Dr. Siaw and Dr. Rachel, both co-founders and co-CEOs of Mobile-health Network Solutions were recently interviewed by Benzinga.
Mobile-health Network Solutions operates a tele-health platform, providing one-stop, 24/7, affordable healthcare services to patients of all ages. The company, founded in 2017 by Dr Siaw Tung Yeng and other doctors with experience in healthcare, government policy and IT, has raised $10 million in seed funding from healthcare providers and private investors and is active in 20 countries around the globe.
Mobile-health Network Solutions operates a tele-health platform, providing one-stop, 24/7, affordable healthcare services to patients of all ages. The company, founded in 2017 by Dr Siaw Tung Yeng and other doctors with experience in healthcare, government policy and IT, has raised $10 million in seed funding from healthcare providers and private investors and is active in 20 countries around the globe.
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NewsTranscript
00:00Hello, everyone, and welcome to Benzinga.
00:04We love sitting down with founders and innovators who are making an impact.
00:07And today we have a special conversation lined up for you.
00:10We're thrilled to welcome the founders of MNDR, Dr. Seow and Dr. Rachel to discuss their journey,
00:17vision and their groundbreaking work that they're doing.
00:19So let's dive in.
00:20Dr. Seow, Dr. Rachel, it's great to have you guys.
00:23Thank you for being here today.
00:25Thanks, Kevin.
00:26Thanks for hosting us.
00:27Thank you, Kevin.
00:28Thank you for having me.
00:30Absolutely, guys.
00:30So would you mind giving me a bit of an overview of your company?
00:34How we first started, right?
00:36It was back in seven years ago.
00:38Both of us are practicing doctor.
00:39We run our own medical clinic.
00:43We each have our own medical clinic.
00:46So we are general practitioner.
00:48We talk to patients.
00:50We issue prescription.
00:52We follow up on chronic medical conditions.
00:55So at one point in time, both of us feel that care for the patients should go beyond the
01:02permanent premise of the clinic.
01:05When patients leave our clinic, we would want the patients to be able to reach out to the
01:09doctors, to their trusted doctors anytime, anywhere, be it in Singapore or when they
01:16travel, they should have access to healthcare.
01:19So we actually built this platform at a very rudimentary level seven years ago,
01:24where patients and doctors just connect over the video consultation, the video call, and
01:30we issue a prescription and the medicine sent over to the patient.
01:33As we expand further, as we scale, we actually gain trajectory, especially during COVID.
01:40And even after COVID, we continue to gain significant feedback, good feedback from
01:48patients where we are able to provide 24-7, almost instant care to all our patients over
01:56virtual consultation.
01:58And we also manage to deliver medications to patients home within the same day and up
02:04to four hours delivery time.
02:06And now we are talking about Singapore, a small little island.
02:10And moving on, we are actually expanding to regional, to Malaysia and also Indonesia.
02:18And not only that, we also expand the reach to patients where they do not need consultation
02:26with our doctors.
02:28They only need to get OTC medication, over-the-counter medication.
02:32And that's where our pharmacists come in and join our ecosystem.
02:36Our patient is able to go into our online marketplace where they are able to purchase
02:42over-the-counter medication and also very highly curated healthcare products, which
02:48are used by our own doctors.
02:51So in this marketplace, we do not list any, just like any other products.
02:57Those products are highly curated where we use it for ourselves as well.
03:02That's where we make it special.
03:05And on top of that, we have built various vertical business to support the entire ecosystem.
03:12We have built community of care where patients can share their medical issues with like-minded
03:20people.
03:20And we also have doctors as moderators to guide the patients to ensure that they get
03:27accurate information.
03:30As you can see, as we have Google, CheckGPT, OpenAI, all these AI technology actually provide
03:37a lot of important information.
03:39But how our platform makes a difference is we have actually real human doctors to validate
03:47the information that is provided by the AI, OpenAI technology.
03:53So that's where we actually stand out from the rest for our social platform.
03:58So basically, I give a five minutes short introduction of what we do.
04:04That's really great.
04:05So it sounds like you guys really go up and above for your customers and for your clients.
04:09And that's great that you don't only have AI and OpenAI working with you, but you have
04:15the doctors to confirm that because a lot of people might get swayed when it comes to
04:19AI giving us answers, whereas a real doctor with real life experience, that's awesome.
04:25So while MNDR has achieved significant traction with patients and doctors, what are your other
04:30plans to further monetize the platform beyond tele consultations?
04:35And what are the potential revenue streams we're exploring to enhance profitability and
04:40attract investors?
04:42Thanks, Kevin.
04:43So beyond telemedicine, which has been our core, we are essentially a technological company.
04:51The way we look forward is there are a few things.
04:54The first thing that if you're looking at is we come from the small island of Singapore.
05:00Regionally, we are going out to the islands of the country of Indonesia's, Malaysia's,
05:07Vietnam's.
05:08And that is actually one area which we are going to cover and grow organically in terms
05:14of how you bring additional revenues and value to our shareholders.
