The concept of for-profit hospitals and medical doctors is not an easy one for most Koreans to understand. But many in the medical industry here are urging the government to reverse course and loosen regulations, which they say would lure much-needed capital.

But the government is stuck between a rock and a hard place. Although most Koreans would welcome more hospital beds, they remain staunchly against for-profit hospitals. The view that doctors work for the good of the people, not for the good of themselves, is the predominant view here.

This is perhaps the reason why the government still prohibits hospitals from seeking profits, says Chung Sung-il, a doctor who represents Ye Cosmetic Surgery Group in Cheongdam-dong in southern Seoul.

"Doctors and investor companies just wait the government to open the doors to profit-seeking hospitals. It will be the way the market will go eventually," he said.

"Some doctors may need to learn business know-how and the market will be very competitive. Many doctors will fail to make money in the market of the future," he added.

As part of efforts to promote the country's medical tourism, the government last year only allowed hospitals to lure foreign patients to make profits. But policymakers here are debating whether or not to permit profit-seeking hospitals across the board - even on the resort island of Jeju. Sources say if it allows profit-seeking hospitals on Jeju, the government could open the sector for the rest of the medical industry.

The plastic surgeon said that the country's medical market has huge potential to grow if hospitals start to attract capital and generate sources of income. Currently, the medical market accounts for only 6 percent of the nation's GDP, but is on pace to reach the 10 percent level soon.

Chung is one of a few medical doctors who have turned their eyes to the business side, while practicing medical skills at the same time.

"I didn't think of becoming a medical doctor when I was young. But I want to get into medical services and products now, instead of treating patients all day," he said.

Ye Cosmetic Surgery Group, led by Chung, is a sister company to Ye Dental, one of the major dental clinic franchises in the country. The two companies share the same brand name and networks, but are currently two separate units because the law here prohibits dental clinics from providing medical services.

Chung has jumped into the real estate business with other doctors and investors. They are building a medical mall complex in the rich residential area in Cheongdam-dong.

The planned mall will offer high-end medical services like anti-aging treatments, hair loss treatment and dental clinics, he said. The concept of a medical mall is new here and can be employed to other cities in Korea.

The plastic surgery and beauty clinic is also expanding overseas. It currently has seven hospitals in China, Vietnam and Japan directly managed by the Korean hospital. China is the fastest growing market with the rapid income increase of general workers there.

The number of Chinese patients visiting the Ye hospital in Seoul has also surged and currently accounts for 20 percent of its total revenue, he said.

"The Korean skill in plastic surgery is gaining popularity with enhanced image of Koreans and doctors due to the spread of Korean wave," he added.

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By Cho Chung-un
http://www.koreaherald.co.kr