LOS ANGELES–(BUSINESS WIRE)–SynerMed, Inc., the largest Medicaid managed service organization (MSO) in the country, today announced the formation of a joint venture company with Shanghai-based Golden Meditech Holdings Limited, China’s leading integrated healthcare device and service enterprise. The joint venture, GM-Medicare, is China’s first health insurance information management system and business process outsourcer (BPO).
“By combining SynerMed’s sophisticated platform with Golden Meditech’s broad hospital network, GM-Medicare is poised to provide integrated managed care services in China, where there is an increased demand for quality, access and affordable care among a growing number of expatriate professionals and overseas tourists”
Established to optimize communication and information-sharing between insurance companies, hospitals and the insured, GM-Medicare will leverage SynerMed’s integrated healthcare delivery platform and proven leadership within the U.S. managed care system to provide similar management solutions to the medical insurance market in China.
“By combining SynerMed’s sophisticated platform with Golden Meditech’s broad hospital network, GM-Medicare is poised to provide integrated managed care services in China, where there is an increased demand for quality, access and affordable care among a growing number of expatriate professionals and overseas tourists,” said James P. Mason, CEO of SynerMed, Inc. “This strategic move into the world’s second-largest consumer healthcare market demonstrates SynerMed’s ability to customize and seamlessly deliver solutions on a global scale. We intend to set the standard of excellence for healthcare management in China,” Mason said.
GM-Medicare enables medical insurance companies to offer innovative products and services by optimizing their information systems and business processes, while minimizing their operational costs and overall risk. GM-Medicare also equips hospital administrators with the tools to provide more sophisticated services, facilitating the growth and development of the medical insurance sector.
Aligning itself with China’s plan for medical reform, GM-Medicare will proactively implement government initiatives aimed at maximizing medical resource allocation, facilitating service innovation and research at domestic hospitals, and providing hospitals with guaranteed bill settlement.
Anticipated Market Demand
In addition to more than 300,000 legally employed expatriates, China has been one of the fastest growing international tourist destinations since 2000, creating additional demand for access to quality healthcare services. It is estimated that China will invest $124 billion on healthcare from 2009 to 2011. In April 2009, the Chinese government announced guidelines for healthcare reform, with the core goal of providing universal healthcare services to the country’s 1.3 billion people. The goal is to improve the services provided by the country’s healthcare system, to increase the number of insured citizens, to reduce corruption, and to decrease the overall costs to the consumer.