Tips to jumpstart your telemedicine program for addictionVSee
To carry on the discussion in real life, join us at Telehealth and Secrets to Success Conference, Sept 20-22, Silicon Valley:
https://goo.gl/95zHZG
For more information of the webinar such as recording and transcript, please visit:
https://vsee.com/blog/tips-jumpstart-telemedicine-program-addiction/
For other webinars:
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US Goverment Accountability Office Telehealth reportVSee
This document summarizes a Government Accountability Office report on telehealth and remote patient monitoring use in Medicare and selected federal programs. It finds that while telehealth and remote patient monitoring have potential to improve care, low utilization exists in Medicare due to coverage and payment barriers. Emerging payment models may expand use by addressing restrictions. The report also describes oversight of Medicare telehealth payments and factors affecting use cited by provider, patient, and payer associations.
The high rates of non-communicable diseases combined with large expatriate populations leads GCC countries to use different strategies to control healthcare expenditure among which is the PPP solution. This presentation highlights the formula for PPP success based on international cases.
The document summarizes a presentation about upcoming changes in the UAE healthcare system. It notes that there will be a "tsunami of change" with new competition, delivery models like telemedicine, and efforts to control costs like promoting generic drugs and consolidating insurers and providers. It also highlights issues like an oversupply of facilities, incentives for unnecessary diagnostics, high use of expensive branded drugs, a growing burden of chronic diseases, and the need for the insurance market and funding models to evolve to focus on quality and preferred partners.
Opportunity analysis of life science tools market in India - A srinivas sash...Srinivas Sashidhar
An analysis of the life science tools market in India and the market opportunity.
Please note this is a proprietary research on my views in a series of srinivas sashidhar's healthcare instinct. Your views and comments are welcome.
I am also open to individual assignments on market consulting in healthcare related markets.
You can follow my blog at https://kchsashi.blogspot.com/
Iggbo is proposing an on-demand network of healthcare professionals to help close gaps in care identified by HEDIS measures. Their solution would allow payers to outsource closing gaps to Iggbo at a lower cost than other disease management vendors. A pilot with a Medicaid plan showed promising results, with Iggbo helping close 20% of gaps in 2 weeks and driving a projected 15% increase in the plan's HEDIS rating. Iggbo estimates their solution could help plans realize over $49 million in profits annually from increased HEDIS reimbursements compared to implementation and operational costs of around $35 million.
How value based care is changing telehealth payment modelsVSee
The document summarizes telehealth reimbursement policies across different payers including Medicaid, Medicare, and private insurers. It provides statistics on how many states reimburse for different telehealth services through Medicaid and cover telehealth for state employees. The document also discusses Medicare reimbursement guidelines and initiatives to expand coverage. Additional sections cover the Medicare Quality Payment Program and various payment models being tested through the CMS Innovation Center. Private insurance telehealth policies and potential telehealth revenue models are also addressed.
Tips to jumpstart your telemedicine program for addictionVSee
To carry on the discussion in real life, join us at Telehealth and Secrets to Success Conference, Sept 20-22, Silicon Valley:
https://goo.gl/95zHZG
For more information of the webinar such as recording and transcript, please visit:
https://vsee.com/blog/tips-jumpstart-telemedicine-program-addiction/
For other webinars:
https://vsee.com/webinars/
Or join our Linkedin Group: https://www.linkedin.com/groups/Telehealth-Failures-Secrets-Success-13500037/about
Or Join our Facebook Group:
https://www.facebook.com/groups/tfssgroup/?ref=group_cover
US Goverment Accountability Office Telehealth reportVSee
This document summarizes a Government Accountability Office report on telehealth and remote patient monitoring use in Medicare and selected federal programs. It finds that while telehealth and remote patient monitoring have potential to improve care, low utilization exists in Medicare due to coverage and payment barriers. Emerging payment models may expand use by addressing restrictions. The report also describes oversight of Medicare telehealth payments and factors affecting use cited by provider, patient, and payer associations.
The high rates of non-communicable diseases combined with large expatriate populations leads GCC countries to use different strategies to control healthcare expenditure among which is the PPP solution. This presentation highlights the formula for PPP success based on international cases.
The document summarizes a presentation about upcoming changes in the UAE healthcare system. It notes that there will be a "tsunami of change" with new competition, delivery models like telemedicine, and efforts to control costs like promoting generic drugs and consolidating insurers and providers. It also highlights issues like an oversupply of facilities, incentives for unnecessary diagnostics, high use of expensive branded drugs, a growing burden of chronic diseases, and the need for the insurance market and funding models to evolve to focus on quality and preferred partners.
Opportunity analysis of life science tools market in India - A srinivas sash...Srinivas Sashidhar
An analysis of the life science tools market in India and the market opportunity.
Please note this is a proprietary research on my views in a series of srinivas sashidhar's healthcare instinct. Your views and comments are welcome.
I am also open to individual assignments on market consulting in healthcare related markets.
You can follow my blog at https://kchsashi.blogspot.com/
Iggbo is proposing an on-demand network of healthcare professionals to help close gaps in care identified by HEDIS measures. Their solution would allow payers to outsource closing gaps to Iggbo at a lower cost than other disease management vendors. A pilot with a Medicaid plan showed promising results, with Iggbo helping close 20% of gaps in 2 weeks and driving a projected 15% increase in the plan's HEDIS rating. Iggbo estimates their solution could help plans realize over $49 million in profits annually from increased HEDIS reimbursements compared to implementation and operational costs of around $35 million.
How value based care is changing telehealth payment modelsVSee
The document summarizes telehealth reimbursement policies across different payers including Medicaid, Medicare, and private insurers. It provides statistics on how many states reimburse for different telehealth services through Medicaid and cover telehealth for state employees. The document also discusses Medicare reimbursement guidelines and initiatives to expand coverage. Additional sections cover the Medicare Quality Payment Program and various payment models being tested through the CMS Innovation Center. Private insurance telehealth policies and potential telehealth revenue models are also addressed.
MACRA, MIPS, & APMs: Considerations for 2018 and BeyondPYA, P.C.
Providing an overview of QPP’s second performance year finalized in the 2018 Centers for Medicare & Medicaid Services’ QPP and Medicare Physician Fee Schedule, this presentation highlights changes from last year’s program requirements, identifies key areas of immediate focus relevant to financial risks and outcomes, and provides insights into 2019 planning.
PharmAsia Summit2013 report "In search of new growth models for Big Pharma in...Franck Le Deu
The pharmaceutical market in China continues to grow rapidly, projected to reach $1.9 trillion by 2020. Key drivers of growth include an aging population, rising rates of chronic diseases due to lifestyle changes, and improved healthcare access and insurance coverage. While China represents a major opportunity, multinational companies face challenges from increasing cost containment pressures, regulatory hurdles, and a recent anti-corruption probe. To succeed, companies will need new business models that address these realities.
Top 5 Telemedicine Regulatory Hurdles To OvercomeVSee
For more information please visit: https://vsee.com/blog/top-5-telemedicine-regulatory-hurdles-to-overcome/
For other webinars:
https://vsee.com/webinars/
Or join our Linkedin Group: https://www.linkedin.com/groups/Telehealth-Failures-Secrets-Success-13500037/about
Or Join our Facebook Group:
https://www.facebook.com/groups/tfssgroup/?ref=group_cover
Since the launch of the Marketplaces and Medicaid expansion, one out of every 20 Americans has been added to the Medicaid roll. More than 51 million Americans receive physical health benefits from a private Medicaid health plan (or 70% of all beneficiaries) and as of Q3 2015, 41 states had some form of private managed Medicaid. Along with the rapid expansion of Medicaid, comes the push for managed care plans to adopt value-based care approaches that tie provider reimbursement to quality measures and better outcomes. This presentation gives physicians crucial details about Medicaid and CHIP Managed Care Proposed Rule CMS 2390-P, and the five factors for value-based payment success in the era of Managed Medicaid.”
Oncology Global Strategic Marketing Report SummaryBest Practices
Global Strategic Marketing (GSM) organizations in oncology are involved in many of the key activities related to a successful launch. GSM groups face many challenges in properly aligning their staffing with the roles and activities of the group. Different launch activities require varying levels of resources and organizations structure themselves in different ways to adeptly handle these demands. The study, which concentrates on the oncology therapeutic area, provides staffing benchmarks for different GSM roles across the company. In addition, the study presents the structure of GSM groups and identifies GSM leadership role for key launch activities. Executives can use this study to compare their Oncology-GSM staffing and services levels with industry averages.
Best Practices ®, LLC undertook this research to highlight approaches to staffing Oncology-GSM departments to ensure successful product launch. This study can be used by marketing and launch leaders to confirm they are staffing appropriately to adequately support GSM functions and different activity areas.
Epstein Becker & Green, P.C., is a national law firm with a primary focus on health care and life sciences; employment, labor, and workforce management; and litigation and business disputes. Founded in 1973 as an industry-focused firm, Epstein Becker Green has decades of experience serving clients in health care, financial services, retail, hospitality, and technology, among other industries, representing entities from startups to Fortune 100 companies. Operating in locations throughout the United States and supporting domestic and multinational clients, the firm’s attorneys are committed to uncompromising client service and legal excellence.
Achieving population health management through more coordinated care is becoming essential as healthcare organizations move away from fee-for-service models and begin operating in the new value-based care environment. One path to succeeding in this new environment and achieving more coordinated care is through formation of a clinically integrated network.
Yale New Haven Health System (YNHHS), a nonprofit academic medical center, is following a seven-phase plan to achieve a regional, clinically integrated network with the ultimate goal of population health management.
On March 16, 2016, President of Value-Based Care, Megan North and Amanda Skinner, Executive Director of Clinical Integration and Population Health for Yale New Haven Health System (YNHHS), co-presented at the 2016 American College of Healthcare Executives’ Annual Congress on Healthcare Leadership (ACHE Congress). North and Skinner shared “A Step-by-Step Approach to A Clinically Integrated Network,” to provide insights into each step of the clinical integration road map.
The document discusses regional extension centers (RECs), electronic health records (EHRs), and meaningful use. It notes that RECs were established to help healthcare providers adopt EHRs and achieve meaningful use through technical assistance. RECs work to enroll over 100,000 priority primary care providers by 2012. The document also provides an overview of meaningful use criteria and incentives for Medicare and Medicaid providers that successfully adopt and utilize EHRs.
The document proposes solutions to address India's high disease burden and issues with access to affordable healthcare. It suggests opening 5000 new primary health centers in rural India, setting up generic drug stores, and implementing technology like electronic data interchange. This would help increase access to healthcare, lower costs through generic drugs, and improve monitoring. The solution aims to benefit 75% of the Indian population and reduce poverty due to health costs. Key challenges include funding, technological limitations, and gaining public support for taxes to fund the system.
The document summarizes the top 10 health industry issues for 2015 according to PwC's Health Research Institute. The issues include the rise of do-it-yourself healthcare using mobile apps and devices, balancing privacy and convenience with health data on mobile platforms, innovative ways to reduce costs for high-need patients, value-based payment models, expanding roles for physician assistants and nurses, and the need for partnerships and collaboration across the healthcare industry.
