Foundation Healthcare was established against the backdrop of rising healthcare costs, an ageing population and increasing demand for specialist-led care. Recognising the need for a more connected, efficient, and sustainable healthcare system, the group seeks to reduce inefficiencies across the patient journey by improving care coordination, supporting appropriate and value-based care, and leveraging technology to enhance operational efficiency.
Foundation Healthcare came to market as an integrated private healthcare platform built around three verticals: specialists, medical centres and AVA®, its proprietary technology platform. Together, these verticals support Foundation Healthcare's mission of improving accessibility, affordability, and accountability within the healthcare ecosystem through better care coordination, operational efficiency, and information sharing. By 31 March 2026, the group had 108 medical specialists across 16 specialties and 74 specialist clinics. Revenue increased from $112.4 million in FY23 to $198.9 million in FY24 and $231.2 million in FY25.
The company’s development fits a capital formation path: raise, execute, return, scale.
Raise. Foundation Healthcare was established in 2023 and built through acquisitions, specialist recruitment, and investment in healthcare infrastructure. SeaTown Holdings, a private equity fund, provided the initial backing of S$150 million in equity and Foundation Healthcare subsequently funded its buy-and-build acquisition strategy from internally generated cash flows and debt. Foundation Healthcare reported a pro forma ROE of 22% in 2025. pvtIQ described the group as a technology-enabled, asset-light healthcare platform and highlighted Health Connective, insurer partnerships, and the integration of AVA® as components of its healthcare ecosystem.
Execute. Foundation Healthcare has expanded its specialist base, acquired specialist practices, and developed medical centres including day surgery and imaging centres. Specialist count increased from 67 at end-2023 to 88 at end-2024, 105 at end-2025 and 108 by 31 March 2026. Aequitas Research noted that clinics remained the group’s core business and primary revenue driver, contributing 98.2%, 96.6% and 97.2% of total revenue in FY23, FY24 and FY25, respectively. Alongside specialist recruitment and acquisitions, Foundation Healthcare has also invested in complementary healthcare infrastructure, including medical centres that support the migration of appropriate procedures from higher-cost hospital inpatient settings into lower-cost outpatient facilities.
Return. The IPO provided the public-market event following that period of capital deployment and execution. Foundation Healthcare’s offering and cornerstone commitments together amounted to approximately $242 million. The offering was approximately 3.8 times subscribed overall, while the Singapore Public Offer attracted 3,805 valid applications and was approximately 9.4 times subscribed. Foundation said it welcomed a diverse shareholder base that included long-term institutional regional and global investors, insurers and EQDP fund managers.
Scale. Health Connective and AVA® sit within this next phase. Foundation Healthcare reported that Health Connective, a collaborative platform dedicated to transforming the communication and coordination between key stakeholders of the private healthcare ecosystem in Singapore, comprised more than 340 general practitioners, more than 350 medical specialists, including all Foundation Healthcare-employed specialists, and 35 allied health professionals as of March 31. The programme had facilitated more than 7,800 patient appointments. Foundation Healthcare states that it intends to leverage Health Connective and AVA® to expand its referral ecosystem and increase specialist visibility among patients and payors.
Health Connective is the network. AVA® supports the network.
Foundation Healthcare describes AVA® as a proprietary technology platform connecting patients, payors, healthcare providers, medical facilities, and referral partners. The platform supports referrals, appointment booking, pre-authorisation, claims adjudication, care coordination, policyholder eligibility checks, and information sharing across the healthcare ecosystem.
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AVA®’s roots also pre-date the IPO. Foundation Healthcare was established alongside health technology company Smarter Health, with the original announcement stating that the ecosystem would be underpinned by a data-driven technology platform designed to improve coordination between healthcare stakeholders, especially insurers and third-party payors. In 2025, Foundation Healthcare announced a strategic partnership with Great Eastern where Great Eastern would utilise AVA® to help digitise and automate the end-to-end care and claims journey.
AVA® is more than an internal operating system. It supports referrals, insurer workflows, pre-authorisation, claims adjudication and care coordination. It also links back to Smarter Health’s earlier deployment with insurers in Singapore, Hong Kong, Macau, and Malaysia.
Foundation Healthcare does not currently disclose standalone AVA® revenue, profit, transaction volumes, insurer participation, user metrics, or software contract value. The company has identified possible future monetisation through subscription-based, usage-based, and outcome-linked models. It also expects patient-reported experience measures and patient-reported outcome measures to begin being monitored in 1HFY27 and states that it is in the early stages of developing artificial intelligence models using anonymised datasets.
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External research points to the same structure. pvtIQ framed Foundation Healthcare as a technology-enabled, asset-light healthcare platform, but its investment thesis remained centred on specialist consolidation, ambulatory facilities and the build-out of an integrated healthcare platform. Aequitas Research pointed to specialist clinics as the primary revenue engine.
Smartkarma analyst Mo Aziz's sum-of-the-parts framework attributed $1.182 billion to specialists, $112 million to medical centres and $24 million to AVA®, resulting in an equity valuation of approximately $1.10 billion after deducting net debt. Mo Aziz stated that the AVA® valuation was based on management’s disclosed 1HFY27 outcome-monitoring and monetisation roadmap, rather than a technology rerating, and identified the planned 1HFY27 outcome-monitoring milestone as an important step in AVA®’s future development.
Foundation Healthcare’s value creation to date has come from acquiring specialist practices, recruiting new specialists, and developing medical centres. Looking ahead, Health Connective and AVA® are expected to play an increasingly important role in strengthening connectivity across the healthcare ecosystem and supporting the group's next phase of growth.
Having completed the raise, execute and return phases of its development, Foundation Healthcare is now focused on scaling the platform.
The company intends to continue expanding through specialist recruitment and acquisitions, investment in medical centres, continued enhancement of AVA® and expansion into Malaysia, Hong Kong, and other selected markets in the Asia-Pacific region with Health Connective and AVA® expected to play an increasingly important role in strengthening connectivity across the healthcare ecosystem.
Geoff Howie is SGX's market strategist