05:18Now, on top of that, if you are looking at the way how we automate the whole processes
05:24of tele consultations, bringing value to the doctors as well as to the patients, we intend
05:31to scale this model up.
05:33It will definitely enhance greater revenues stream.
05:38Firstly, a lot of processes will become almost automated, highly efficient.
05:45Doctors are able to do more with lesser time.
05:48Patients are able to benefit more with lesser, with much more efficiencies, meaning they
05:57are about to be able to spend more per patient per year in our platform because of the way
06:06that we deliver care towards them.
06:09So we will expect the amount of money spent per patient to go up, the efficiency of the
06:15doctor to improve.
06:17This kind of automation will definitely bring extra revenue stream.
06:21And of course, we will be moving from on-demand model to subscription models.
06:27Talking about that, we also have a lot of data that we are accumulating now.
06:32A lot of this data will prove extremely efficient, useful to companies like pharma, pharma company,
06:41garment link companies, and these are definitely huge potential revenue stream to us.
06:47We are yet to monetize a lot of this data source.
06:50Now, on top of that, we are working a lot of cooperation now.
06:53Insurance are actually looking for us as well, not just locally, but regionally.
06:58So, in fact, I would say, Kevin, the way that revenue will come in is as much as our
07:06imagination can go.
07:09Now, the way that the revenue can flow in is also as much as how much we want to realize
07:14it.
07:15How will we actually operationalize this?
07:17How will we actually move ahead with our target?
07:21Now, this is in terms of looking for new revenue stream, looking for how we are going to monetize
07:27our technologies and expertise.
07:30Now, what is even more amazing is internally, we are able to streamline our operation.
07:37We are able to assess extremely fiscal prudent and efficiencies.
07:43And you can see that we are hoping that in the next two to three years, we are even able
07:49to achieve very good profitability down the line.
07:54Means we are spending less and earning more.
07:58Wow, Dr. Seow, that is amazing.
08:00And I'm very excited to hear that.
08:01It really does sound like your company is growing and expanding very healthy.
08:05So as telemedicine continues to evolve, how are you leveraging technology and innovating
08:10to enhance patient experience and improve health care outcome and differentiate MNDR
08:17from competitors in this rapidly growing telehealth space?
08:21In fact, this is something that we are extremely excited about.
08:25OK, now, the way that we look at it is the future of medicine will be totally different
08:33from what we know today.
08:35We are charging forwards.
08:38We believe that the future of health care will be what we call AI-powered health care.
08:45It will be a health care with extremely powerful care assisted by AI will be able to deliver
08:54across the world.
08:56And we want to be in the forefront of this.
08:59You can imagine that.
09:00I give a very good example.
09:01OK, in the third world countries where we hardly have enough doctors or enough doctor
09:08that's well qualified, well trained.
09:11But imagine a world whereby MNDR is able to deliver this kind of quality care across
09:20developing countries.
09:23In overnight at one stroke, you can elevate a lot of countries out of their poor health
09:30care status to that of a developing country or developed countries.
09:35That's because health care powered by AI has never been so powerful before.
09:41Now, before the age of last language model, we're talking about creating hundreds and
09:47thousands of algorithms for different kind of diseases and pattern.
09:53Today, gone is that difficulties.
09:57With AI in MNDR, we believe that we are able to deliver quality, efficient, affordable
10:05247k assisted by AI at highly efficient rate across the world.
10:14That were actually the dream of a world where health care is not equitable.
10:22It's no longer an impossible dream.
10:25We want to be at the forefront of this charging forward.
10:28So is this.
10:29And in fact, the way that we have been in MDR where everybody in the world, majority
10:37think that telemedicine is that, you know, post-COVID.
10:42A lot of people are actually coming downward.
10:44We are doubling up in terms of developing a platform that's highly efficient, that's
10:50highly scalable, that can be easily deployed to bring about equitable health care.
10:57You can imagine now when you interact with me, AI can solve lots of this early charging.
11:04Picking up abnormal signs and symptoms, extremely powerful in terms of remote analysis of your
11:09facials, diagnostic, without any context.
11:13Okay.
11:15Now, that can be done in the next few years, easily achievable to AI.
11:21And you can imagine this standard of care can be highly elevated, you see.
11:28And at the end, it's just what is left is for the doctor to validate all this and
11:36boom, you deliver the good quality care.
11:39And that is amazing.
11:41And we are already getting that because the way that we have transformed health care for
11:46our doctors.
11:48Now, a lot of them do not have to write any script.
11:51A lot of them in the coming months do not have to take down physically many measurable
11:59reading.
12:00Because as I talk to you, the AI should be able to analyze your facial movement, your
12:04eye movement, your respiratory rate, and give me all the data.
12:08So, I can deliver care in five minutes instead of traditionally 30 minutes.
12:14And I can deliver it to more people.
12:18And that is powerful.
12:19And for the patients, we see a world that is simple and idiot proof.
12:25Today, I have to take out my phone.
12:28I have to key in my information.
12:33In months and years to come, you just need to flip out a phone.
12:38You're talking to what we call our AI agent.
12:41We may want to call you our care agent.
12:44You just talk to the person as if in your own languages, mind you.