On May 23, Conifer Health Solutions hosted a lecture at the ACHE Fellows Seminar in San Antonio, TX. The lecture, “Planning for Success with Clinical Integration,” focused on the steps associated with building a clinically integrated network; the power of strategic alignment with partners in the care community; and sustainable governance and incentive structures for the clinically integrated network.
This survey found that most organizations expect health care costs to increase in 2014 due to the Affordable Care Act. Specifically, 84% of organizations expect costs to rise, with over half anticipating a 1-10% increase. Most organizations plan to pass these increased costs onto employees. The survey also found that more organizations will offer coverage to part-time employees and reduce the minimum work hours to qualify for coverage in 2014. Finally, effective communication strategies will be important to explain 2014 benefit changes to newly eligible employees.
Marketing Oncology: Service Line StrategiesRenown Health
The document provides an agenda and materials for a webinar on marketing strategies for oncology service lines. It includes discussions on market segmentation, targeting, and positioning for oncology services. Case studies are presented on how Baystate Health launched a free-standing cancer center to improve coordination of services and the patient experience across all touchpoints.
This document provides an overview of national and local health information exchange (HIE) initiatives. It begins with learning objectives about differentiating national HIE efforts, current HIE adoption levels, and drivers, challenges, and trends of HIE. The document then discusses the various "apples and oranges" of HIE collaborations, trusts, and exchanges. Facts and figures about national and Massachusetts HIE participation and use are presented. Finally, the document outlines drivers, challenges, and emerging trends of HIE and describes examples of regional HIEs in Massachusetts.
The Center for Medicare and Medicaid Innovation released a Request for Information (RFI) in late 2013 entitled the “Evolution of ACO Initiatives at CMS.” These are the second of two batches of responses received by the Center for Medicare and Medicaid Innovation to the RFI.
- - -
CMS Innovation Center
http://innovation.cms.gov
We accept comments in the spirit of our comment policy:
http://newmedia.hhs.gov/standards/comment_policy.html
CMS Privacy Policy
http://cms.gov/About-CMS/Agency-Information/Aboutwebsite/Privacy-Policy.html
Wharton Undergraduate Healthcare Conference- Merck Revenue Growth PlanKazim Ali
As a team we worked to create a strategic plan to allow Merck to grow its revenue over time. We considered a number of strategic options and completed a situation analysis of the options available. We presented our findings to a panel of judges from Accenture & University of Pennsylvania. This project involved strategic planning, timeline development, financial analysis, and a competitive analysis.
The document provides an overview of the Indian diagnostics market and options for players to enter the market. It notes that diagnostics is an important part of healthcare by enabling early detection and improved treatment. The global diagnostics market is projected to be $28.6 billion in 2005, driven largely by hospital testing. The Indian diagnostics market is estimated at Rs. 10 billion and is growing at 15% annually, led by clinical chemistry, hematology, immunoassays, and urinalysis testing. The market is served by private and public laboratories and hospitals. Major opportunities exist in clinical chemistry reagents, nephlometry, microbiology, and immunoassay products and services.
The ET3 Model team hosted a tutorial webinar on Thursday, August 8th, 2019 from 12:00 p.m.-1:30 p.m. EDT, to provide an overview of the Application Portal. During the session, the ET3 Model team reviewed key functionality of the Portal as well as provided guidance and tips for ambulance suppliers and providers to submit a complete application to participate in the Model. The webinar also provided an opportunity for Q & A with the ET3 Model team.
- - -
CMS Innovation Center
http://innovation.cms.gov
We accept comments in the spirit of our comment policy:
http://newmedia.hhs.gov/standards/comment_policy.html
CMS Privacy Policy
http://cms.gov/About-CMS/Agency-Information/Aboutwebsite/Privacy-Policy.html
El 22 de junio de 2015, el Catedrático de Economía de la Salud de la Universidad de Berkeley-California, Richard Scheffler, impartió en la Fundación Ramón Areces la conferencia: 'La financiación de la integración de servicios y el pago según calidad en la asistencia sanitaria', en colaboración con la Universidad Carlos III. Durante su intervención, ofreció previsiones sobre gasto sanitario en las próximas dos décadas en España.
The Maternal Opioid Misuse (MOM) Model team presented a notice of funding opportunity and application review webinar on Thursday, February 21 from 2:00 p.m. to 3:15 p.m. EST.
- - -
CMS Innovation Center
http://innovation.cms.gov
We accept comments in the spirit of our comment policy:
http://newmedia.hhs.gov/standards/comment_policy.html
CMS Privacy Policy
http://cms.gov/About-CMS/Agency-Information/Aboutwebsite/Privacy-Policy.html
This document provides information on ICICI Bank and its subsidiaries. It states that ICICI Bank is a leading private sector bank in India that was incorporated in 1994. It later merged with ICICI, a non-banking financial institution, and two of its subsidiaries. The document lists and provides brief descriptions of ICICI Bank's 17 subsidiaries, including companies related to insurance, investment management, securities, and personal finance.
Financial Statment Analysis of Icici BankAnil Nandyala
This document provides an analysis of the financial statements of ICICI Bank for the years 2010 and 2011. It summarizes the bank's timeline since 1994. It outlines key points from the Board of Directors' report such as changes in interest rates and loans. It describes significant accounting policies and analyzes ratios related to liquidity, profits, operations, and performance compared to other banks. It also tracks some announcements that impacted the bank's stock price.
MACRA, MIPS, & APMs: Considerations for 2018 and BeyondPYA, P.C.
Providing an overview of QPP’s second performance year finalized in the 2018 Centers for Medicare & Medicaid Services’ QPP and Medicare Physician Fee Schedule, this presentation highlights changes from last year’s program requirements, identifies key areas of immediate focus relevant to financial risks and outcomes, and provides insights into 2019 planning.
PharmAsia Summit2013 report "In search of new growth models for Big Pharma in...Franck Le Deu
The pharmaceutical market in China continues to grow rapidly, projected to reach $1.9 trillion by 2020. Key drivers of growth include an aging population, rising rates of chronic diseases due to lifestyle changes, and improved healthcare access and insurance coverage. While China represents a major opportunity, multinational companies face challenges from increasing cost containment pressures, regulatory hurdles, and a recent anti-corruption probe. To succeed, companies will need new business models that address these realities.
Top 5 Telemedicine Regulatory Hurdles To OvercomeVSee
For more information please visit: https://vsee.com/blog/top-5-telemedicine-regulatory-hurdles-to-overcome/
For other webinars:
https://vsee.com/webinars/
Or join our Linkedin Group: https://www.linkedin.com/groups/Telehealth-Failures-Secrets-Success-13500037/about
Or Join our Facebook Group:
https://www.facebook.com/groups/tfssgroup/?ref=group_cover
Since the launch of the Marketplaces and Medicaid expansion, one out of every 20 Americans has been added to the Medicaid roll. More than 51 million Americans receive physical health benefits from a private Medicaid health plan (or 70% of all beneficiaries) and as of Q3 2015, 41 states had some form of private managed Medicaid. Along with the rapid expansion of Medicaid, comes the push for managed care plans to adopt value-based care approaches that tie provider reimbursement to quality measures and better outcomes. This presentation gives physicians crucial details about Medicaid and CHIP Managed Care Proposed Rule CMS 2390-P, and the five factors for value-based payment success in the era of Managed Medicaid.”
Oncology Global Strategic Marketing Report SummaryBest Practices
Global Strategic Marketing (GSM) organizations in oncology are involved in many of the key activities related to a successful launch. GSM groups face many challenges in properly aligning their staffing with the roles and activities of the group. Different launch activities require varying levels of resources and organizations structure themselves in different ways to adeptly handle these demands. The study, which concentrates on the oncology therapeutic area, provides staffing benchmarks for different GSM roles across the company. In addition, the study presents the structure of GSM groups and identifies GSM leadership role for key launch activities. Executives can use this study to compare their Oncology-GSM staffing and services levels with industry averages.
Best Practices ®, LLC undertook this research to highlight approaches to staffing Oncology-GSM departments to ensure successful product launch. This study can be used by marketing and launch leaders to confirm they are staffing appropriately to adequately support GSM functions and different activity areas.
Epstein Becker & Green, P.C., is a national law firm with a primary focus on health care and life sciences; employment, labor, and workforce management; and litigation and business disputes. Founded in 1973 as an industry-focused firm, Epstein Becker Green has decades of experience serving clients in health care, financial services, retail, hospitality, and technology, among other industries, representing entities from startups to Fortune 100 companies. Operating in locations throughout the United States and supporting domestic and multinational clients, the firm’s attorneys are committed to uncompromising client service and legal excellence.
Achieving population health management through more coordinated care is becoming essential as healthcare organizations move away from fee-for-service models and begin operating in the new value-based care environment. One path to succeeding in this new environment and achieving more coordinated care is through formation of a clinically integrated network.
Yale New Haven Health System (YNHHS), a nonprofit academic medical center, is following a seven-phase plan to achieve a regional, clinically integrated network with the ultimate goal of population health management.
On March 16, 2016, President of Value-Based Care, Megan North and Amanda Skinner, Executive Director of Clinical Integration and Population Health for Yale New Haven Health System (YNHHS), co-presented at the 2016 American College of Healthcare Executives’ Annual Congress on Healthcare Leadership (ACHE Congress). North and Skinner shared “A Step-by-Step Approach to A Clinically Integrated Network,” to provide insights into each step of the clinical integration road map.
The document discusses regional extension centers (RECs), electronic health records (EHRs), and meaningful use. It notes that RECs were established to help healthcare providers adopt EHRs and achieve meaningful use through technical assistance. RECs work to enroll over 100,000 priority primary care providers by 2012. The document also provides an overview of meaningful use criteria and incentives for Medicare and Medicaid providers that successfully adopt and utilize EHRs.
The document proposes solutions to address India's high disease burden and issues with access to affordable healthcare. It suggests opening 5000 new primary health centers in rural India, setting up generic drug stores, and implementing technology like electronic data interchange. This would help increase access to healthcare, lower costs through generic drugs, and improve monitoring. The solution aims to benefit 75% of the Indian population and reduce poverty due to health costs. Key challenges include funding, technological limitations, and gaining public support for taxes to fund the system.
The document summarizes the top 10 health industry issues for 2015 according to PwC's Health Research Institute. The issues include the rise of do-it-yourself healthcare using mobile apps and devices, balancing privacy and convenience with health data on mobile platforms, innovative ways to reduce costs for high-need patients, value-based payment models, expanding roles for physician assistants and nurses, and the need for partnerships and collaboration across the healthcare industry.
On May 23, Conifer Health Solutions hosted a lecture at the ACHE Fellows Seminar in San Antonio, TX. The lecture, “Planning for Success with Clinical Integration,” focused on the steps associated with building a clinically integrated network; the power of strategic alignment with partners in the care community; and sustainable governance and incentive structures for the clinically integrated network.
This survey found that most organizations expect health care costs to increase in 2014 due to the Affordable Care Act. Specifically, 84% of organizations expect costs to rise, with over half anticipating a 1-10% increase. Most organizations plan to pass these increased costs onto employees. The survey also found that more organizations will offer coverage to part-time employees and reduce the minimum work hours to qualify for coverage in 2014. Finally, effective communication strategies will be important to explain 2014 benefit changes to newly eligible employees.
