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Primary Health Care Ltd BBY HEALTHCARE CONFERENCE 29 NOVEMBER 2006 Topics Covered What we do Why the model works Financial outcomes Environment Future Growth What We Do Community based health care services

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primary health care ltd

Primary Health Care Ltd

BBY HEALTHCARE CONFERENCE

29 NOVEMBER 2006

topics covered
Topics Covered
  • What we do
  • Why the model works
  • Financial outcomes
  • Environment
  • Future Growth
what we do
What We Do
  • Community based health care services
  • Large multi-specialty medical centres (>80 medical professionals in established centres)
  • Co-ordinate the delivery of all out-of-hospital health care services
  • Including GPs, specialists, day surgery, pharmacy, pathology, radiology, occupational medicine, rehab co-ordination, para-medical (physio, dental, dietician, etc)
  • Understanding patient needs and attempting to meet them
slide4

What We Do

  • Community based health care services
  • Campbelltown Medical & Dental Centre
  • Opened 2000
  • ~ 13,000 GP consults per month
  • Consultant Specialists/Para-medical
  • Diagnostic Imaging (CT, U/S, etc)
  • Pathology Collection
slide5

What We Do

  • Three Business Segments

Medical centres -multiple businesses within each centre

  • NSW = 20
  • S.A. = 4
  • Vic = 4
  • ACT = 2
  • Qld = 1
  • Contribute $69.7m in EBITDA to group in FY06
  • Circa 4.0 million primary care consultations in current year
  • Pathology - Circa 1.5m episodes this current year
  • Main lab in Sydney and now expanding interstate
  • Revenue gains of 15% last year being maintained
  • Health Technology - EBITDA $9.6M 2006
  • Medical Director and other software products
why the model works
Why the Model Works
  • Key Benefit to Patients
  • Primary manages and co-ordinates the delivery of those various services to:
  • Deliver Key Benefit to Patients
    • Broad range of medical services available under one roof
    • Highly accessible, community based
    • Competitively priced
    • The standard of care in the centres is provided in peer environment
    • Extended hours of operation, extended range of services
why the model works7
Why the Model Works
  • Key Benefit to Doctors
  • Primary manages and co-ordinates the delivery of those various services to:
  • Deliver Key Benefit to Medical Providers
    • Evidence suggests pre-tax doctors income improvement circa 30% in year one upon relocation into centres and improving thereafter
    • Capital payment
    • Focus upon practicing medicine (increase in billing time and efficiency)
    • Peer collegiate environment
why the model works8
Why the Model Works
  • Key Benefit to Payor / Govt.
  • Primary manages and co-ordinates the delivery of those various services that results in delivery of Key Benefit to Govt.
    • Health delivery, cost of service and accessibility consistently ranks in top 2 or 3 voter issues.
    • Aging population and technological advances => continual fiscal pressure
    • S.A. statewide general rates of bulk-billing up 16 percentage points in twelve months to August 05.
    • Electorates of Blaxland and Chifley (Bankstown Mt Druitt etc) have bulkbilling rates in general community of 96.4% to 98.3%
    • Provides health services in an efficient, voter endorsed and cost effective manner
financial results summary
Financial Results : Summary
  • EBITDA and EBITA up 31% and 34% over 2005

- Driven largely by organic revenue growth, medical centre margin gains and contribution by Health Technology

2006

2005

($ Million, except EPS)

growth

Revenue

241.9

193.7

25%

EBITDA

94.5

72.2

31%

EBITA

80.1

59.9

34%

NPAT

47.5

37.6

26%

Basic EPS

39.37

33.84

16%

financial results income statement
Financial Results : Income Statement
  • Segmental
  • All segments meeting expectations
  • Medical centre results after head office costs of $12.2m inc. $2.1m share option expense
  • - AIFRS adopted effective 1 July 2004 all comparatives adjusted

($ 000s)

2006

2005

Medical centres

69,704

56,345

Pathology

14,004

13,144

Health Technology

9,559

(46)

2,779

Investments/other

1,191

EBITDA

94,458

72,222

12,367

14,397

Depreciation

EBITA

80,061

59,855

Intangible amortised

1,421

4,856

EBIT

75,205

58,434

Interest expense

7,494

5,423

PBT

67,711

53,011

Tax charge

15,389

20,231

Profit After Tax

47,480

37,622

financial results balance sheet
Financial Results : Balance Sheet

Debt to Equity :

06/06 06/05

31% 25%

EBITDA interest cover:

(assuming 7.00%)

06/06 06/05

11x 12x

financial results medical centres
Financial Results: Medical Centres
  • GP patient attendances up 16.6% to 3.44m for the year
  • July 2006 GP patient attendances up 20% on prior year
  • 7 centres opened in FY 2006 all increasing in line with expectations
  • 7 new medical centres opened successfully during period accounted for 6% growth in patient attendances
  • Medical Centre revenues to PRY up $24.1m (21%) to $140.8m for the period
  • Total of 117 practices contracted for in period for $40m
financial results medical centres14
Financial Results : Medical Centres
  • Strength of core business
    • EBITDA for all centres up 24%
    • Margins improvement across all centres to 49.5% from

48.3% prior year and 49.0% six months to 31 December 2005

    • After charging share option expense of $2.1m (prior period $1.3m)
    • Same-centre EBITDA growth period on period

Oldest 8 centres opened pre 30 June 2000 at 7.6%

3 Centres opened FY 2005 contributed $6.8m EBITDA

    • Recurrent capital expenditure continues at historic levels
financial results pathology
Financial Results : Pathology

2006

2005

2004

growth

($ 000s)

growth

Revenue

79,136

68,280

63,217

16%

8%

14,004

EBITDA

13,144

12,421

6.5%

5.8%

Margin

17.7%

19.3%

19.6%

12,596

EBITA

11,581

10,921

9%

6%

Margin

15.9%

17.0%

17.3%

  • Organic Growth component of Revenue very encouraging
  • Margins affected by:
  • Infrastructure costs as a result of expansion into new markets
  • Some pressure on core business costs
environment
Environment

Medium Term Cycle of Significant Demand Growth

environment17
Environment

FRAGMENTED HEALTH CARE PROVIDERS

+

BUDGET REQUIREMENTS AND COST PRICE PRESSURE

  

CONSOLIDATION

GPs approx 9% consolidated

Pathology approx 70% consolidated

`

future growth
Future Growth
  • Considerable Nationwide opportunity
  • Primary Health Care accounts currently for approximately 3-4% of the nationwide market
  • Combined with:
  • Ageing Population
  • Increase usage of diagnostics
  • Increase usage of technology
future growth19
Future Growth
  • Medical centre growth to come from:

Historic organic growth of established centres

Newly opened centres

Further 9 centres by 31 December 2007

Still fragmented market (estimate Primary share 3% National Market)

  • Investment for each new centre continues in line with historical
  • Pathology revenue continuing to grow 15% organically