It’s all about the middle man these days.

Platforms that connect clients and companies in quick and efficient manners get to reap a significant part of the business process.

We have seen them charge 20% to 30% for their services, and companies keep coming back to them as long as the clients keep coming their way,

Foundation Healthcare is that platform in the medical specialist field, and the Temasek-backed company is planning to go all in on the IPO market.

Foundation Healthcare (FH) is a private healthcare platform that connects medical specialists, healthcare providers, payors (insurance companies), patients and healthcare facilities in Singapore.

It has three main operating verticals:

However, in terms of revenue segments, FH reports only one - Medical specialists. And it generates its revenue through charging for its facilities for procedures, radiology and imaging services, fertility services and implementation and subscription fees for its AVA platform.

FH wants to raise about SG$242 million from the markets to

Let’s dive deeper into its business strategies and see how they align with FH’s use of its proceeds.

FH is pursuing quick and proven growth, through acquiring strong and reputable specialist practices. It is focusing on sub-specialties that have increasing demand, and also complements its existing specialties. Its end-objective is long-term diversification.

For medical centres, FH wants to invest in their own medical centres, but is also trying to acquire ones which are already in healthcare hubs. This provides FH with easy, scalable growth through higher outpatient and diagnostic procedures without spending a lot on capital expenditures.

It is also tapping into the growing day surgery centres, where patients are increasingly shifting towards them as they are more convenient and cost-effective. In-patient surgery centres typically require patients to spend a large amount on getting admitted.

In terms of geographic expansion, FH sees opportunity in Hong Kong as the government heavily subsidises healthcare, up to 97% of healthcare costs. In Malaysia, FH sees supply constraints in the public healthcare system providing a healthy avenue for private healthcare growth.

FH’s financial performance is straightforward.

Revenue has doubled from SG$112 million in 2023 to SG$231 million in 2025, driven by aggressive acquisitions of more specialist practices that drove higher volume.

Over the same period also, profits have grown by 6 times from SG$7.3 million to SG$41.2 million. This meant that its net profit margin tripled from 6.5% to 17.8%.

FH operates a very scalable business. It incurs a lot of capital expenditures to build medical centres and employee compensation in investing in medical specialists. So, in the initial stages, FH doesn’t generate much margins.

When volume ramps up from there, that’s where its profit margins soar as it still incurs the same amount of capex and employee compensation.

So, expect FH to incur higher costs as a percentage of its revenue when it expands its medical specialist network and invests in more medical centres. But when these investments scale up, profit margins could be much higher.