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ISEC Healthcare to shut eye clinic at Mt Elizabeth Novena Specialist Centre
ISEC Healthcare said on Friday its wholly owned subsidiary in Singapore, International Specialist Eye Centre Pte Ltd (ISEC Singapore), will stop to operate its eye clinic in Mount Elizabeth Novena Specialist Centre from December, partly after failing to negotiate remuneration terms with the doctors.
ISEC Singapore, which was incorporated in January last year, shall remain a dormant company thereafter, its parent said. The eye centre was operating in partnership with three doctors. But it has been making losses, and is expected to continue bleeding up until the end of the year. The board expects losses and closure-related costs of about S$2.6 million for ISEC Singapore for 2015.
"Together with the partner doctors, the management of the company had explored various options in recent months to reduce ISEC Singapore's operating expenses. Despite extensive negotiations, the partner doctors in ISEC Singapore have not reached any agreement with management to continue their professional practice in ISEC Singapore based on proposed revised remuneration terms."
The three doctors practising at ISEC Singapore, including the medical director of ISEC Singapore, Cordelia Chan, had tendered their resignations on June 30, 2015.
ISEC Healthcare said Singapore remains an important market for the healthcare business. It is running a profitable clinic in Singapore in Lee Hung Ming Eye Centre at Gleneagles Hospital.