12:50You can talk in any languages.
12:53The AI will be able to interpret it and translate it to another language that your
12:59provider is familiar with.
13:02You can imagine how powerful is that, you see.
13:05Effectively, I am able to talk to somebody with 200 different languages across the world,
13:12which at present, even the very best of the doctor could only speak in five languages
13:18or seven languages.
13:20Most of us speak in one or two.
13:22But we envision a world whereby I can speak to any patients of any languages.
13:27And AI is able to do that now.
13:31We are just dreaming of a world how we assimilate all this.
13:35So, healthcare becomes extremely simple and idiot proof for anyone who wants to seek
13:40healthcare.
13:41And for any doctors who want to deliver healthcare, it will be highly efficient, effective,
13:47and highly expensive around the world.
13:51And that is the world that we see coming.
13:54And we will charge towards this.
13:57And you can see how much revenue is that.
13:59To a country that is short of doctors, I can use AI to deploy thousands of doctors
14:04with a few doctors overseeing the whole processes.
14:10There'll be a highly effective world where we live in, where healthcare, everybody should
14:17enjoy almost a standard of healthcare.
14:20You know?
14:21Yeah, no, I agree.
14:22Healthcare should be something that everybody should have access to.
14:25And, you know, you've made some great points, Dr. Seow, how with AI and with obviously the
14:30internet evolving, we're not only able to reach more people, but to be able to translate
14:35it so you don't even need a doctor that speaks the same language.
14:38All of those points are fantastic.
14:40And to think of a world like that, you know, it's very possible in the near future.
14:45Now, I want to stray a little towards your stock.
14:48Now, what are you doing to stay compliant with the NASDAQ and to raise your stock price
14:52over $1?
14:53I think the main step that we're taking, the first thing is because we are a small
15:00cap company.
15:02So Dr. Teo and me have been relentless in this pursuit.
15:06We attended almost any investor meetings that we can grab hold of across the countries
15:14in America, Canada, as well as Asia-Pacific.
15:20The first thing we want to make sure is more and more people, and even for you guys like
15:26Benzinga, we are really thankful because it is through all this media, people start to
15:30know about us.
15:31We have made good friends who come in, who believe in our visions and our goal, and they
15:36start to support us.
15:37Now, I think key is to have investors, institutional investors, or even retail investors, family
15:45office, who believe in our vision, who will come in and bingo, the share price will be
15:51supported.
15:51In fact, it will shoot up.
15:53But of course, now, unfortunately, there's not enough people that know about us.
16:00Although more are beginning to find out more about us.
16:04So you can see that the share price is languishing at below $1.
16:08So we have actually filed for reverse splittings of 8 to 1, and that should come true in the
16:14next couple of weeks.
16:16Now, a lot of people will say, that's negative news.
16:19But to us, this is news, important, because this is the very first step for us to make
16:25the compliance before the world knows us.
16:28Before the world knows us.
16:32And as we meet the compliance, there are many other steps that we have already taken in
16:36place.
16:37The first thing is, if you have heard the news that we have actually managed to raise
16:43a $10 million capital loan, that's going to support our growth, expansion regionally,
16:51making potential M&A, as well as further enhancement to our IT and development in AI.
17:01Now, these are positive news.
17:03These are news that will support post-reverse splitting.
17:08And of course, the company has other plans in terms of potential acquisition, merger
17:14and target that will bring in further revenue.
17:17And not only that, in terms of our own organic growth, our relentless pursuit in terms of
17:25growing to the neighboring countries, our relentless pursuit to look for every possible
17:31revenue sources that will come along our way.
17:34We think the share price will ultimately go up, reflecting what the value of the company
17:43is.
17:44In fact, we dream of the days where our share price will never have to go down below a dollar
17:50and it will always stay above, and maybe even achieving the status of a company that has
17:57billions of market value.
18:02Yes.
18:03Dr. Seow and Dr. Rachel, what is the biggest trend at the moment in telehealth?
18:08Kelvin, in fact, we believe that telehealth will be the mainstream of healthcare.
18:16This is because unlike traditional telehealth, where I will speak to you face-to-face by
18:23virtual communication, no.
18:25The telehealth of the future is one where it is powered by AI, augmented by AI, and
18:33it will be so powerful that it actually can predict, pre-aim, deliver comprehensive care
18:41that is unimaginable, allowing remote contactless diagnosis to be simultaneously carried out.
18:50That is the world where telehealth of the future will be.
18:55And Manadoc wants to be there to usher in this renaissance of healthcare.
19:03In fact, we look at it as a renaissance in healthcare.
19:06The golden age of healthcare is here today because of the power of telehealth.
19:12Yes.
19:13Wow.
19:14You're absolutely right, Dr. Seow, and I couldn't agree more.
19:17A huge thank you to both you, Dr. Seow and Dr. Rachel for joining us and sharing your
19:21insights on MNDR.
19:23It's always inspiring to hear from the founders who are pushing boundaries and making a real
19:28impact.
19:29Thanks for watching, and we'll see you next time.
19:31Thanks a lot, Kelvin.