Marketing Oncology: Service Line StrategiesRenown Health
The document provides an agenda and materials for a webinar on marketing strategies for oncology service lines. It includes discussions on market segmentation, targeting, and positioning for oncology services. Case studies are presented on how Baystate Health launched a free-standing cancer center to improve coordination of services and the patient experience across all touchpoints.
This document provides an overview of national and local health information exchange (HIE) initiatives. It begins with learning objectives about differentiating national HIE efforts, current HIE adoption levels, and drivers, challenges, and trends of HIE. The document then discusses the various "apples and oranges" of HIE collaborations, trusts, and exchanges. Facts and figures about national and Massachusetts HIE participation and use are presented. Finally, the document outlines drivers, challenges, and emerging trends of HIE and describes examples of regional HIEs in Massachusetts.
The Center for Medicare and Medicaid Innovation released a Request for Information (RFI) in late 2013 entitled the “Evolution of ACO Initiatives at CMS.” These are the second of two batches of responses received by the Center for Medicare and Medicaid Innovation to the RFI.
- - -
CMS Innovation Center
http://innovation.cms.gov
We accept comments in the spirit of our comment policy:
http://newmedia.hhs.gov/standards/comment_policy.html
CMS Privacy Policy
http://cms.gov/About-CMS/Agency-Information/Aboutwebsite/Privacy-Policy.html
Wharton Undergraduate Healthcare Conference- Merck Revenue Growth PlanKazim Ali
As a team we worked to create a strategic plan to allow Merck to grow its revenue over time. We considered a number of strategic options and completed a situation analysis of the options available. We presented our findings to a panel of judges from Accenture & University of Pennsylvania. This project involved strategic planning, timeline development, financial analysis, and a competitive analysis.
The document provides an overview of the Indian diagnostics market and options for players to enter the market. It notes that diagnostics is an important part of healthcare by enabling early detection and improved treatment. The global diagnostics market is projected to be $28.6 billion in 2005, driven largely by hospital testing. The Indian diagnostics market is estimated at Rs. 10 billion and is growing at 15% annually, led by clinical chemistry, hematology, immunoassays, and urinalysis testing. The market is served by private and public laboratories and hospitals. Major opportunities exist in clinical chemistry reagents, nephlometry, microbiology, and immunoassay products and services.
The ET3 Model team hosted a tutorial webinar on Thursday, August 8th, 2019 from 12:00 p.m.-1:30 p.m. EDT, to provide an overview of the Application Portal. During the session, the ET3 Model team reviewed key functionality of the Portal as well as provided guidance and tips for ambulance suppliers and providers to submit a complete application to participate in the Model. The webinar also provided an opportunity for Q & A with the ET3 Model team.
- - -
CMS Innovation Center
http://innovation.cms.gov
We accept comments in the spirit of our comment policy:
http://newmedia.hhs.gov/standards/comment_policy.html
CMS Privacy Policy
http://cms.gov/About-CMS/Agency-Information/Aboutwebsite/Privacy-Policy.html
El 22 de junio de 2015, el Catedrático de Economía de la Salud de la Universidad de Berkeley-California, Richard Scheffler, impartió en la Fundación Ramón Areces la conferencia: 'La financiación de la integración de servicios y el pago según calidad en la asistencia sanitaria', en colaboración con la Universidad Carlos III. Durante su intervención, ofreció previsiones sobre gasto sanitario en las próximas dos décadas en España.
The Maternal Opioid Misuse (MOM) Model team presented a notice of funding opportunity and application review webinar on Thursday, February 21 from 2:00 p.m. to 3:15 p.m. EST.
- - -
CMS Innovation Center
http://innovation.cms.gov
We accept comments in the spirit of our comment policy:
http://newmedia.hhs.gov/standards/comment_policy.html
CMS Privacy Policy
http://cms.gov/About-CMS/Agency-Information/Aboutwebsite/Privacy-Policy.html
This document provides information on ICICI Bank and its subsidiaries. It states that ICICI Bank is a leading private sector bank in India that was incorporated in 1994. It later merged with ICICI, a non-banking financial institution, and two of its subsidiaries. The document lists and provides brief descriptions of ICICI Bank's 17 subsidiaries, including companies related to insurance, investment management, securities, and personal finance.
Financial Statment Analysis of Icici BankAnil Nandyala
This document provides an analysis of the financial statements of ICICI Bank for the years 2010 and 2011. It summarizes the bank's timeline since 1994. It outlines key points from the Board of Directors' report such as changes in interest rates and loans. It describes significant accounting policies and analyzes ratios related to liquidity, profits, operations, and performance compared to other banks. It also tracks some announcements that impacted the bank's stock price.
ICICI Bank was founded in 1955 and has since grown to become the second largest bank in India. It offers a wide range of banking and financial services through its subsidiaries, which include ICICI Prudential Life Insurance (largest private insurer), ICICI Lombard General Insurance, ICICI Securities, and ICICI Prudential Asset Management (third largest mutual fund). Over the past 5 years, ICICI Bank has significantly grown its revenues and profits. It aims to strengthen its position in India and globally through strategic initiatives focused on retail banking, cost reductions, and maintaining its brand as the number one banking brand in India.
ICICI Bank has emerged as the second largest bank in India with over $81 billion in assets and $896 million in profits. It has expanded globally with operations in 18 countries [S]. However, it primarily targets upper-income customers, missing opportunities with middle and lower-income groups [W]. It can expand its customer base by introducing more affordable services [O], but faces threats from increasing competition from other banks offering lower rates and fees [T].
Financial Statement Analysis of ICICI Bank Ltd.Bishnu Panda
The document is a presentation on the financial statement analysis of ICICI Bank Ltd submitted by Amit Kumar and Bishnu Panda to Dr. Manaswee Kumar samal. It provides an overview of ICICI Bank as the second largest bank in India by assets and analyzes its financial performance for fiscal years 2011 and 2010 through various ratios to evaluate profitability, solvency, capital adequacy, and market valuation. Key metrics like net profit, total assets, revenue, number of employees, and movement of share prices are highlighted for ICICI Bank. Different techniques of financial statement analysis including horizontal analysis, trend analysis, and ratio analysis are also described.
ICICI Bank is an Indian multinational banking and financial services company headquartered in Mumbai, India. It was founded in 1955 and has over 81,000 employees. ICICI Bank has numerous domestic and international subsidiaries operating in investment banking, life, general and health insurance, asset management, venture capital funds. It has a vision to be the bank of first choice for customers through high quality products and services while contributing positively to markets. ICICI Bank has received several awards for its operations and services.
The document provides an overview of the Indian banking industry and an analysis of ICICI Bank. It discusses the structure and segmentation of the Indian banking sector, as well as growth drivers and regulations. For ICICI Bank, the summary discusses the company's business segments, history, financial performance across segments from 2006-2010, and strategies for retail and SME banking. ICICI Bank is focusing on stabilizing underperforming segments and harnessing potential in current segments like SME lending and rural banking.
This document appears to be a presentation on ICICI Bank submitted for a strategic management project. It includes an agenda covering topics like revenue, growth, market capitalization, business model, industry analysis, financial analysis, products and services by segment, competition, strategies, and more. Charts are included analyzing ICICI Bank's revenue, market capitalization, and various profitability ratios from 2008-2011.
Market segmentation & competitive analysis of banking productsshivangi1991
Axis Bank provides various banking products and services to individuals and businesses. It offers savings accounts, current accounts, loans, credit cards, investments and insurance. The bank uses demographic and psychographic variables like location, occupation, lifestyle and income to segment its customers. The document compares Axis Bank's savings and current account features to other banks like HDFC, ICICI and Yes Bank. It finds that Axis Bank charges higher non-maintenance fees but provides more free transactions. Customer research showed that savings accounts are most popular but fees and service issues cause dissatisfaction. The document recommends Axis Bank reduce fees, improve services and launch new products to better compete.
This is about strategies of ICICI bank in Indian and global banking industry, which made ICICI bank one of the best private sector bank in India with significant presence in global cities.
ICICI Bank is India's second largest bank. It was founded in 1955 as the Industrial Credit and Investment Corporation of India to support the industrialization of India. ICICI Bank launched in 1994 and became the first Indian bank to list on the New York Stock Exchange in 2000. ICICI Bank provides a wide range of banking and financial services including retail banking, credit cards, investment banking, insurance, and private banking. It has over 800 branches across India and has expanded internationally with subsidiaries in countries like Canada, Russia, Singapore, and the United Kingdom.
The document provides information about ICICI Bank, including that it is India's second largest bank founded in 1995 as a joint venture with the World Bank. It discusses ICICI Bank's profile, top management including CEO Chanda Kochhar, network of over 8,000 ATMs and 2,752 branches, products and services, and SWOT analysis. The SWOT analysis notes ICICI Bank's strengths in being listed on the NYSE and pioneering internet banking, weaknesses in targeting only high-end customers and higher service charges, opportunities in new business areas, and threats from other improving banks.
ICICI Bank is India's second largest bank. It has over 2,500 branches and 6,425 ATMs. In the recent fiscal year, ICICI Bank saw a 28% increase in net profit though total income declined. Deposits and advances grew by 26% and 19% respectively. The bank faces competition from other major banks like HDFC, Axis, and Kotak Mahindra, but plans to expand by opening 1,500 new branches and hiring 6,000 employees in the next 4 years as well as growing its international branch network.
This document provides information about HDFC Bank, including its history, products and services, vision, mission, business strategy, segmentation and targeting approaches, capital structure, SWOT analysis, and key milestones. Some of the main points summarized are:
HDFC Bank was established in 1994 and has grown to become one of the largest private sector banks in India with over 1,700 branches. It offers a range of banking products and services including loans, deposits, investment funds, insurance, and remittances. The bank aims to be customer-driven and market leading through technology-enabled services and growth while maintaining high asset quality. However, it faces threats from competitors and was penalized for violations uncovered in an inquiry called Operation
Value chain analysis was first suggested by Michael Porter in 1995 as a way to present how value is constructed for the end customer. It can be used to increase competitiveness, reduce costs, and improve market share, ultimately improving overall profitability. Value chain analysis involves examining a firm's internal costs and processes that differentiate its products or services from competitors, as well as vertical linkages along the entire supply chain from suppliers to end customers. Firms can use value chain analysis along with frameworks like industry structure analysis, core competencies analysis, and segmentation analysis to develop strategies to enhance competitiveness.
The document is a project report on the financial analysis of ICICI Bank submitted by Gaurav Narang to HP University, Shimla in partial fulfillment of a Bachelor of Business Administration degree. It includes a certification letter signed by the project guide, Mr. Ankur Mahajan, acknowledging Gaurav Narang's work. There is also an acknowledgement section thanking various people for their assistance and support. The table of contents outlines the various chapters to be included in the analysis of ICICI Bank's financial performance.
