Singapore-based healthcare company Alliance Healthcare is to partner up with Inova Care to look at regional health and dental benefit administration opportunities.
“This collaboration with Inova Care marks an important milestone for Alliance Healthcare, as we tap on Inova Care’s extensive network to expand our cashless managed healthcare service coverage for our clients in the region,” said Alliance Healthcare chief executive Barry Thng.
Inova Care will use the Alliance MediNet network for medical administration opportunities it identifies in Singapore whereas Alliance MediNet will use the Inova network for medical and dental opportunities to complement Alliance MediNet in markets, both in and out of Singapore. This exclusive collaboration agreement is effective from 1 January for a period of three years and shall be automatically renewed for a further period of one year.
Inova Care is a managed care and third-party administration solutions provider for insurance companies and corporate clients with a presence in 12 countries across North America, Europe, and Asia. It has a network of 1,000 hospitals and 5,000 clinics and has managed more than 4 million claims since 2002, serving more than 1.7 million members in its network.
Alliance Healthcare raised S$6.4m (US$4.65m) by selling 32m shares at S$0.20 per share on Singapore’s Catalist board in June last year. CIMB was the sponsor and issue manager with CGS-CIMB Securities as underwriter and placement agent. Its shares remain under water. After the announcement they were seen at S$0.18.