Doctor Anywhere aims to double revenue to S$100m this year

In December 2022, Singapore-headquartered Doctor Anywhere was in the final stages of buying out and delisting Asian Healthcare Specialists. Around the same time, Doctor Anywhere was busy launching the first phase of its medical tourism service, the DA Wellness Concierge.

Those weren’t the only times the company had made unusual moves for a healthtech firm. Founded in 2017 as an online-only telehealth platform, the firm expanded into the physical clinic space, relying on the brick-and-mortar model to build trust in an industry when virtual consultations were still uncommon.

Now the company expects to earn S$100 million (US$73.7 million) in revenue by the end of 2023. “That’s double of what we saw in 2022,” Lim Wai Mun, founder and CEO at Doctor Anywhere, tells Tech in Asia.

Doctor Anywhere founder and CEO Lim Wai Mun/Photo credit: Doctor Anywhere

This would mean that the healthtech firm brought in revenue of about S$50 million last year. That is a growth of over 50% from 2021, when it earned S$31.8 million (US$23.5 million) as per its ACRA filings.

“We’ve recorded over 150% compound annual growth rate over the past three years, including the latest year on a proforma basis,” he says.

Like many, Lim says Covid-19 changed the game for healthtech. But while some say demand for telehealth is likely to plummet, Lim says Doctor Anywhere continues to log weekly highs in the number of virtual consultations on its platform.

Revenue diversified like a multivitamin

With the pandemic now in the rearview, Lim says the firm’s diverse offerings of online and offline consultations, along with its specialty care services, make for a strong value proposition.

Though demand for mental health services has dipped of late, the founder says it is “still in a better position compared to where mental health stood at pre-Covid,” adding that the cultural outlook toward mental health has changed.

That said, the very idea of healthcare is shifting – people no longer think about health only when they are unwell and need a doctor but are proactive about overall wellness and preventive care.

Lim sees this trend reflected in the steadily rising demand for products on the company’s marketplace, which stocks everything from wellness supplements to ergonomic chairs.

The Doctor Anywhere app averages between 6,000 to 7,000 daily paid transactions overall, with Marketplace contributing about 3% to 5% of the firm’s total revenue. “It’s small, but this is where we are seeing a lot of growth coming in,” says Lim.

…if you are serious about healthcare you can’t just do primary care.

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