Joyce Socao, Managing Director & CEO, Digihealth Specialists, INC. Executive Director (Philippines) , Fischer Medical Ventures, President & CEO, Healthcore
We often come across inefficiencies and problems everywhere in our daily lives. But how many of us pick up those concerns as our responsibility and take action? When Joyce Socao was introduced to the healthcare system of the Philippines as a result of an unfortunate event, she began to contemplate the possibility of her involving in the healthcare industry and bring change from within. Since then, she has been very successful in improving the primary healthcare system of the Philippines through many initiatives involving disruptive technologies. She bears different responsibilities as the CEO of Digihealth Specialists, as well as the Managing Director and CEO of Time Medical Systems (ASEAN Region) and the President and CEO of Healthcore. But what is common in all these is her passion to bring about a cost-effective, safe, and accessible healthcare system in the Philippines, especially to the disadvantaged groups of society. “With a motto ‘Profit with Purpose’, we are driven by our commitment to help the most disadvantaged class of our society i.e. reaching out to geographically isolated and disadvantaged areas (GIDA), and community health workers,” says Joyce.
With a mission to provide Filipino patients with affordable quality healthcare, Digihealth Specialists leverages innovative technologies to deliver meaningful impact for the public. One example is Digihealth ATM which allows patients to instantly get their vital health metrics such as BMI, blood sugar, blood pressure, temperature, and lipid profile. This system improves accessibility and speed while providing a high-quality patient experience. The results are printed out or sent via WhatsApp a few minutes after the tests, proving that basic health check-ups can be done accurately and easily through advanced technology. At its core, Digihealth is focused on providing value-based, patient-centered quality health services that are ethical, safe, reliable, and accessible to all at affordable cost.
Similarly, Time Medical Systems is an innovator in the medical diagnostic imaging industry that aims to bring advanced, accessible, and affordable imaging for global healthcare needs. By leveraging disruptive technologies, Time Medical has developed some of the most advanced medical imaging systems, including MRI, DR, and CT. Among the over hundred patented software and systems, Time Medical designed NEONA, the world’s first neonatal MRI which is lightweight, compact and requires no quench pipe for easy installation in Neonatal Intensive Care Units. This significantly improves the speed and safety in infant imaging and diagnosis.
Through her leadership role in multiple ventures within medical technology and by partnering with government agencies, Joyce has made important contributions that strengthen the overall healthcare system of the Philippines. She continues to do so with the same vigor, passion, and care as when she first entered the industry.
Taking Setback as Springboard for Future Success
Joyce’s success story in healthcare is not that of a childhood dream coming true. Rather it is a story of uncertainty and unfortunate events that culminated into a success story that is beyond her.
Growing up, Joyce never thought of herself to be an entrepreneur working in healthcare. With a dream to develop a small resort in her father’s hometown, Catanduanes, she pursued B.S. Tourism at the University of Santo Tomas where she finished with flying colors as Batch Valedictorian, Cum Laude, and Most Outstanding Student of their college. Her first job was working at a luxury hotel in El Nido.
Again a turn of events took place after 12 years in investment banking when her father unfortunately suffered a severe stroke that put him bedridden for 10 years. She left the lucrative job to take care of her father. Here she observed the inefficiencies and the areas of improvement in the healthcare system of the Philippines. This was the beginning of her journey in healthcare where she decided to take action. “It opened my eyes to the healthcare industry and I got immersed into it; I never left it since then,” she recalls. “It was in those sleepless nights that I started putting together the concept of medical tourism for the Philippines where hospitals, clinics, and wellness services are packaged in promoting the Philippines as a medical tourism destination,” says Joyce reflecting on her initial journey in healthcare.
Navigating the Intricate Nature of Healthcare
While the analytics skills and knowledge gained from the investment industry came in handy in making a strategic business plan, healthcare demands much more than brut intellect and analytics. Compassion, empathy, and the ability to look at problems from others’ perspectives are crucial. Reflecting on the initial challenges, “It was through the eyes of the patients that I was able to see the gaps and problems in our medical practice and the areas that need improvement,” says Joyce. “As a business analyst, I saw those gaps as opportunities to learn from and provide solutions in a very practical manner,” she adds.
Right from the start, her priority was first addressing the common everyday issues and inefficiencies within the industry that are often overlooked rather than bringing sophisticated solutions. When asked about the biggest impact one could make in healthcare, Joyce says, “In healthcare, it is important to keep yourself grounded in solving the real problems and issues. From there, look for solutions, which most of the times do not really require expensive technology, but an improvement in the processes.” She also acknowledges that her exposure to the ills of the industry as a patient and later as a caregiver to her father along with her experience as a quality auditor and consultant for international accreditation bodies gave her the opportunity to gain an in-depth understanding of the problems in healthcare service delivery.
No Substitute for Hardwork, Diligence, Integrity, and Foresight
In great leadership, we observe the fusion of an authentic person and a professional leader, which is something not easily achieved. There is a tendency among leaders to build a public persona in a way that conceals the real person behind it. But Joyce seems to have found the right balance that radiates authenticity while being an effective leader.
To be an effective leader, Joyce strongly believes in having a good work ethic. When asked about the leadership qualities that she valued the most, she answered firmly by saying, “There is no substitute for hardwork, diligence, integrity, and foresight.” She adds, “A leader should see the entire picture, always looking at the broader horizon, the forest and not just the trees in order to steer the organization towards the right direction. As leaders, we set the pace and must be ready to adapt to the daily demands of the job and be decisive in acting on them.”
Considering the fast-changing nature of today’s global business driven by technology, she also stresses the importance of a leader who is updated on global happenings as growth cannot happen with just a single market, especially if it involves advanced technology.
But above all, integrity is what she considers as the most valuable trait which she defines as reliability and consistency in the application of one’s moral and ethical principles.
On the subject of balancing personal life and professional life, she says, “I manage my busy days by working on the big and important tasks immediately. I don’t sit on them. I act upon them instantly, delegate as much as I can to the right people, and oversee that they are done. Once those are out of my way, I get some relaxed time for myself.” For her, relaxation time includes a cup of coffee by herself in a quaint restaurant, a good spa, dinner with friends and family, and spontaneous trips which she enjoys a lot. This well-balanced life has enabled her to carry out her responsibilities in the most efficient manner.
It Makes Perfect Sense in Hindsight
Although hardwork, discipline, and personal efforts are keys to success, calling it a self-made success story would be incomplete. We are influenced by people who came into our lives that taught us lessons in different ways which contributed to our hero’s journey. Mentorship from people who have her best interest is something Joyce speaks of fondly: “I cannot take credit that I know everything. I am fortunate that I have mentors who guide me in my decisions. I take enlightenment and guidance from our group Chairman, Ravindran Govindan, the real hardcore entrepreneur who is my inspiration, and former Governor, Roberto Pagdanganan, whose exceptional skills and wisdom I consider invaluable.” She gives special credit for her success to these incredible individuals along with the Board of Directors who have been her trusted supporters.
Looking ahead, Joyce remains committed to the mission of providing advanced technology solutions that are affordable and accessible to all. “We want to make sure that the technology systems that we developed and worked hard for will be useful to as many people around the world. We are a company that cares and understands that profit comes when you have a purpose,” says Joyce.
With multiple ventures and extensive leadership experience, one would think her success story is that of boldness and intelligence. While that is true, the deeper version of it would be a life driven by intuition, care for others, and willingness to embrace challenges. If there is one thing that we can learn from Joyce’s story, it would be this: Lean on to faith, hardwork, perseverance, and integrity during the difficult and uncertain periods of your life. When you look forward, it may not make sense, but it will make perfect sense when you look back.