page.

For the 15 months ended 31 March 2021 financial results, click here.
 

About kopi-C: the Company brew

Text: Jennifer Tan-Stanisic
Photo: Company file

kopi-C is a regular column on the SGX Research website that features C-level executives of leading companies listed on Singapore Exchange. These interviews are profiles of senior management aimed at helping investors better understand the individuals who run these corporations.

For previous editions of kopi-C: the Company brew, please click here.  

For more information, or if you would like your senior executives to be featured on SGX Market Dialogues, please send suggestions to jennifer.t@sgx.com.