Vision, mission, objectives, and goals provide strategic direction for an organization. A vision describes what an organization aspires to become, while a mission outlines its current purpose. Objectives specify quantifiable targets to achieve within a set timeframe. Goals are short-term milestones that support achieving long-term objectives. Together, they guide an organization and provide a framework for evaluating performance.
Vision, Mission, Goals and Objectives: What's the Difference?Johan Koren
This document discusses the key differences between a vision, mission, goals, and objectives for a school library media center. A vision describes the desired future state, a mission explains what the organization does and for whom, goals are broad outcomes, and objectives are specific and measurable targets to achieve goals. The document provides examples and steps to develop each of these components to guide the direction and strategic planning of the school library media program.
2. Sales volume
The document discusses vision, mission, objectives and goals. It defines vision as a description of something in the future that an individual or organization aspires to create. A vision statement answers what success will look like. A mission provides the foundation for developing a comprehensive mission statement. Objectives are more specific and measurable end results to be accomplished by a certain time. Objectives should be specific, have a time horizon, be flexible, attainable, and measurable. They help define the organization and coordinate decisions. The document provides examples of vision and mission statements and discusses the differences between vision and mission statements.
Value chain analysis is a tool used to identify sources of competitive advantage. It examines a firm's activities and how they interact and affect costs and performance. Michael Porter developed the value chain model which divides a firm's activities into primary and support activities. Primary activities directly involve creating and delivering a product. Support activities provide inputs for primary activities. Tata Motors' value chain includes long-term supplier contracts, efficient manufacturing processes, a large dealer network, and investments in research and development. Analyzing a firm's value chain can reveal opportunities to lower costs or differentiate products compared to competitors.
Lifecare is the country's premier full-service diagnostic center with laboratory, providing expertise in imaging and digital pathology services. Our integrated diagnostic services help doctors personalize patient care to optimally treat disease and maintain health and wellness. We are committed to providing only the highest level of testing quality and service and working with you to provide unique solutions to your most challenging needs. http://www.lifecareindia.com/
Insurance reimbursement in the oncology marketsmithjgrace
New payment models, especially for those providing oncology medical billing services, have been designed to improve the value and effectiveness of medical care. For this, the Centre of Medicare and Medicaid Innovation devised a new model called the 'Oncology Care Model.' "Under the Oncology Care Model (OCM), physician practices have entered into payment arrangements that include financial and performance accountability for episodes of care surrounding chemotherapy administration to cancer patients.
Concord Medical Services Holdings Ltd. is a leading provider of radiotherapy and diagnostic imaging services in China. It operates a nationwide network of 130 centers with 74 hospital partners in 24 provinces. The presentation highlights the company's strong growth, leading market position, and expansion strategies through network growth, new technology, and developing specialty cancer hospitals. Financial results show increasing revenue, profitability, and a solid capital structure to support continued growth.
The investor presentation discusses Cancer Genetics, Inc., a company that provides genomic testing services. It highlights the company's recent growth, including acquisitions, research collaborations, product launches, and patents. The presentation also outlines the company's targeted NGS panel pipeline for diseases like multiple myeloma, CLL, and myeloid cancers. It positions Cancer Genetics as a leader in oncology diagnostics with proprietary tests that can help guide cancer diagnosis, prognosis, and treatment selection.
The document summarizes the strategic outsourcing of clinical trials to contract research organizations (CROs) with a focus on India and China as growing markets. It discusses the reasons for outsourcing clinical trials, including rising costs and complexity. CROs provide expertise and services to sponsors at lower costs than sponsors conducting all research internally. India and China offer lower costs than Western countries and have large patient populations and clinical trial infrastructure to support outsourced research. Both countries have seen significant growth in their CRO industries in recent years.
India Cancer Diagnostics Market: Size, Share, and In-Depth Competitive Analys...Kumar Satyam
According to the TechSci Research report, “India Cancer Diagnostics Market –Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028,” the India Cancer Diagnostics Market stood at USD 571.03 billion in 2022 and is anticipated to grow with a CAGR of 7.36% in the forecast period, 2024-2028. Awareness among individuals regarding cancer diagnostics has led to favorable market conditions for the India Cancer Diagnostics market. Several factors contribute to the growth of various cancer diagnostics products, including advancements in technology, government initiatives, and increased healthcare investments.
Market Dynamics
Rising Incidence of Cancer
In 2022, the projected number of new cancer cases in India was 1,461,427, with a crude incidence rate of 100.4 per 100,000 individuals. Approximately one in nine people in India is expected to face a cancer diagnosis during their lifetime. Notably, lung cancer ranked highest among males, while breast cancer held the top spot for females. Within childhood cancers (0-14 years), lymphoid leukemia emerged as the predominant site, accounting for 29.2% in boys and 24.2% in girls. Looking ahead, an estimated 12.8% increase in cancer incidence by 2025 is expected compared to 2020.
IMERA Business Plan Sep 2023 Enterprise AI Event.pptx.pdfbrand44
IMERA.AI has developed an AI solution to analyze medical imaging like X-rays to address the shortage of radiologists. Their solution has received regulatory approval in the UK and they are working to expand to other markets. The business plan outlines their product, which can currently analyze musculoskeletal X-rays, as well as their roadmap to add new capabilities and regions over the next few years. It also details their management team, achievements, and strategy to engage customers and drive revenue.
The document summarizes several recent healthcare-related policy news items and industry developments in India:
1) A 24/7 crisis center was opened in Sikkim to address the rising suicide rate. It was launched through joint efforts of several government departments.
2) The Maharashtra government will launch a three-month child eye care campaign in Vashi, screening 60,000 students with free eye checkups and awareness programs.
3) The Karnataka government announced pay hikes for government doctors ranging from Rs. 5,000 to Rs. 35,000 to increase recruitment in government service.
India Diagnostic Labs Market: Dynamics, Key Players, and Industry Projections...Kumar Satyam
According to the TechSci Research report titled “India Diagnostic Labs Market Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2019-2029,” the India Diagnostic Labs Market was valued at USD 16,471.21 million in 2023 and is projected to grow at an impressive compound annual growth rate (CAGR) of 11.55% through 2029. This significant growth can be attributed to various factors, including collaborations and partnerships among leading companies, the expansion of diagnostic chains, and increasing accessibility to diagnostic services across the country. This comprehensive report delves into the market dynamics, recent trends, drivers, competitive landscape, and benefits of the research report, providing a detailed analysis of the India Diagnostic Labs Market.
Collaborations and Partnerships
Collaborations and partnerships among leading companies play a pivotal role in driving the growth of the India Diagnostic Labs Market. These strategic alliances allow companies to merge their expertise, strengthen their market positions, and offer innovative solutions. By combining resources, companies can enhance their research and development capabilities, expand their product portfolios, and improve their distribution networks. These collaborations also facilitate the sharing of technological advancements and best practices, contributing to the overall growth of the market.
Expansion of Diagnostic Chains
The expansion of diagnostic chains is a driving force behind the growing demand for diagnostic lab services. Diagnostic chains often establish multiple laboratories and diagnostic centers in various cities and regions, including urban and rural areas. This expanded network makes diagnostic services more accessible to a larger portion of the population, addressing healthcare disparities and reaching underserved populations. The presence of diagnostic chain facilities in multiple locations within a city or region provides convenience for patients, reducing travel time and effort. A broader network of labs often leads to reduced waiting times for appointments and sample collection, ensuring that patients receive timely and efficient diagnostic services.
Rising Prevalence of Chronic Diseases
The increasing prevalence of chronic diseases is a significant driver for the demand for diagnostic lab services. Chronic conditions such as diabetes, cardiovascular diseases, and cancer require regular monitoring and diagnostic testing for effective management. The rise in chronic diseases necessitates the use of advanced diagnostic tools and technologies, driving the growth of the diagnostic labs market. Additionally, early diagnosis and timely intervention are crucial for managing chronic diseases, further boosting the demand for diagnostic lab services.
Cancer Genetics reported on its Q4 and full year 2016 earnings. Key highlights included 50% revenue growth in 2016 to $27 million, driven by increases in biopharma, clinical, and discovery services. The company realized operational efficiencies through integration of acquisitions, reducing expenses. However, the company reported a net loss of $15.8 million for 2016. In Q4 2016, revenue increased 32% to $7.2 million while expenses decreased, though the company reported a net loss of $2.8 million. Additionally, Cancer Genetics completed a $12 million debt refinancing to repay existing debt and access additional capital.
1) NHS Arden CSU provides the full range of commissioning support services including service redesign, contract support, business intelligence, procurement, continuing healthcare, medicines optimization, HR, IT, communications and engagement, and finance.
2) NHS Arden CSU sees its strengths as being a small, agile organization that can produce innovative work and adapt to customer needs. It focuses on becoming an excellent specialist provider rather than being as big as possible across a broad portfolio.
3) NHS Arden CSU is working towards independence from NHS England by 2016 and is exploring options like becoming a mutual or social enterprise with employees or others as partners.
This document is an investor presentation for Cancer Genetics, Inc. It discusses CGI's position in the oncology diagnostics market, their acquisition strategy, partnerships, and proprietary portfolio of genomic tests. CGI aims to be the leading oncology diagnostics partner from research to patient care by providing expertise to biopharma companies, delivering genomic insights to medical professionals, and collaborating with research centers. Their acquisition of Response Genetics expands their commercial presence and testing portfolio in the US. [/SUMMARY]
As of my last knowledge update in September 2021, the list of the top Contract Research Organizations (CROs) can vary depending on factors such as revenue, services offered, therapeutic areas of expertise, and global presence. The following list includes some of the prominent CROs based on their reputation, scale, and contributions to the clinical research industry:
IQVIA (formerly QuintilesIMS):
IQVIA is one of the largest CROs in the world, offering a wide range of services including clinical development, real-world evidence solutions, commercialization services, and consulting. They have a vast global network and expertise across various therapeutic areas.
PPD (Pharmaceutical Product Development):
PPD is known for its comprehensive clinical trial services, laboratory services, and real-world evidence solutions. They have a strong global presence and experience in managing trials of varying complexity.
Covance:
Covance, a subsidiary of LabCorp, is known for its extensive portfolio of drug development services including clinical development, central laboratory services, and market access solutions. They have experience in a broad range of therapeutic areas.
Syneos Health:
Syneos Health offers integrated solutions across clinical development, commercialization, and real-world evidence. They focus on helping clients navigate the entire drug development journey.
ICON:
ICON provides a variety of clinical research services, including consulting, clinical trial execution, laboratory services, and outcomes research. They have expertise in a wide array of therapeutic areas.
Parexel:
Parexel offers services ranging from clinical research and regulatory consulting to market access and commercialization. They are known for their global reach and innovative approach to clinical trials.
WuXi AppTec:
WuXi AppTec is a global company that provides a wide range of R&D services, including preclinical and clinical development, manufacturing, and regulatory services.
Medpace:
Medpace is known for its focused and customized approach to clinical trial management, particularly in the area of complex and specialized studies.
Celerion:
Celerion specializes in early-stage clinical research, with a focus on providing solutions for both small and large molecules.
Charles River Laboratories:
While Charles River Laboratories primarily focuses on preclinical research, they also offer a range of early-stage clinical development services.
