Praram 9 Hospital is expanding medical facilities and services to pre-empt the influx of the ageing society and demand from local and international markets.
Part of the expansion plan is to add a new building that will cost 2 billion baht and be ready for service in the fourth quarter of 2019.
The building is the biggest investment since the private hospital commenced operations 26 years ago, according to Suthorn Chutiniyomkarn, deputy managing director for management and acting deputy managing director for business development.
The new 16-storey building will support the hospital's extended scope of medical services and growing number of clients.
It will be equipped with medical instruments and house a range of services for both healthcare and lifestyle, including health and beauty shops and a health promotion exhibition.
The hospital is looking to offer more services, including a hair centre, skin rejuvenation, a cosmetic laser surgery and dermatology centre, rehabilitation centres and a check-up centre for patients of all ages, as well as improve the hospital's medical approach for cancer patient treatment and offer a holistic service.
When the new building is in service, the hospital's inpatient capacity will increase to 313 beds from 166 beds, he said.
As a result, the hospital will be able to increase capacity for the outpatient department from 1,300 per day to 2,000-3,000 per day after the new building opens.
Satian Pooprasert, managing director and chief executive, said there is an opportunity for the hospital to extend businesses in the future as it strives to become the most advanced and trusted healthcare service provider in the region.
Major factors set to drive the growth of hospital industry include the country's low healthcare expenditure per GDP at 4.1% in 2014, below the world's average, at 6.8%. The low ratio supports medical services in Thailand to grow in the future.
As Thai society ages the 10.4 million senior citizens (15.9% of the total population) in 2015, are expected to climb to 20.5 million or 32.1% by 2040, another vital contributor to hospitals' growth.
Illness and fatality rates will rise as society ages, while fatality rates are expected to surge, caused by unhealthy eating and living habits.
The trend will create high demand for healthcare services from Thai and foreign consumers, Dr Satian said.
According to Dr Suthorn, the hospital serves expats working in Thailand and foreign patients from neighbouring countries, particularly from Cambodia, Laos, Myanmar and Vietnam (CLMV), and China.
About 10% of patients are foreigners and the hospital targets the number to rise to 20% in the next few years.
To increase more international market, the hospital will soon appoint marketing representative in China, complementing several existing offices located in CLMV countries.
Praram 9 has also collaborated with hospitals across the country in an affiliate network for transferring patients to receive medical treatment.
The affiliated hospitals are in Songkhla, Yala, Pattani, Chanthaburi, Trang, Ubon Ratchathani, Chumphon and Nakhon Sawan. A hospital in the North will be added later.
This year, the hospital is spending millions to become a digital hospital and plans to spend 300-500 million baht for major renovations at the old building after relocating some facilities to the new building.
Digital upgrades include a mobile application, a command centre, medical wearable devices that help enhance the hospital's ability to monitor patients on a real-time basis will be used more to provide immediate care to patients.
Telemedicine that offers medical and healthcare advice to patients who live in distant areas will be offered.
Praram 9 Hospital reported a total of 2.24 billion baht in 2017, 2.27 billion and 1.99 billion baht in 2016 and 2015 respectively.
In the first quarter of 2018, the hospital saw total revenue of 653.3 million baht, up 15.4% year-on-year.