“Masterpiece Hospital” celebrates 12th anniversary, boasting strategy to reach more customers, with aim to be specialty hospital

As part of our anniversary celebrations, the hospital is also unveiling ambitious plans for the high season in the latter half of the year, aiming to boost brand awareness and engage in 2-3 synergistic projects. Additionally, the hospital is preparing for a listing on the Stock Exchange of Thailand (SET), with a target of achieving a 20% increase in earnings from the previous year. The hospital’s four Base Camp Missions to Everest initiative is set to be completed within three years. Masterpiece Hospital is committed to becoming a leading Specialty Hospital, further establishing Thailand as a global hub for cosmetic surgery.

Miss Lapasrada Lertpanurot, CEO of Master Style Public Company Limited (MASTER), which operates Masterpiece Hospital, presented an overview of the cosmetic surgery industry based on Kasikorn Research Center's data. The cosmetic surgery market in Thailand is projected to reach approximately 75 billion baht in 2024, reflecting a growth of 5-7%. However, this growth varies among businesses, depending on their ability to meet customer needs in terms of cost, personal taste, quality and service standards and satisfaction of the outcomes. These factor into their decisions in choosing different surgical and beauty clinics.

The cosmetic surgery market's expansion aligns with current consumer trends towards beauty, lifestyles and wellness, with a growing openness to surgical procedures that adhere to safety standards. This factors into positive outlook on the cosmetic surgery businesses. MASTER, as a leading cosmetic surgery business in Thailand and Asia, positions ourselves as an essential part of modern living, witnessing a 15% increase in recurring revenue from new procedures. Notably, 24% of MASTER’s clientele are first-time customers in Thailand, excluding foreigners.

Currently, 76% of MASTER’s customers are Thai, while 24% are international. The hospital plans to increase the proportion of foreign customers from countries such as Indonesia, Myanmar, and Laos to 30% within this year. With a higher purchasing power, foreign clients typically spend 20-30% more per bill compared to local Thai customers, often opting for multiple procedures per visit.

As Masterpiece Hospital enters the high season of 2024, the facility is committed to maintaining our high standards of care and safety, ensuring exceptional service for returning customers. In alignment with government policies and global trends in medical tourism, the hospital is dedicated to building customer confidence, retaining existing clients, and attracting new ones, both Thai and international.

Looking ahead, Masterpiece Hospital is preparing to explore mergers and partnerships (M&P) with 2-3 related businesses. Additionally, the company is in the process of preparing for a listing on the Stock Exchange of Thailand (SET) within 2024. This move is expected to open up new investment opportunities for both local and international stakeholders.

Masterpiece Hospital remains focused on both organic and inorganic growth strategies. The company is implementing Cross Border, Cross Selling, and Cross Synergy strategies to foster mutual business development and expand our reach.

Currently, MASTER Group employs 47 physicians, with a total of 142 physicians when including our investing partners. This extensive network is expected to support the company’s ambitious growth targets, aiming for a 20% increase in 2024.

Over the next three years (2025-2027), the company plans to solidify our position as a leader in specialty hospitals, with a vision of establishing Thailand as a global hub for cosmetic surgery. The "Mission to Everest" initiative, set to achieve our second Base Camp from goal four base camps, reflects this commitment.

To enhance our market presence and brand awareness, Masterpiece Hospital has developed targeted marketing and communication strategies. The company emphasizes personalized service and continuous development of our staff, executives, and physicians, focusing on both hard and soft skills. This approach is designed to unlock the full potential of the team, driving performance like a self-generating power source and fostering a culture of ongoing learning and improvement.

Miss Lapasrada noted, “Twelve years ago, we started with Masterpiece Clinic in a single-room facility at Siam Square with Dr. Raweewat Maschamadol or Doctor Say (currently Group CEO) and three staff members. Today, Masterpiece Hospital, as a specialty hospital, stands strong with success and growth thanks to the collective efforts of our team and over 15 partners. Each partner brings unique specialty and strengths, but our shared goal is growth. MASTER’s role is to develop strategies, enhance systems, and drive mutual success for performance and long-term stability.”

In celebration of our 12th anniversary, Masterpiece Hospital is launching the “12 Years of Masterpiece Hospital” campaign, offering discounts of over 70% as a gesture of appreciation to loyal customers. The promotion runs throughout July 2024.

For more information on the anniversary promotion and all available procedures, please visit https://www.masterpiecehospital.com/masterpiece-12th-anniversary-promotion/ or call 0-2105-4370. Consultations are available every day from 8:30 am – 6:00 pm. at Masterpiece Hospital, Sukhothai Road, Dusit Subdistrict, Dusit, Bangkok.

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