CRO stands for Contract Research Organization, which is a company that provides services to the pharmaceutical and biotechnology industries, including clinical trial management, data analysis, regulatory consulting, and other support services. The top 10 CROs in the world are as follows:
IQVIA - IQVIA is the largest CRO in the world, providing a wide range of services including clinical trial management, data analytics, and consulting services.
PPD - PPD is a leading CRO that specializes in clinical trial management and offers a range of services to support drug development.
Syneos Health - Syneos Health is a global CRO that offers a full suite of clinical trial services, including patient recruitment, data management, and regulatory consulting.
Covance - Covance is a CRO that offers a broad range of drug development services, including clinical trial management, preclinical research, and regulatory consulting.
Parexel - Parexel is a CRO that specializes in clinical trial management and provides a wide range of services to support the drug development process.
ICON - ICON is a global CRO that offers a range of services to support drug development, including clinical trial management, data analytics, and regulatory consulting.
Charles River Laboratories - Charles River Laboratories is a CRO that specializes in preclinical research, including animal testing and toxicology studies.
WuXi AppTec - WuXi AppTec is a global CRO that offers a range of services to support drug development, including preclinical research, clinical trial management, and regulatory consulting.
Medpace - Medpace is a CRO that specializes in clinical trial management and offers a range of services to support drug development.
Pharmaron - Pharmaron is a global CRO that offers a range of drug development services, including preclinical research, clinical trial management, and regulatory consulting.
These top CROs have been selected based on their reputation, expertise, global presence, and overall capabilities in supporting the drug development process. Each CRO offers unique services and strengths that make them attractive partners for pharmaceutical and biotechnology companies seeking to bring new treatments to market.
Similar to ICICI Direct IPO note on Healthcare Global Enterprises (20)
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
ICICI Direct IPO note on Healthcare Global Enterprises
1. March 15, 2016
IPO Review
ICICI Securities Ltd | Retail Equity Research
Cancer treatment focused business model…
Healthcare Global Enterprise (HCG) is a provider of specialty healthcare in
India, focused on cancer and fertility. Under the HCG brand, the company
operates the largest private cancer care network with a pan-India
presence. HCG network consists of 18 cancer centres across India,
including 14 comprehensive cancer centres, three freestanding diagnostic
centres and a day care chemotherapy centre. In 2013, the company
entered the fertility segment by acquiring 50.1% stake in BACC
Healthcare, which operates four fertility centres under the Milann brand in
Bangalore. HCG also operates two multi-speciality hospitals in Gujarat.
Investment rationale
Cancer prevalence, incidences in India
The prevalence of cancer in India is ~3.9 million people in 2015, with 1.1
million reported new cancer cases in 2015. However, the real incidence of
cancer could be 1.5-2x the reported incidence (1.6-2.2 million new cancer
cases) in 2015. The prevalence of cancer in India is expected to increase
to ~7.1 million people by 2020 (Source: Ernst & Young) mainly due to
demographic changes, increased exposure to risk factors like tobacco and
alcohol consumption, growing awareness and increasing demand for
medical tourism.
Existing demand-supply gap in diagnosis, treatment
Despite high demand for comprehensive cancer care centres, India has
only 200-250 comprehensive cancer centres, which represents just one
per 6 million people. Also, ~40% of these centres are located in eight
metropolitan cities. In addition, there is a significant shortage of
oncologists in India (one oncologist per 1,600 cancer patients). Due to the
limited access to cancer care in India and inability of significant sections of
the population to pay for quality care, only around 15-20% of cancer
patients are currently able to undergo radiation treatment in India, as
compared to a potential clinical need of 40-50% of cancer patients.
Sustainable business model in fast growing segments
HCG operates the largest private cancer care network across India. The
HCG network consists of 18 comprehensive cancer centres. Each cancer
centre offers comprehensive cancer diagnosis and treatment services
(including radiation, medical oncology and surgical treatments). HCG
network operates on a hub-and-spoke model, wherein its HCG centre of
excellence in Bengaluru serves as a hub to other cancer centres. This
network operates with a strong pool of 400 specialist physicians including
219 oncologists, 23 radiologists, 16 pathologists and 142 other specialist
in its HCG network. These specialist physicians adopt a technology-
focused approach to diagnosis and treatment. Apart from this, acquisition
of the fertility business is an add-on driver for HCG over the long term.
Key concern
Delay in new centres optimisation; partnership risk
Priced at 3.6-3.8x on FY15 sales of | 519.4 crore
At the IPO price band of | 205-218, the stock is available at 3.6-3.8x of
FY15 sales of | 519.4 crore. The asking price is in sync with recent deals in
the healthcare segment. We recommend that investors SUBSCRIBE to the
issue as it is a sustainable business model with good visibility.
Healthcare Global Enterprises
Price band | 205-218
Rating matrix
Rating : Subscribe
Issue Details
Issue Details
Issue Opens 16-Mar-16
Issue Closes 18-Mar-16
Issue Size (| crore) 611-650
Price Band (|) 205-218
No. of Shares on Offer (crore) 3.0
QIB (%) 75.0
Non-Institutional (%) 15.0
Retail (%) 10.0
Objects of issue
The offer comprises a fresh issue and offer for sale. Net proceeds
from fresh issue are essentially to purchase medical equipment,
invest in IT services, software and hardware, re-payment of debt and
general corporate purposes
Shareholding Pattern
Pre-Offer Post-Offer
Promoters & Promoter Group 28.8 25.1
Others 71.3 74.9
Financial Summary
| crore FY11 FY12 FY13 FY14 FY15
Total Revenues 214.8 266.6 338.3 451.3 519.4
EBITDA 37.9 41.2 46.2 38.2 76.2
EBITDA Margins 17.6 15.5 13.7 8.5 14.7
PAT 6.3 -3.3 -10.5 -35.6 0.5
Diluted EPS 0.7 -0.4 -1.2 -4.2 0.1
EV includes proceeds for debt repayment of | 147 crore received by
the company from the IPO
Research Analyst
Siddhant Khandekar
siddhant.khandekar@icicisecurities.com
Mitesh Shah
mitesh.sha@icicisecurities.com
Nandan Kamat
nandan.kamat@icicisecurities.com
2. Page 2
ICICI Securities Ltd | Retail Equity Research
Exhibit 1: Key Financials
| crore FY11 FY12 FY13 FY14 FY15 8MFY16
Total Revenues 214.8 266.6 338.3 451.3 519.4 378.9
EBITDA 37.9 41.2 46.2 38.2 76.2 58.1
EBITDA Margins 17.6 15.5 13.7 8.5 14.7 15.3
PAT 6.3 -3.3 -10.5 -35.6 0.5 -3.7
EPS 0.8 -0.4 -1.3 -4.4 0.1 -0.5
RoE 3.7 NA NA NA 0.2 NA
RoCE 7.1 4.4 3.0 0.4 6.2 NA
Company Background
The company is a provider of specialty healthcare in India focused on
cancer and fertility. Under the HCG brand, it operates the largest cancer
care network in India in terms of the total number of private cancer
treatment centres licensed by the AERB as of May 31, 2015 (Source:
Government of India, Atomic Energy Regulatory Board). Under the Milann
brand, it operates fertility centres.
As of December 31, 2015, the HCG network consisted of 14
comprehensive cancer centres (including the company’s centre of
excellence in Bengaluru), three freestanding diagnostic centres and one
day care chemotherapy centre across India. Each of its comprehensive
cancer centres offers, at a single location, comprehensive cancer
diagnosis and treatment services (including radiation, medical oncology
and surgical treatments). The company’s separate diagnostic centres and
day care chemotherapy centres offer diagnosis and medical oncology
services, respectively.
The company’s HCG network operates on a hub-and-spoke model,
wherein the HCG centre of excellence in Bengaluru serves as a hub to its
other cancer centres. The centre of excellence provides other centres
access to centralised quality control and assurance services, establishes
treatment protocols that are adhered to across HCG network, provides
centralised treatment planning and tele-radiology services to help with
diagnosis and treatment, conducts weekly central tumour board meetings
to review complex cases and also gives HCG network access to advanced
technologies, such as WBRRS and specialised procedures such as liver
transplants and stem cell therapies.
The company follows a multidisciplinary approach to cancer care across
the HCG network, wherein specialist physicians from various disciplines
collaborate to provide the best course of treatment for each patient. This
allows the company to share and develop best practices, build clinical
expertise and adopt standardised protocols for diagnosis and treatment,
thereby improving the quality of its cancer care services. As a result, the
company is able to better serve its patients and ensure consistent clinical
outcomes.
In the HCG network, adoption of the technology-focused approach to
diagnosis and treatment bodes well for the company. For instance, HCG
uses advanced technologies, including molecular pathology and
molecular imaging for accurate diagnosis and staging of cancer, which
enables it to decide upon the appropriate course of treatment for each
patient. It also utilises targeted nuclear medicine therapies as well as
advanced radiation treatments to minimise side effects and improve the
outcome of treatments.
3. Page 3
ICICI Securities Ltd | Retail Equity Research
Given the large number of patient cases treated across the HCG network,
the company efficiently utilises its equipment, technologies and human
resources.
Also, due to its centralised drug and consumables formulary, the
company is able to lower the overall cost of drugs and consumables.
Exhibit 2: Comprehensive cancer centres
Particulars FY13 FY14 FY15 1HFY16
Comprehensive cancer centres in operation 14 15 15 14*
New patient registrations 28546 34344 37458 18079
Patients treated with radiation therapy 10225 11181 12647 6163
PET-CT procedures 17750 21040 23988 12253
Chemotherapy administrations 40052 43988 48360 25453
Surgeries 7333 8454 8707 4630
Number of available operational beds 746 829 875 912
AOR (in percentage) 0.6 0.5 0.5 0.5
ALOS (in days) 3.4 3.2 3.0 2.9
ARPOB (in |/ per day) 19034 21850 24647 26685
Source: RHP, ICICIdirect.com Research; * excludes its comprehensive cancer centre in Mumbai and the key
operational data relating to that centre
It intends to establish a network of specialty cancer centres in Africa,
similar to its cancer care network in India. It believes that the increasing
unmet demand for cancer care in Africa (on account of which a large
number of cancer patients travel outside the region to avail quality cancer
care) will be met by the company. The company has entered into a
definitive agreement with CDC, pursuant to which CDC will invest in the
company’s subsidiary, HCG Africa, which has been formed to establish a
network of comprehensive cancer centres in Africa.
The company also provides fertility treatment under its Milann brand. It
acquired 50.1% equity interest in BACC Healthcare in 2013, which
operates fertility centres under the Milann brand. Pursuant to this
acquisition, it now operates four Milann fertility centres in Bengaluru.
Exhibit 3: Milann fertility revenue contribution
8.5%
7.8%
8.4%
7.4%
7.6%
7.8%
8.0%
8.2%
8.4%
8.6%
FY14 FY15 6MFY16
As%ofRevenues
Fertility Services
Source: RHP, ICICIdirect.com Research
BACC Healthcare is led by a team of qualified and experienced fertility
specialists. Its founder, Dr Kamini Rao has a successful track record of
over 25 years of providing fertility treatments. Milann fertility centres
provide comprehensive reproductive medicine services, including
assisted reproduction, gynaecological endoscopy and fertility
preservation and follow a multidisciplinary and technology-focused
approach to diagnosis and treatment. The Milann network also operates
on a model similar to HCG network wherein the various Milann fertility
centres aim to provide medical services following established protocols
with a focus on quality medical care across diagnosis and treatment.
