Hana (not her real name) is a cancer survivor who felt that her mastectomy had robbed her of her womanhood. Although the procedure saved her life, she felt less and less confident in her daily life. Finally, she confided in her doctor who suggested a breast reconstruction surgery and suggested she speak to Amden Capital to find out about financing possibilities.
Left with not much choice as her insurance did not cover the reconstructive surgery, she sought out the company and 2 weeks later was approved for the loan and underwent the surgery. Today, she feels this surgery has given new meaning to her life and she is no longer embarrassed that she is a cancer survivor.
Hana is just one of the many patients that have benefited from Amden Capital’s financing tool. We spoke to Ranjit Singh, the founder and CEO, on what motivated him to create this.
Ranjit began his banking career in 1990 with Arab Malaysian Merchant Bank and after several years, moved on to an investment division of a local insurer in Kuala Lumpur before ending his last stint in banking with Deustche Bank (M) Bhd.
Having acquired experience in banking, he moved on to start his own institution providing consumer financing in 1999 and then in 2004, he started a second financing institution under the name Amden Capital.
At that point, he was being invited regularly as a speaker at international medical conferences and various other platforms to share his views on medical financing.
Then in the year 2014, he noticed an uptick in financing applications for medical procedures. This increase in medical-related financing went on for several years and the realisation dawned that there was a huge need for dedicated medical financing.
In 2020, after engaging with the medical fraternity on the need to make quality treatment more affordable and accessible to the masses, Amden Capital pivoted from its traditional role and took it upon itself to compliment patient care and the medical industry, thus becoming the only specialised medical financing institution (MFI) in Southeast Asia.
In addition to conventional medical financing, Amden Capital now provides shariah-compliant medical financing facilities for patients needing to meet their requirements and obligations.
The Vibes spoke to a few of their clients on condition of anonymity and they shared that this financing facility gave them much-needed hope and possibility that they required.
Nor (not her real name) stumbled upon Amden whilst going through a Facebook group. She was almost at her wits end as she felt her marriage was going through a rough period. Her doctor had told her she needed a bariatric procedure, but the cost was just beyond her means at the time.
Not knowing what else to do, she applied with her financial documents and was over the moon when her loan was approved in 3 days’ time. A week later, she underwent a bariatric sleeve procedure. As a result of this, she moves better and has improved both her health and mental health, she feels. Nor even joked that she’s now younger than before.
According to Ranjit, there are several reasons why patients prefer medical financing from Amden Capital, but the main one is each financing is structured differently to suit medical procedures according to patient needs. He also adds that post-Covid changes in spending habits and financial management have significantly changed a consumer’s needs. The Covid era has contributed to a huge shift in managing of finances where patients would rather keep the excess cash and have the flexibility of stretching repayments over a period.
Citing insufficient and/or a shortfall of insurance coverage is another reason why patients apply to them for medical financing. This is usually done post-treatment to help them achieve a quality of life they all feel they deserve post-treatment.
To emphasise this, Ranjit recounted the story of a senior manager in an MNC, who had infected breasts due to intramuscular breast fillers. She is a mother to seven children and needed urgent surgery due to her severe infections and was at risk of going into septic shock. With timely financing, she was able to proceed with urgent surgery and has fully recovered and the surgery has given her a new lease of life.
Amden Capital has already become well-known for bariatric surgery financing. Other procedures that they are currently being sought after for include plastic and reconstructive surgery, fertility, maternity, orthopaedic and cardio-related procedures amongst others.
When asked, both Nor and Hana agreed that they would not have been able to do this procedure without the financial tool provided. They know, more than most people, the negative stereotypes heaped on those who have undergone reconstructive surgery, but insist that without it, both would not be able to function as they do today.
Ranjit added that another of his clients, a patient who took financing for bariatric surgery about 10 months ago. The surgery was done by Dr Mustafa Mohamed Taher, a renowned upper GI and bariatric surgeon. This couple was trying to have a child for the last 12 years. However, the patient struggled to conceive due to her weight-related issues. This surgery has reduced her weight, and they are now expecting their first child.
With Amden Capital now collaborating with over 60 medical healthcare providers with the most recent being Bukit Tinggi Medical Centre, they see these collaborations to be mutually beneficial for all parties, especially patients as it allows them to receive quality treatment.
Being the only dedicated medical financing provider in Southeast Asia, Ranjit and his team have been approached by several parties for partnerships across Southeast Asia and making this a reality is their medium-term goal. The icing on the cake for his team though, is the fact that hope is restored, and lives are changed through this opportunity for many of their clients. – April 24, 2024.
