# Entity Plan: TS Health

Vietnamese healthcare software — clinic + hospital + pharmacy operating system. Y2 Q3 launch with private healthcare network anchor partner. Tier-2 entity (mix of private clinic/hospital customers and MoH public hospital customers). Pairs with Intelomics (deferred) for clinical → bioinformatics data flow if Intelomics is pursued in later years.

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## Identity

| Field | Value |
|---|---|
| Entity name | TS Health Pte Ltd + TS Health Vietnam Co. Ltd |
| Group | TS Ventures (sub-cluster: Vertical SaaS) |
| Target launch | Year 2, Q3 |
| Mechanism | Greenfield |
| Tier (D17) | **Tier 2** — MoH (Ministry of Health) regulatory + customer touch via public hospital deployments |
| Legal structure | Singapore HoldCo + Vietnam OpCo per D1 |
| Vietnamese majority required | No at launch; healthcare-data regulations (Decree 13, sector-specific) may require it for some deployment scopes |

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## Mission and Wedge

**Mission:** Be the digital operating layer for Vietnamese mid-tier healthcare — private clinics, hospital groups, pharmacy chains. Replace fragmented stack (separate EMR + appointment + billing + inventory + lab integration + insurance) with one integrated platform.

**Three product lines:**

1. **Clinic Management** — EMR-light, appointment, billing, basic inventory for private clinics (1–20 doctors)
2. **Hospital Operating System** — full EMR + clinical workflow + lab + pharmacy + insurance integration for mid-tier private and public hospitals (50–500 beds)
3. **Pharmacy Network Platform** — multi-outlet pharmacy management (cold-chain inventory, prescription verification, insurance billing)

**Specific customer wedge:** Vietnamese mid-tier private hospitals and private-clinic networks — segment between solo-clinic point solutions (cheap, weak) and international enterprise EMRs (Cerner, Epic — premium, slow to localize). Plus mid-tier pharmacy chains (10–100 outlets) underserved by retail-POS systems.

**Why now:**
- Vietnamese private healthcare consolidation accelerating (Hoan My, FV Hospital, Tâm Anh, Vinmec all expanding)
- Pharmacy retail consolidation (Long Châu, Pharmacity, FPT Long Châu reaching 1,500+ outlets each)
- MoH digital-transformation push (Decision 2925/QD-BYT on health data; National E-Health Strategy 2030)
- PDPD + Decree 13 creates compliance demand for proper EMR
- Insurance integration demand growing (BHXH + private insurance)

**Why us:**
- Hospital-network anchor partner provides credibility + reference customer
- TS National AI (Y3 Q4+) for diagnostic-augmentation AI (Tier-1 routing for sensitive medical data)
- TS Pay (Y2+) for patient payment + insurance reimbursement workflow
- TS People for hospital staff HR (cross-sell)
- Intelomics adjacency (if pursued; clinical → bioinformatics data flow)

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## Market and Competition

**TAM (Vietnam, 2026):**
- Vietnamese healthcare software: ~$150–250M, growing 25%+
- Hospital EMR + workflow: ~$80–150M (consolidated subset)
- Pharmacy software: ~$40–80M
- Combined: ~$250–400M; ~25% growth

**SOM (5-year):** $10–25M ARR

**Competitors:**

| Competitor | Strength | Weakness |
|---|---|---|
| **Medlatec, FPT Healthcare, CMC Health** | Established Vietnamese; gov contracts | Older tech; weak private-network focus |
| **Vinmec internal systems** | Captive to Vinmec ecosystem | Not commercial offering |
| **eHospital, eClinic Vietnam** | Small Vietnamese vendors | Sub-scale; narrow product |
| **International EMRs** (Cerner, Epic) | Sophisticated | Premium pricing; slow Vietnamese localization |
| **KiotViet for pharmacy** | Dominant in single-outlet pharmacy retail | Single-outlet DNA; weak multi-outlet + EMR-light integration |

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## Customer Strategy

**ICP:**
- Private hospitals (50–500 beds): Hoan My Hospital Group, Tâm Anh, FV Hospital, Vinmec, Hospital City International
- Private clinic networks (5–50 clinics): Family Medical Practice, Raffles Medical, Centre Medical International
- Mid-tier pharmacy chains: Long Châu, Pharmacity, FPT Long Châu mid-tier outlets, Medicare
- Public hospitals (MoH; Tier-2 customer): provincial general hospitals, central hospitals (Bach Mai, Cho Ray)