4. Page 4
ICICI Securities Ltd | Retail Equity Research
Milann fertility centres also offer training programmes for fertility
specialists and embryologists.
Exhibit 4: Milaan fertility centres (Number)
FY14 FY15 H1FY16
Registered new patients 7617 8027 5575
Performed procedures 932 1111 679
Source: RHP, ICICIdirect.com Research
The Milann network was ranked first in India, the South India region and
Bengaluru in the fertility segment in the Times Health All India Critical
Care Hospital Ranking Survey 2016.
Under the Triesta brand, the company provides clinical reference
laboratory services in India specialising in oncology, including molecular
diagnostic services and genomic testing. The company’s Triesta central
reference laboratory is located in its centre of excellence in Bengaluru.
The Triesta central reference laboratory has been accredited by National
Accreditation Board for Testing and Calibration Laboratories (NABL) in
India and College of American Pathologists (CAP) for quality assurance of
laboratory tests performed. Additionally, Triesta offers research and
development services to pharmaceutical and biotechnology companies in
areas of clinical trial management and biomarker discovery and validation.
Triesta is led by a team of specialist oncopathologists, molecular
biologists and clinical researchers. The company believes Triesta is well-
positioned to leverage the wide variety of patient cases across the HCG
network to develop its capabilities and businesses.
Multi-speciality hospitals
The company operates two multi-specialty hospitals in Ahmedabad and
Bhavnagar, in Gujarat. HCG Medi-Surge (HMS) operated a multi-specialty
hospital, which was subsequently demerged from HCG Medi-Surge and
merged with Healthcare Global effective from April 2012. HMS is a tertiary
care hospital in Ahmedabad with 110 available operational beds, including
46 ICU beds. Its key specialties include cardiology, neurology,
orthopaedics, gastroenterology, urology, internal medicine and
pulmonary and critical care. It commenced operation of multi-speciality
hospital at Bhavnagar in April 2015. The hospital infrastructure currently
comprises 92 beds, including 25 ICU beds (which included 33 available
operational beds, of which 12 were ICU beds as of December 31, 2015),
two major operation theatres and one minor operation theatre. Key
specialties offered at the Bhavnagar multi-specialty hospital include
cardiac care, bone and joint care, emergency and critical care, brain and
spine care, digestive care, urology and nephrology care.
Exhibit 5: Multi-speciality revenue contribution
11.4%
11.0%
11.1%
11.1%
10.7%
10.8%
10.9%
11.0%
11.1%
11.2%
11.3%
11.4%
11.5%
FY13 FY14 FY15 6MFY16
As%ofRevenues
Multi-Speciality
Source: RHP, ICICIdirect.com Research
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ICICI Securities Ltd | Retail Equity Research
Payers’ profile
The company’s patients include patients who pay for their medical
expenses themselves and others who are beneficiaries of third-party
payer agreements. In case of patients who are beneficiaries of third party
payer agreements, all or part of the medical bill is payable by the third
party payer as per the terms of the relevant payer agreement. Third party
payers include central, state and local government bodies, private and
public insurers, including third party administrators acting on behalf of
insurers, corporate entities that pay for medical 170 expenses of their
employees and in certain cases, their dependents.
Each third party payer agreement typically specifies the services covered
as well as any exclusion, the approved tariffs for each of the services
covered and the terms of payment.
Exhibit 6: Payers’ profile in total revenues
112.0
142.1
178.0
93.0
33.1%
31.5%
34.3%
32.6%
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
200.0
FY13 FY14 FY15 6MFY16
|crore
29.5%
30.0%
30.5%
31.0%
31.5%
32.0%
32.5%
33.0%
33.5%
34.0%
34.5%
Revenues from Third Party payers As % of Revenues
Source: RHP, ICICIdirect.com Research
Exhibit 7: Key events
Year Event
1989 1st cancer centre in the HCG network
2005 Entry into the clinical laboratory business
2006 Established Centre of Excellence in Bengaluru
2007 Acquired HCG Medi-Surge in Ahmedabad
2008 Investment by PremjiInvest
2013 Entry into Feritility Business, Investment by Temasek
2015 Partnership with CDC to set up cancer centresin Africa
Source: RHP, ICICIdirect.com Research
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ICICI Securities Ltd | Retail Equity Research
Industry overview
Cancer segment
Cancer prevalence and incidence in India
In 2015, ~3.9 million people were cancer patients in India, with 1.1 million
reported new cancer cases during the year. The real incidence of cancer
in India could be significantly higher than the reported figure. Data from
large randomised screening trials undertaken in India suggests the real
incidence of cancer could be 1.5-2x higher than the reported incidence, or
~1.6 to 2.2 million new cancer cases in 2015. (Source: Ernst & Young).
Exhibit 8: Cancer incidence across countries
94
174
318
3.4
1.7
1.1
0
50
100
150
200
250
300
350
India (Reported) China US
patientspermillion
0
0.5
1
1.5
2
2.5
3
3.5
4
million
weighted mean of the age-specific incidence rates (per million)
Estimated incidence of cancer 2015 (millions)
Source: RHP, ICICIdirect.com Research;
The reported incidence of cancer in India is based on data collected from
cancer registries, which cover less than 10% of the population, resulting
in a significant margin of error in estimation.
Lack of awareness of cancer and lack of participation in screening
programmes in India are significant contributory factors for the relatively
late stage of the disease presentation and, consequently, low reported
cancer incidences in India. Less than 1% of women in India aged between
40 and 69 years participated in recommended breast screening
mammograms once in 24 months, as compared to 30% in China and 65%
in the US in 2014. (Source: Ernst & Young)
Exhibit 9: Cancer diagnosis at early stages (Stage I and Stage II)
62
71
31
81
70
30
72
91
19
43
10 8
0
10
20
30
40
50
60
70
80
90
100
Breast Cancer Cervical Cancer Head and Neck Cancer
USA UK China India
Source: RHP, ICICIdirect.com Research,
Cost of cancer treatment in India
The annual expenditure in India for the diagnosis and treatment of cancer
is estimated to be between US$1.7 and US$2.0 billion as of 2015. Even at
for-profit hospitals in India, the cost of cancer care, including treatment
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ICICI Securities Ltd | Retail Equity Research
with advanced technologies (like PET-CT and LINAC based radiation
therapy) represents only a fraction of the cost of treatment in the US even
after adjusting for purchasing power parity. (Source: Ernst & Young).
Exhibit 10: Cost of cancer treatment
Type of treatment India (|) United States (US$) United States (PPP Adj.) (|)
Chemotherapy 150,000 - 240,000 1.3 - 1.8 million 510,000 - 720,000
Surgery 60,000 - 100,000 1.5 - 1.8 million 600,000 - 720,000
Radiation Therapy 60,000 - 100,000 1.1 - 1.4 million 430,000 - 540,000
Source: RHP, ICICIdirect.com Research, PPP- purchasing power parity
Even though the cost of cancer treatment in India is significantly lower
than in the US, high quality cancer care is still unaffordable and
inaccessible to a large proportion of the Indian population due to low
population coverage of public and private insurance programmes and low
average household income levels (Source: Ernst & Young).
Exhibit 11: Availability of LINACs (global comparison) (%)
Region/Country
Number of LINACs
(2015)
LINACs per Million
Population
Cancer Prevalence per
LINAC
Cancer Incidence
per LINAC
United States 3818 11.9 1572 419
United Kingdom 323 5.0 3096 929
China 986 0.7 6288 3144
India 342 0.3 7310 3216
Source: RHP, ICICIdirect.com Research,
Fertility segment
Infertility incidences in India
An estimated 220 million women in India are of reproductive age
(between 20 and 44 years of age) while about 27.5 million couples in this
group are estimated to be suffering from infertility. The number of infertile
couples in India is expected to increase from 27.5 million in 2015 to 29-32
million by 2020. (Source: Ernst & Young).
The total fertility rate [defined as the average number of children that
would be born to a woman if she experiences the current fertility pattern
throughout her reproductive span (15 to 49 years)] has declined from 3.9
in 1990 to 2.3 in 2013. Several states, including Karnataka, Tamil Nadu and
Kerala have total fertility rates less than 2.0.
Exhibit 12: Total fertility rate
Source: RHP, ICICIdirect.com Research
Key factors driving increase in infertility incidences
Demographic changes: The number of women of reproductive age in
India is forecasted to increase by 14% between 2010 and 2020. The
number of women between 30 years and 44 years of age is forecasted to
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ICICI Securities Ltd | Retail Equity Research
increase by ~20% during the period, which is likely to result in an
increase in infertility prevalence. (Source: Ernst & Young)
Lifestyle changes: Changes in lifestyle such as increasing marital age,
increasing number of working women, rising alcohol and tobacco
consumption are among factors responsible for growing infertility
incidences in India (Source: Ernst & Young).
Clinical factors: Prevalence of several known clinical risk factors among
the Indian population is also responsible for growing infertility incidences
in India. These include:
• Poly-cystic ovarian syndrome (PCOS): PCOS is a condition caused by
a hormone imbalance in women, which can result in insulin
resistance, obesity, ovarian cysts and infertility. Various studies have
reported PCOS prevalence in India to be between 3.7% and 22.5%
among women
• Endometrial tuberculosis: Genital tuberculosis causes tubal blockage
and endometrial damage resulting in infertility. Studies published
between 1997 and 2008 have estimated that about 18% of the infertile
women of reproductive age in India were suffering from genital
tuberculosis
• Obesity: Prevalence of obesity, a known risk factor for infertility,
among Indian women has been steadily rising, from 10.6% in 1998 to
around 24.7% in 2014
Ethnicity: Research studies suggest that women of South Asian ethnicity
may have poor ovarian reserves and an earlier onset of infertility
compared to Caucasians.
Exhibit 13: Factors influencing infertility treatment
Source: RHP, ICICIdirect.com Research
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ICICI Securities Ltd | Retail Equity Research
Exhibit 14: Landscape of infertility treatment in India
2750000
270000
65000 100000
0
500000
1000000
1500000
2000000
2500000
3000000
Infertile couples of
reproductive age
Couples who come
forward for
evaluation
Couples availing IVF
treatment
Total IVF cycles*
No.ofcouples
Couples
Source: RHP, ICICIdirect.com Research; *IVF cycles represent a stimulation cycle resulting in egg collection
The fertility treatment market in India is unregulated and highly
fragmented. Owing to the rapidly growing demand for infertility treatment
in India there has been an increase in the number of fertility centres in the
last 20 years. An estimated 75% of the IVF cycles in India are done by
about 500 clinics, comprising a few corporate chains and private clinics of
leading physicians (Source: Ernst & Young).
