Policy and Business Overview

Srivichai Vejvivat Public Company limited (“Company” or “VIH”) was established in 1993 in order to operate a private hospital business under the name Vichaivej International Hospital Omnoi which is a hospital under Vichaivej International Hospital Group.   In 1993 when the Company was established, its registered capital was 200 million Baht with major shareholders and controlling directors being Assoc. Prof. Vichai  Vanadurongwan, M.D., Ph.D., FIMS and Ass. Prof. Saisunee Vanadurongwan, M.D., who is founder of the hospital Group.

In 2008, the Company reorganized its structure by purchasing ordinary shares of Saivichai Development Company Limited and Srisakorn Vejavivat Company Limited from the Directors who were former shareholders in order to rearrange the investment structure of the Company that would suit the business operating nature as a hospital Group, with Saivichai Development Company Limited and Srisakorn Vejavivat Company Limited being subsidiary companies.

At the beginning of 2011, Vichaivej International Hospital Group underwent a corporate re-branding to become more modern and be able to reflect the hospital group’s ability in elevating its service potential and undergoing continuous development as well as maintaining consistency with the Company’s vision of wanting to expand its service to reach foreign customers on a wide scale.  The hospital group had changed its name from Srivichai Hospital Group to Vichaivej International Hospital Group and underwent logo change as well.

In 2012, the Company registered as listed securities in the SET with total registered capital of 535 million Baht, divided into 535 million ordinary shares valued at 1.00 Baht per share in which the 535 million Baht was paid-up capital. 

In 2014, the Company increased its registered capital at 35,666,666 Baht, which led the new registered capital to be 570,666,666 Baht from originally 535,000,000 Baht, by issuing additional 35,666,666 million ordinary shares valued at 1.00 Baht per share in which the 570,665,433 Baht was paid-up capital. 

In the same year, BBTV Equity Company Limited bought the Company’s shares at 20% of total shares in the Company which brought about change in the major shareholder group of the Company.  The change was executed in order to support expansion of hospital care business and increase the variety of medical service to be more comprehensive in the future. 

The Company also purchased shares at 15% of total shares in Mahanakorn Maesod Vejchakarn Company Limited which operates Nakorn Maesod International Hospital, which is regarded as an investment in area with future potential and a formation of business partnership.

In the year 2016, The meeting had approved the entering into the acquisition of asset by the acquisition of The Bangkok Orthopedic Hospital Company Limited’s ordinary shares, in the number of 90,000 shares or equivalent to 100 percent of total registered capital from the existing shareholders, The company had been singed the Share Purchase Agreement relating to the ordinary shares of The Bangkok Orthopedic Hospital Company Limited on 28 June 2016

As of 31 December 2019, the Company has total registered capital of 570,666,666 Baht, divided into 570,666,666 ordinary shares valued at 1.00 Baht per share in which 570,665,433 Baht was paid-up capital. 

At present, Vichaivej International Hospital Group runs secondary general hospital business with 4 hospitals within the Group, that is, 1) Vichaivej International Hospital Omnoi; 2) Vichaivej International Hospital Nongkhaem; 3) Vichaivej International Hospital Samutsakorn; and 4) Vichaivej Yeakfaichai, being operated by the Company. The subsidiary companies comprise Srivichai Vejvivat Public Company limited, Saivichai Development Company Limited, Srisakorn Vejavivat Company Limited, and The Bangkok Orthopedic Hospital Company Limited, respectively.  In addition, the Company also has another subsidiary company, Srivichai Vocational School Company limited, which operates business under the name Srivichai Vocational School and serves as a training facility for assistant nurses of Vichaivej International Hospital Group.  The Company and subsidiary companies operate under the management of Ass. Prof. Saisunee Vanadurongwan, M.D. who is the Chief Executive Officer and Vice Chairman since establishment until today.

The main customer group of Vichaivej International Hospital Group comprises 2 major groups: 1) Non-capitation customer group, namely general individual customers, contract party customers, member customer type, customers under workmen compensation fund program, and foreign customers; and 2) Capitation customer group, namely customers under social security fund program, customers under Universal Health Care Coverage Project, and customers under foreign laborer health insurance project.  Moreover, the Company and subsidiaries have outlined the plan for attracting more target customer groups to use the services provided by the hospital group, such as: 1) private companies, factories, educational institutions; 2) life insurance companies; 3) civil servants and their family under Diagnosis-Related Group (DRG) project; and 4) foreign customers residing in Thailand and came as tourist or to work.

Main revenue of Vichaivej International Hospital Group is divided into 2 major categories based on the nature of customers, that is: 1) Non-capitation; and 2) Capitation.  For non-capitation revenue, this is made up of non-capitation OPD and non-capitation IPD revenues. Capitation revenue comprises earnings from the services provided to patients under social security program, patients under Universal Health Care Coverage Project, and patients under foreign laborer health insurance project. The ratio of non-capitation revenue to capitation revenue was 77:23, 78.22 and 77.23 in 2017-2019 respectively. 