**First 10 customer targets:**

1. **Hospital-network anchor** (Hoan My Hospital Group most likely — 14 hospitals, 7,000+ beds, growth ambition)
2. Tâm Anh General Hospital — premium private network
3. FV Hospital — French Vietnamese hospital
4. Family Medical Practice — private clinic network
5. Hospital City International — premium
6. Long Châu pharmacy chain (1,500+ outlets) — pharmacy product line anchor
7. Pharmacity (700+ outlets) — pharmacy
8. Medicare — pharmacy
9. Public hospital pilot (provincial general hospital) — Tier-2 reference customer for MoH channel
10. CMC University / FPT University clinic — hybrid academic-clinical customer

**Acquisition motion:**
- Y2 Q3–Y3: Founder + operator-CEO direct outreach; anchor-network co-launch
- Y3+: Dedicated commercial AE; MoH-channel BD lead for public-hospital sales
- Channel: Insurance company partnerships (Bao Viet, PVI, AIA Vietnam — for insurance-integration product); MoH provincial DoH relationships

**Pricing:**
- Clinic management: $50–500/month per clinic (per-doctor pricing tier)
- Hospital OS: $30K–500K/year per hospital + setup fees
- Pharmacy network: $100–500/outlet/month + transaction fees on insurance billing
- Internal portfolio billing: cost-plus 5%

**Customer wedge gate (D18):** Hospital-network anchor LOI + 2 private-clinic networks committed + Series Seed term sheet.

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## Capital and Cap Table

**Y2 launch capital:** $4–6M total

- Founder direct: $300K
- Series Seed: $2–3M at ~$10–15M post-money
- Hospital-network anchor strategic equity: $1–2M (~10–15% stake)

**Cap table:**

| Stakeholder | % | Notes |
|---|---|---|
| TS Holdings | 55% | Founder-shareholder variant |
| Hospital-network anchor | 10–15% | Strategic equity + customer commitment |
| Operator-CEO + technical co-founder + key team | 18% | CEO 12%, CTO 4%, key team 2% |
| ESOP | 12% | |
| External Vietnamese VC | 5–10% | |

**Capital trajectory:**
- Y2: $4–6M launched
- Y3: $5–8M Series A
- Y5: $10–15M Series B
- Y8: potential cross-border (TS Indonesia health expansion)

**Capital gate:** Anchor LOI + Series Seed term sheet + founder direct.

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## Operator-CEO Profile

**Required:**
- 10+ years healthcare-tech leadership (Vietnamese context)
- Healthcare domain credibility (clinical, hospital operations, or pharmacy chain leadership) + software product capability
- Vietnamese national; hospital + MoH network depth
- Comfortable with regulatory complexity

**Sourcing channels:**
- **Vinmec senior IT / digital transformation leaders** with broader-than-Vingroup ambition
- **Hoan My, Tâm Anh, FV Hospital senior operations executives** with tech curiosity
- **MoH former officials** turning to private sector (rare but high-impact)
- **Returnees from healthcare-tech** (Epic, Cerner, athenahealth, Doctolib regional with Vietnamese background)
- **FPT Healthcare division senior** ready for non-corporate scale
- **Medical professional turned tech operator** (physician-CTO pattern; rare in Vietnam but possible via diaspora)

**Compensation:** Founder-shareholder variant. CEO 12% + cash $100–140K. CTO 4% + $80–110K.

**CEO gate:** Named candidate identified by Y1 Q4. CIR engagement Y2 Q1. Offer signed Y2 Q2.

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## Founding Team

| Role | When |
|---|---|
| Operator-CEO | Y2 Q2 |
| CTO / Co-founder | Y2 Q2 |
| Clinical Lead / CMO (advisor or FT) | Y2 Q3 |
| Senior Engineers × 3–4 (EMR + integrations) | Y2 Q3 |
| Implementation / Customer Success Lead | Y2 Q3 |
| Sales BD Lead | Y2 Q4 |
| Compliance Officer (PDPD healthcare data) | Y2 Q3 |

**Headcount:** Y2 end: 8–12 · Y3: 25–40 · Y5: 80–120 · Y8: 200–300.

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## Product / Tech Strategy

**MVP scope (Y2 Q4):**
- Clinic management v1 (EMR-light, appointment, billing)
- Pharmacy network v1 (with Long Châu or comparable anchor)
- Insurance integration (Bao Viet first; basic billing)

**Wave 2 (Y3):**
- Full Hospital OS v1 (with anchor network hospital)
- TS National AI integration for diagnostic-augmentation (Tier-1 routing for sensitive medical data — anonymized clinical decision support)
- TS Pay integration for patient payments
- Lab + radiology integration

**Build vs license:**
- EMR core: build (Vietnamese-specific clinical workflows)
- Pharmacy product: integrate with KiotViet for shared POS customers (some pharmacies use KiotViet, integrate not replace)
- AI: TS National AI partnership (Y3 Q4+)
- Cloud: TS Data Services Commercial (Y3+); some sensitive workloads to TS Data Services Gov-Cloud (Y4)