~1% of infertile couples
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ICICI Securities Ltd | Retail Equity Research
Investment Rationale
Cancer prevalence and incidence in India
In India, cancer is prevalent among ~3.9 million people in 2015, with 1.1
million reported new cancer cases in 2015. The real incidence of cancer in
India could be significantly higher than the reported figure. Data from
large randomised screening trials undertaken in India suggest the real
incidence of cancer could be 1.5-2x higher than the reported incidence
(1.6-2.2 million new cancer cases) during 2015. The prevalence of cancer
in India is expected to increase to ~7.1 million people by 2020 from 3.9
million in 2015 (Source: Ernst & Young). Increase in cancer incidences is
primarily driven by demographic changes, increase exposure to risk
factors like tobacco and alcohol consumption, growing awareness and
increasing medical tourism.
Exhibit 15: Cancer occurrence in India
Cancer Patients
3.9
7.1
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
FY15 FY20
Cancer Patients
Source: RHP, ICICIdirect.com Research; *IVF cycles represent a stimulation cycle resulting in egg collection
Increase in cancer incidences primarily driven by following factors:
Demographic changes: Cancer incidence rates increase with age, and
particularly so after the age of 50 years. India’s population is ageing. In
particular, the population over 50 years is expected to increase from 228
million in 2015 to 262 million by 2020. Demographic factors alone are
expected to result in an increase in cancer incidences of 100,000 to
350,000 cases a year. (Source: Ernst & Young).
Exposure to risk factors: Factors that have been associated with increased
risk of cancer including tobacco use, rising alcohol consumption,
increasing use of processed food and meat, reduced fibre content in the
diet and rising incidence of obesity are anticipated to result in increasing
cancer incidences in India. Additionally, increasing levels of air pollution in
urban India are also anticipated to result in an increased risk of cancer.
These high risk factors are expected to result in an increase in cancer
incidences of 350,000 to 450,000 cases a year (Source: Ernst & Young).
Narrowing diagnosis gap: Growing cancer awareness, a greater public
emphasis on screening and improvements in diagnosis of cancer are
expected to result in earlier and increased diagnosis of cancer. While
earlier diagnosis will potentially result in lower mortality rates, it is also
expected to result in increased reported cancer incidence rates in the next
five years (Source: Ernst & Young)
Growth in medical tourism: According to the Ministry of Tourism, medical
tourists grew to 2.4 lakh in 2013 from 1.1 lakh in 2009. Healthcare costs in
India are extremely competitive compared to those in developed and
other Asian countries. With healthcare costs soaring in developed
economies, the relatively low cost of surgery and critical care in India
makes it an attractive destination for medical tourism, especially for
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economies, the relatively low cost of surgery and critical care in India
makes it an attractive destination for medical tourism, especially for
patients from South-East Asia and the Middle East. Hence, medical
tourism is expected to be a growth driver for healthcare delivery in India.
For H1FY16, FY15, FY16 and FY17, HCG has derived 17.8%, 15.6%, 12.6%
and 7.9%, respectively, of its total revenue at centre of excellence from
such international patients.
Existing demand-supply gap in diagnosis and treatment
Despite high demand for comprehensive cancer care centres, India has
only 200-250 comprehensive cancer centres, which represent just one per
6 million people compared to one per 0.2 million in the US. Also, ~40% of
these centres are located in eight metropolitan cities and fewer than 15%
of these centres are government operated, which limits access to
advanced and multimodal treatment options available to cancer patients.
As a consequence, the majority of cancer care is expected to be provided
by the private/for-profit sector in India. India needs at least 450 to 550
comprehensive cancer centres by 2020, with a high proportion of such
centres in non-metropolitan cities and towns.
In addition, there is a significant shortage of oncologists in India). India
has only one oncologist per 1,600 cancer patients in India, against one per
100 cancer patients in the US as of 2014. Due to the limited access to
cancer care in India and inability of significant sections of the population
to pay for quality care, only around 15-20% of cancer patients are
currently able to undergo radiation treatment in India, compared to a
potential clinical need of 40-50% of cancer patients.
Strong business model in high demand segment
HCG operates the largest private cancer care network across India. The
HCG network consists of 18 comprehensive cancer centres. Each of its
comprehensive cancer centres offer comprehensive cancer diagnosis and
treatment services (including radiation, medical oncology and surgical
treatment). The HCG network operates on a hub-and-spoke model,
wherein its HCG centre of excellence in Bengaluru serves as a hub to
other cancer centres. This network operates with a strong pool of 400
specialist physicians including 219 oncologists, 23 radiologists, 16
pathologists and 142 other specialist physicians in its HCG network. These
specialist physicians adopt a technology-focused approach for diagnosis
and treatment.
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Exhibit 16: HCG’s existing cancer centres in India
Location of the
comprehensive
cancer Centre
Commencement
of Operation
(calendar year)
No of
Beds
No of RT-
LINACs
No of
Operation
theatres
No. of PET-
CT
scanners Labs Partner(s) Current status
Nature of Partner's/(s')
business
Bengaluru - Double
Road 1989 88 1 4 - √
A group of
physicians
Established through company in which our partners
were shareholders and was subsequently merged
with our Company in 2011
Group of surgical and
radiation oncologists and
other physicians
Shimoga 2003 60 1 3 - √
Gutti Malnad
Hospital LLP Joint venture Multi-speciality hospital
Bengaluru - Kalinga
Rao Road 2006 234 3 7 2 √ Not applicable Established and operated by our Company Not applicable
Bengaluru - MS
Ramaiah Nagar 2007 22 1 1 1 √
M.S. Ramaiah
Hospital, through
Gokula Education
Foundation Revenue share
Educational institute and
multi-speciality hospital
Nasik 2007 0 1 1 √ Dr. Raj Nagarkar Profit share Surgical oncologist
Delhi 2007 70 1 3 1 √
Shanti Mukund
Hospital Revenue share Multi-speciality hospital
Hubli 2008 50 1 1 1 √
NMR Medical
Institute Pvt. Ltd. Revenue share
Freestanding diagnostic
centre
Ranchi 2008 54 1 2 - √
SAC Hospital
Management &
Consultancy Profit share Healthcare consultant
Cuttack 2008 116 1 2 1 √
Dr. K.S. Panda,
through Panda
Medicals Pvt. Ltd. Fee for service and rent paid to our partner Surgical oncologist
Vijaywada 2009 180 2 1 - √ Dr. M. Gopichand
Established under a joint venture arrangement with
our partner and was subsequently merged with our
Company 2015 Surgical oncologist
Chennai 2012 47 1 - √
Sri Kavery Medical
Care Ltd Revenue share Multi-speciality hospital
Ongole 2012 80 1 2 - √ Dr. M. Gopichand
Established under a joint venture arrangement with
our partner and was subsequently merged with our
Company 2015 Surgical oncologist
Ahmedabad 2012 74 1 4 - √
Astha Oncology
Private Ltd Joint venture
Group of surgical
oncologists
Tiruchirappalli 2014 35 1 - - √
Sri Kavery Medical
Care Ltd Revenue share Multi-speciality hospital
Total 1114 18 30 8
Source: RHP, ICICIdirect.com Research
Exhibit 17: HCG’s specialist physicians-(including consultants and employees)
Category HCG Network** Milann Network Multispecialty Hospitals Total
Oncologists 219 - 2 221
Fertility specialists - 27 - 27
Radiologists 23 - 7 30
Pathologists 16 - 4 20
Other specialist physicians 142 22 209 372
Total 400 49 222 671
Source: RHP, ICICIdirect.com Research, ** Excludes the number of specialist physicians at our comprehensive
cancer centre in Mumbai
Aggressive plan of expansion its ECG network
As of December 31, 2015, the company is in the process of establishing
12 new comprehensive cancer centres in India, all of which are in various
stages of development. It expects all of these centres to commence
operation by the end of FY18. All of these centres are majority-owned by
BCG. It is also planning to establish comprehensive cancer centres in
Kenya, Tanzania and Uganda through partnership arrangements and
acquisitions.
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ICICI Securities Ltd | Retail Equity Research
Exhibit 18: HCG’s new centres for cancer to be established by FY18
Location of the comprehensive
cancer Centre No of Beds
No of RT-
LINACs
No of Operation
theatres
No. of PET-CT
scanners Labs
Nagpur 115 1 4 1 √
Mumbai - Borivali1 105 1 5 1 √
Kochi 100 1 3 1 √
Delhi 95 1 1 √
Kanpur2 90 1 3 1 √
Baroda1 60 1 4 1 √
Vishakhapatnam2 88 1 1 √
Gulbarga 85 1 3 - √
Jaipur 60 1 2 1 √
Kolkata1 50 1 2 √
Bhavnagar3 35 1 3 - √
Mumbai - Cooperage 32 1 2 1 √
Total 915 12 32 8
Source: RHP, ICICIdirect.com Research
Expand Milann network of fertility centres across India
The IVF market in India is under-penetrated relative to its potential
demand. The potential demand for IVF cycles could be nine to 12 times
higher than the current actual number of patients availing treatment in
Delhi, Mumbai and Bengaluru. In order to address the growing demand
for fertility treatment in India, the company plans to expand its Milann
network by setting up greenfield centres and also by entering into
partnership arrangements and undertaking selective acquisitions. As of
December 31, 2015, the company is in the process of establishing three
fertility centres in India.
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ICICI Securities Ltd | Retail Equity Research
Financials
Revenues increase at CAGR of 25% in FY11-15
Revenues grew at a CAGR of 24.7% in FY11-15 to | 519.4 crore. Majority
of its revenue comes from cancer centres. Fertility centres have
contributed 7.8% in FY15 total revenue while its multi-specialty hospitals
contributed 11.1% to FY15 revenue.
Exhibit 19: Revenues
214.8
266.6
338.3
451.3
519.4
0.0
200.0
400.0
600.0
FY11 FY12 FY13 FY14 FY15
|crore
Total Revenues
Source: RHP, ICICIdirect.com Research
Exhibit 20: Revenue break-up
299.7
363.5
420.8
229.8
38.6
49.5
57.8
31.7
24.0
40.7
38.3
0.0
100.0
200.0
300.0
400.0
500.0
600.0
FY13 FY14 FY15 6MFY16
|crore
Cancer Centres Multi-Speciality Fertility Services
Source: RHP, ICICIdirect.com Research
EBITDA margins
EBITDA margins contracted 295 bps to 14.7% in FY11-15 mainly due to
addition of new cancer centres. We expect near term margin pressure due
to aggressive expansion plans. As per the management, the company’s
mature cancer centres and existing fertility centres generate ~25%
margins. Also, as per the management, new cancer centres require ~five
years to reach maturity level of margins.
Exhibit 21: EBITDA & EBITDA margins trend
37.9
41.2
46.2
38.2
76.217.6
15.5
13.7
8.5
14.7
0.0
40.0
80.0
120.0
FY11 FY12 FY13 FY14 FY15
|crore
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
%
EBITDA EBITDA Margins
Source: RHP, ICICIdirect.com Research
Muted bottomline
Net profit was just | 0.5 crore in FY15, mainly due to aggressive
expansion and high interest burden. However, on the back of repayment
of ~| 147 crore of debt from IPO proceeds and procuring better terms
from vendors for equipments financing, the management expects net
profit to increase henceforth.