In terms of operating performance, the Company and subsidiaries achieved total revenue from the hospital group in 2017-2019 equivalent to 1,962.08 million Baht, 2,246.69 million Baht and 2,480.84 million Baht respectively.  The revenue type which has the highest proportion was the revenue from non-capitation IPD, followed by revenue from non-capitation OPD and social security program respectively. In addition, during the same period, the hospital which showed the highest revenue among the hospital group was Vichaivej International Hospital Omnoi, followed by Vichaivej International Hospital Nongkhaem,Vichaivej International Hospital Samutsakorn and Vichaivej Yeakfaichai respectively.

In 2017-2019, the hospital group achieved net profit at 125.68 million Baht, 177.12 million Baht and 200.42 Baht respectively, while its operating profit margins were 7.97%, 9.59% and 9.84 in 2017, 2018, and 2019 respectively. As of 31 December 2019, the Company and subsidiary companies has total assets of 2,209.28 million Baht comprising land, building, and equipment totaling 1,249.59 million Baht.  Meanwhile, the hospital group’s total liabilities as of 31 December 2019 was 912.79 million Baht  and equity at 1,296.49 million Baht comprising retained earnings of 622.93 million Baht.

However, the hospital business operated by the Company and its subsidiaries may still encounter impact from certain risk factor which the hospital group has recognized the significance of such risk factor and, therefore, set guideline for preventing and solving the problem in manner suitable to each risk type.  The Company has placed great emphasis and close attention on management of different risks as per the details mentioned under risk factors.

Each hospital has different unique features in providing services as follows

Vichaivej International Omnoi Hospital provides 24-hour medical service with specialist physicians ready to provide OPD care until midnight, in addition to the different kinds of specialized treatment available, such as Laparoscopic Surgery Center, Orthopedic Center, Urology Center, Brain Center, Cardiology Clinic, Nephrology Center, Endocrinology Clinic, Gastrointestinal Clinic, Pediatric Clinic, Obstetrics and Gynecology clinic, Emergency and Trauma Center, Dental Center, Check - up Center and Anti-aging and Wellness Center.  It is the first hospital in Samutsakho n Province and nearby provinces such as Nakhon Pathom, Ratchaburi that has operating rooms under positive pressure system, 100% sterile, dust-free, and moisture-free according to international standards. In addition, the MRI Center is also open for service. To increase the capacity of medical services and to diagnose with modern tools and technology. Can clearly see abnormal parts of the body There are very few side effects for patients. It is good to enable doctors to diagnose the disease precisely. And can be treated directly. And also a hospital that has been certified for the establishment of a stroke unit under the stroke service development program to reduce mortality in the elderly.

Vichaivej International Nongkhaem Hospital is a hospital that provides comprehensive care and counseling services. There are specialist doctors available to serve in various fields. By the Vichaivej Heart Center, which is a heart center that is ready and highly effective, providing services in all aspects of heart disease, from prevention, early diagnosis, treatment, to heart rehabilitation. Including 24-hour critical care for patients. By a team of cardiologists including Cardiologist, Heart and Chest Surgeon Along with a team of nurses and trained personnel specialized in the care of patients with heart disease. Led by Dr. Wattana Bunsom, a specialist in cardiovascular disease. In addition, Vichaivej International Nongkhaem Hospital also has an Orthopedic Center, Child Development Center, Pediatric Center, Laparoscopic Surgery Center, Obstetrics & Gynecology Center , iSKY Innovative Skin & Laser Surgery Center, which is famous and recognized in the country as a full-service aesthetic laser surgery center, Comprehensive Health Check Center, i-SHA Anti-Aging Center. The international patient service center that is ready to provide services and facilitate the treatment for all users to receive the best convenience and service.

Vichaivej International Samutsakhon Hospital also has similar comprehensive clinical service capacity as Vichaivej International Hospital Omnoi and has expertise in the provision of health services offsite such as in the establishment of the private and public sectors and enterprise. And opened occupational medicine center for health services, especially in October 2019. Moreover, Vichaivej International Hospital Samutsakhon has a clinic at Mae Sod District, Tak Province that serves Thai and Burmese customers, and has cooperated with partners in the Republic of the Union of Myanmar in examining the health of foreign laborers in Yangon, the Republic of the Union of Myanmar.

            Vichaivej Yeakfaichai Hospital In the Midyear of 2016, The Company has invested in Vichaivej Yeakfaichai Hospital by focusing on to develop a treatment for specialty care units due to the location of Vichaivej Yeakfaichai Hospital is closed to Siriraj Hospital. That will cause the doctors of Siriraj Hospital to cure the patients at Sam Yaek Fai Chai. Moreover, there is a construction of the skytrain at Fai Chai junction that will help a convenient transportation to the hospital. Moreover, Vichaivej Yeakfaichai Hospital has a renowned iSKY Innovative Skin & Laser Surgery Center, SMILE by iSKY dental clinic, Orthopedic Center, Trauma and Emergency Center, Check - up Center and Fertility Center