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## Go-to-Market

- Y2 Q3–Q4: Anchor hospital co-launch; founder + operator-CEO direct outreach to top 10 private healthcare networks
- Y3+: Dedicated AE; MoH-channel BD; insurance partnerships
- Channel: Insurance companies; pharmaceutical distributors (cross-referral); CMC University / FPT University academic-clinical channels

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## Milestones

| Horizon | Target |
|---|---|
| Pre-launch (Y2 Q1–Q2) | Anchor LOI + Series Seed term sheet + CEO + CTO signed |
| Y2 Q3 (launch) | Clinic management v1 + 5 clinic customers |
| Y2 Q4 | $30K MRR; pharmacy v1 + anchor pharmacy customer |
| Y3 Q2 | Hospital OS v1 with anchor hospital; $100K MRR |
| Y3 Q4 | TS National AI integration; first MoH public hospital pilot |
| Y4 Q4 | Series A; $400K MRR; 3+ hospital customers |
| Y5+ | Cross-border TS Indonesia healthcare expansion candidate |

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## Top Risks

1. **Healthcare sales cycle length** (often 12–18 months for hospital deals) — gates revenue ramp. Mitigation: pharmacy + clinic-network customers have shorter cycles (3–6 months) to bridge.
2. **Vietnamese clinical workflow specificity** — EMR builds for Vietnam are highly localized. Mitigation: Clinical Lead / CMO advisor from Day 1; iterate with anchor partner.
3. **PDPD + healthcare-data regulations** — sensitive personal data + Decree 13 + sector-specific MoH requirements. Mitigation: Compliance Officer Y2 Q3; healthcare-data legal counsel.
4. **Vinmec internal-systems competition** — Vinmec could open their systems commercially. Mitigation: Vinmec is unlikely to open systems (captive value); TS Health targets non-Vingroup ecosystem.

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## Cross-portfolio synergies

| Internal | Direction |
|---|---|
| TS People | Hospital staff HRIS (cross-sell to all TS Health customers) |
| TS Pay (Y3+) | Patient payment + insurance reimbursement workflow |
| TS National AI (Y3 Q4+) | Diagnostic-augmentation AI for sensitive workloads (Tier-1 routing) |
| TS Intel (Y2 Q4+) | Commercial AI for non-sensitive medical-tech (e.g., appointment-scheduling AI) |
| TS Data Services Commercial (Y3+) | Cloud infrastructure |
| TS Data Services Gov-Cloud (Y4+) | Sensitive medical data hosting where required |
| TS Field (Y4+) | Hospital IoT (HVAC, occupancy, asset tracking), lab automation integration |
| Mira (Y1) | Pharmacy chain operations cross-sell |

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## Tier-2 requirements

- Vietnamese-citizen Người đại diện
- D&O insurance Vietnamese carrier
- Independent Compliance Officer (PDPD healthcare data critical)
- Banking Tier-2
- PDPD compliance — patient data is highly sensitive
- Document retention per Vietnamese healthcare regulations (years)
- Anti-corruption training when public hospital customers material
- State-secret exposure: low (some national-health-program data could trigger but typically not at TS Health scale)

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## Exit scenarios

| Scenario | Probability | Outcome | Timeline |
|---|---|---|---|
| Strategic sale to international healthcare-tech (Doctolib, athenahealth regional) | 15–20% | $100–300M | Y5–Y7 |
| Strategic sale to Vietnamese conglomerate (Vingroup expanding Vinmec via M&A, FPT health, Sun Group hospitals) | 15–20% | $80–250M | Y5–Y7 |
| Carve-out IPO (HOSE/HNX) | 5–10% | $200–500M | Y7+ |
| Sustained portfolio entity | 30–40% | $5–15M ARR | Y4+ |
| Stall | 15–25% | Sub-scale | Y4–Y6 |
| Fail | 5–10% | Wind-down | Y3–Y4 |

**5-year target (75th):** $40–100M
**8-year target (75th):** $150–350M

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## Dependencies and gating

- Hospital-network anchor LOI signed
- 2+ private-clinic network commitments
- Series Seed term sheet
- CEO + CTO + Clinical Lead committed

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## Related documents

- [../aggressive-8-year-growth-plan.md](../aggressive-8-year-growth-plan.md)
- [../operator-ceo-recruiting.md](../operator-ceo-recruiting.md)
- [../government-customer-compliance.md](../government-customer-compliance.md) — Tier 2
- [ts-national-ai.md](ts-national-ai.md) — Y3 Q4+ diagnostic-AI partner
- [ts-intel.md](ts-intel.md) — Y2 Q4+ commercial AI
- [../../notes/decisions.md](../../notes/decisions.md) — D1, D3, D5, D17, D18, D23