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ICICI Securities Ltd | Retail Equity Research
Exhibit 22: Net profit trend
6.3
-3.3 -10.5 -35.6 0.5
-50.0
-25.0
0.0
25.0
FY11 FY12 FY13 FY14 FY15
|crore
PAT
Source: RHP, ICICIdirect.com Research
Exhibit 23: Return ratios trend
RoCE
7.1
4.4
3.0
0.4
6.2
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
FY11 FY12 FY13 FY14 FY15
%
RoCE
Source: RHP, ICICIdirect.com Research; RoE is not comparable as PAT is negative
Levered balance sheet and negative free cash flow
As of 9MFY16, gross debt was ~| 369.8 crore. The company is planning
to repay ~| 147.0 crore of debt out of the IPO proceeds.
Exhibit 24: Net debt/equity
0.6
0.8
0.9 0.9
1.0
-
0.3
0.6
0.9
1.2
1.5
FY11 FY12 FY13 FY14 FY15
(x)
Net Debt/Equity
Source: RHP, ICICIdirect.com Research
Exhibit 25: Free cash flow
-13.9 -27.5 -58.3 0.9 -20.5
-50.0
-30.0
-10.0
10.0
FY11 FY12 FY13 FY14 FY15
|crore
FCF
Source: RHP, ICICIdirect.com Research
Exhibit 26: Asset turnover
0.9
0.8
0.6
0.70.8
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
FY11 FY12 FY13 FY14 FY15
(x)
Source: RHP, ICICIdirect.com Research;
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ICICI Securities Ltd | Retail Equity Research
Key risks & concerns
Delay in new centres optimisation
In the past, it has experienced delays in executing cancer care projects
due to delays in obtaining requisite government approvals, delays by
partners in completing construction and delivering facilities, delays by
vendors in delivering equipment and changes in specification of facilities
due to technical and regulatory considerations, which resulted in
significant cost overruns and reduced profitability.
Partnership risk
Certain partnership arrangements of HCG grant rights to its partners like
put options, restricting HCG from divesting its shareholding until a
specified time and veto rights in the management of HCG centres. An
exercise of such rights could materially and adversely affect HCG’s
financial condition.
High contingent liability
HGC has provided corporate guarantees in relation to loans and financial
facilities obtained by its subsidiaries to the tune of ~| 69 crore as at
November 30, 2015, from various banks and financial institutions. In case
of defaults by such subsidiaries in meeting their obligations under the
loans and financial facilities, this could materially and adversely affect
HCG’s financial condition and cash flows.
Exhibit 27: Contingent Liabilities and commitments (| crore)
8MFY16 FY15
Income tax matters under appeal 3.6 3.6
Claims on VAT which are under appeal 1.8 0.2
Corporate guarantee given on behalf of subsidiaries and other parties 69.4 18.1
Estimated amount of contracts remaining to be executed on capital account (Net of
advances and deposits) 97.4 173.8
Contingent liabilities and commitments 172.2 195.7
Source: RHP, ICICIdirect.com Research
Valuations
At the IPO price band of | 205-218, the stock is available at 3.6-3.8x of
FY15 sales of | 519.4 crore and 24.5-25.9x on FY15 EBITDA of | 76.2
crore. The asking price is in sync with recent deals in the healthcare
segment. We recommend that investors SUBSCRIBE to the issue as it is a
sustainable business model with good visibility.
Objects of issue
The offer comprises a fresh issue and offer for sale. The net proceeds
from the fresh issue are essentially to purchase medical equipment, invest
in IT services, software and hardware, repayment of debt and general
corporate purposes.
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ICICI Securities Ltd | Retail Equity Research
Financial summary
Profit and loss statement
(| Crore) FY11 FY12 FY13 FY14 FY15
Revenue from operations 214.8 266.6 338.3 451.3 519.4
Growth (%) NA 24.1 26.9 33.4 15.1
Raw Materials 61.6 81.1 103.5 133.4 146.0
Employee expenses 32.3 42.2 53.5 76.8 81.5
Other expenses 83.0 102.1 135.1 202.9 215.6
Total expenses 177.0 225.4 292.1 413.1 443.1
EBITDA 37.9 41.2 46.2 38.2 76.2
Depreciation 17.6 23.8 29.6 36.2 39.8
Interest Income 1.4 3.6 2.4 4.0 4.8
Finance costs 13.6 24.0 29.2 32.2 34.2
EBT 8.0 -2.9 -10.1 -26.7 2.4
Tax 1.0 0.2 0.7 5.4 -1.7
Tax rate (%) 12.2 -7.9 -7.0 -20.1 -69.0
PAT before MI 7.0 -3.1 -10.9 -32.0 4.1
minority interest 0.7 0.2 -0.3 3.5 3.6
PAT 6.3 -3.3 -10.5 -35.6 0.5
Diluted EPS 0.7 -0.4 -1.2 -4.2 0.1
Source: Company, ICICIdirect.com Research
Cash flow statement
(| Crore) FY11 FY12 FY13 FY14 FY15
Net profit before tax 8.0 -2.9 -10.1 -26.7 2.4
Depreciation / amortisation 31.3 45.9 59.6 81.1 73.9
Net Increase in Current Assets -13.1 -23.1 -25.7 -16.1 -27.5
Net Increase in Current Liabilities 15.0 3.7 14.9 21.8 17.4
Net Income Tax (Paid)/ Refunded -4.8 -5.0 -7.6 -8.8 -6.5
CF from operating activities 36.4 18.7 31.1 51.4 59.7
(Purchase)/Sale of Fixed Assets -50.2 -46.2 -89.4 -50.5 -80.1
(Purchase)/Sale of Investment 18.6 0.8 -105.5 45.9 -3.8
Other Operating Activities -2.8 -0.5 -2.0 -5.1 4.2
CF from investing activities -34.4 -45.9 -196.9 -9.7 -79.7
Proceeds from issues of Shares 14.4 43.3 79.7 15.0 10.0
Inc/(dec) in loan funds -2.5 14.1 96.4 -20.8 44.8
Interest Paid -14.5 -19.8 -25.8 -27.9 -30.3
Other Financing Activities 2.2 0.8 2.5 8.1 -0.6
CF from financing activities -0.5 38.4 140.8 -25.6 23.8
Net Cash flow 1.5 11.2 -25.0 16.1 3.7
Opening Cash 4.3 5.4 35.6 9.3 23.2
Closing Cash 5.8 16.6 10.7 25.5 27.0
FCF -13.9 -27.5 -58.3 0.9 -20.5
Source: Company, ICICIdirect.com Research
Balance sheet
(| Crore) FY11 FY12 FY13 FY14 FY15
Liabilities & Share Holding Funds
Share capital 60.7 59.3 67.5 68.8 70.8
Reserves & surplus 110.3 152.0 215.9 194.9 208.7
Minority Interest 5.4 8.2 12.6 18.3 25.3
Non-Current Liabilities
Long term borrowings 93.7 135.4 239.3 251.8 280.2
Deferred tax liabilities (net) 1.5 1.6 1.5 1.2 0.5
Other long term liabilities 0.0 10.6 13.1 1.9 1.4
Long term provisions 3.0 2.4 3.2 2.2 2.3
Current Liabilities
Short term borrowings 21.6 51.7 38.0 18.0 29.3
Trade payables 36.2 36.3 52.7 70.5 83.3
Other current liabilities 30.1 47.8 64.7 58.3 71.0
Short term provisions 0.2 1.0 0.4 2.6 3.5
Total 362.8 506.2 709.0 688.7 776.2
Assets
Non-Current Assets
Fixed Assets
Gross Block 314.0 461.0 556.1 601.0 658.7
Depreciation 59.7 83.4 114.6 149.7 191.0
Net Block 254.3 377.6 441.6 451.3 467.6
Capital Work-in-progress 3.7 4.8 6.3 10.9 42.2
Goodwill on consolidation 8.9 9.9 60.7 60.2 60.9
Long term loans and advances 41.5 25.1 39.6 49.3 70.0
Other non-current assets 4.0 4.9 6.1 7.4 13.5
Current Assets
Current Investments 0.8 0.1 60.4 0.0 0.0
Inventories 5.3 7.1 10.0 12.0 14.6
Trade receivables 29.2 43.1 60.2 52.9 63.8
Cash and bank balances 5.8 16.6 10.7 25.5 27.0
Short term loans and advances 5.2 10.9 6.7 11.8 8.0
Other current assets 4.1 6.2 6.9 7.6 8.6
Total 362.8 506.2 709.0 688.7 776.2
Source: Company, ICICIdirect.com Research
Key ratios
Ratio Sheet FY11 FY12 FY13 FY14 FY15
Per share data (|)
Diluted EPS 0.7 -0.4 -1.2 -4.2 0.1
Cash EPS 2.8 2.4 2.3 0.1 4.8
BV per share 20.3 25.0 33.6 31.2 33.1
Cash Per Share 0.7 2.0 1.3 3.0 3.2
Operating Ratios (%)
Gross Profit Margins 71.3 69.6 69.4 70.4 71.9
EBITDA Margins 17.6 15.5 13.7 8.5 14.7
PAT Margins 2.9 -1.2 -3.1 -7.9 0.1
Inventory days 9.0 9.7 10.8 9.7 10.2
Debtor days 49.5 59.0 64.9 42.7 44.8
Creditor days 16.8 13.6 15.6 15.6 16.0
EBITDA Conversion Rate 96.0 45.3 67.3 134.5 78.2
Return Ratios (%)
RoE 3.7 NA NA NA 0.2
RoCE 7.1 4.4 3.0 0.4 6.2
RoIC 6.7 3.8 2.8 0.4 6.2
Valuation Ratios (x)
EV / Sales 8.4 7.0 5.6 4.3 3.8
EV/EBITDA 47.6 45.2 41.1 50.7 25.9
Market Cap / Sales 8.6 6.9 5.4 4.1 3.5
Price to Book Value 10.5 8.5 6.3 6.8 6.4
Solvency Ratios
Debt / EBITDA 3.0 4.5 6.0 7.1 4.1
Debt / Equity 0.7 0.9 1.0 1.0 1.1
Net Debt/ Equity 0.6 0.8 0.9 0.9 1.0
Current Ratio 0.6 0.6 1.0 0.7 0.7
Quick Ratio 0.5 0.6 0.9 0.7 0.6
Asset Turnover 0.8 0.7 0.6 0.8 0.9
Source: Company, ICICIdirect.com Research
18. Page 18
ICICI Securities Ltd | Retail Equity Research
RATING RATIONALE
ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns
ratings to its stocks according to their notional target price vs. current market price and then categorises them
as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional
target price is defined as the analysts' valuation for a stock.
Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction;
Buy: >10%/15% for large caps/midcaps, respectively;
Hold: Up to +/-10%;
Sell: -10% or more;
Pankaj Pandey Head – Research pankaj.pandey@icicisecurities.com
ICICIdirect.com Research Desk,
ICICI Securities Limited,
1st Floor, Akruti Trade Centre,
Road No 7, MIDC,
Andheri (East)
Mumbai – 400 093
research@icicidirect.com
19. Page 19
ICICI Securities Ltd | Retail Equity Research
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