KUALA LUMPUR: The weakening of the ringgit and rising costs of private medical healthcare are foreseen to make public healthcare a cheaper alternative compared with private operators. However, Prince Court Medical Centre (PCMC) chief executive officer Chong Yee Mun said the weakening of the ringgit may alternatively provide an opportunity for private healthcare players to play a more pivotal role in the healthcare tourism sector.

“The weakening of the ringgit is an opportunity to make private healthcare in Malaysia more attractive to Malaysians who are currently seeking treatment overseas. It has also become cheaper for foreigners, both tourists and the local expatriate community, to seek treatment here,” he said.

In Asean, the ringgit was the second worst performing currency against the US dollar last year, losing 4.5%.

Chong said the main challenges faced by PCMC in 2016 were rising costs due to the healthcare goods and services tax exempt status as well as the substantial weakening of the ringgit as this affected the costs of imported goods such as medical equipment, accessories, implants and medication. These factors also had an impact on the company’s margins in 2016.

He added that the weakening of the ringgit has also potentially increased the risk of losing well-trained Malaysian healthcare personnel — especially nurses — to work overseas as they have always been a popular recruitment target for overseas hospitals due to the high standards of Malaysian healthcare set back home.

For 2017, Chong expects to face the same challenges ahead and possibly even more as competition ramps up with the opening of more private hospitals. He also foresees more patients turning to the public sector amid an increase in costs.

Nonetheless, PCMC will address these challenges by seeking to improve its services and provide more comprehensive treatment and facilities.

“[We will do this] in order to make it more attractive for both foreigners and Malaysians to get their treatment in Malaysia instead of other countries,” Chong said.

Speaking more on the importance of healthcare tourism, Chong said that the weakening of the ringgit will provide a good opportunity for hospitals.

“PCMC has always been strong in healthcare tourism as well as with the local expatriate community and will continue to grow this segment,” Chong said.

Last week, retirement website International Living listed Malaysia as having the best healthcare in the world for the third time, in its Annual Global Retirement Index 2017.

According to the article, the most popular areas of treatment across the board in Malaysia include cosmetic surgery, dental work and dermatology.

It noted that more than one million medical tourists visited Malaysia last year.

However, Chong said while the opportunity is there to attract more foreigners who are either tourists or local expatriates, he believes that local Malaysians still play an important part in driving the success of the local healthcare industry and therefore hopes for more Malaysians to take advantage of the comprehensive treatment and facilities being provided at PCMC.

PCMC is a 277-bed private healthcare facility located in the heart of Kuala Lumpur. It is fully owned by Petroliam Nasional Bhd.