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Nov 24th
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Singapore's Thomson Medical emerges top bidder for Advent Internationalís 72% stake in CARE Hospital (31.10.2015)
Singapore's Thomson Medical has emerged as the surprise highest bidder for a controlling stake in Hyderabad-based CARE Hospitals, as US private equity fund Advent International's efforts to sell the company have reached the final stages.

Emerging markets private equity group Abraaj and a consortium consisting of Singapore's Temasek Holdings and TPG Growth Capital Fund are the two other final contenders to buy Advent's 72 per cent stake in CARE Hospitals, multiple sources close to the transaction told ET.

Though Thomson has submitted the highest financial bid, the seller is believed to prefer the competing offers from the financial investors as the Singapore firm's bid is acomplicated one involving a combination of cash and stock, these sources said.

The bids range between Rs 1,800 crore and Rs 2,020 crore, they said. At this valuation, Advent will be making a near threefold return on constant currency terms on its 2012 investment. The short-listed bidders are in the middle of final negotiations and an announcement is likely within two weeks.

"It's delicately poised. TPG-Temasek and Abraaj's offers are all-cash offers and Advent can cash out in one go, whereas Thomson's bid, which is higher numerically, is linked to performance milestones and offers a staggered exit to Advent. The operating team has left the final decision to the investment committee," said an executive in the know on the condition of anonymity as the talks are still in private domain.

Thomson did not respond to an email sent on Friday seeking comment. Advent, Abraaj, TPG Growth and Temasek declined to comment.

Earlier this year, Advent mandated global independent investment bank Moelis & Co and Capital Fortunes to sell its threeyear-old investment. The process had seen wide interest in the initial round from financial and strategic partners, including two consortia such as PD Hinduja Hospital and Everstone Group as well as South African healthcare chain Netcare and Bain Capital. China's Fosun Group, Malaysia's IHH Healthcare Bhd, private equity heavyweights Carlyle and domestic rivals like Manipal Hospitals had also evinced interest, but dropped out during the successive rounds.

Thomson, a 35-year-old healthcare group, has been looking to expand across the region and found India as a key market, sources said. Thomson Medical is an established
gynaecology and obstetrics medical facility in Singapore. It has no presence in India.

In India, the bed availability was nine per 10,000 people in 2012, which was significantly lower than the World Health Organisation guideline of 30 beds per 10,000. To meet this global standard, India will need to invest over Rs 14 lakh crore, said Crisil recently.

Founded in 1997 by Dr B Soma Raju and a team of cardiologists, CARE Hospitals also runs a network of telemedicine hubs in rural Andhra Pradesh and Maharashtra. Its founders developed Asia's first indigenous coronary stent. Owned and managed by Quality CARE India Ltd, the chain has operations in Hyderabad, Secunderabad, Visakhapatnam, Raipur, Pune, Nagpur, Bhubaneswar, Jabalpur and Surat, its website showed, according to its website.
Millennium Health to pay $256 mln to resolve U.S. allegations (30.10.2015)
Millennium Health, formerly Millennium Laboratories, has agreed to pay $256 million to resolve allegations it billed Medicare, Medicaid and other federal healthcare programs for medically unnecessary testing, the U.S. Justice Department said on Monday.

Millennium, one of the largest urine drug testing laboratories in the United States, also allegedly provided free items to physicians who agreed to refer expensive lab testing business to the San Diego-based company, the Justice Department said in a statement.

Cross Country Healthcare to acquire Mediscan (30.10.2015)
Cross Country Healthcare, Inc. announced that it has signed a definitive agreement to acquire Mediscan. Founded in 1995 and headquartered in Woodland Hills, CA, Mediscan provides temporary healthcare staffing and workforce solutions to both the healthcare and education markets. While largely concentrated in California, Mediscan provides services across 11 states to more than 300 clients through more than 70 specialties. The acquisition will expand Cross Country's customer reach into acute care hospitals, particularly in the large and growing California market, and it will add a new customer base in the growing education staffing market. One of Mediscan's founding members, Val Serebryany, as well as its President and Chief Executive Officer, Dennis Ducham, will remain with the business after the transaction closes.

According to the terms of the agreement, the purchase price includes $28 million in cash and $5 million in shares of the Company's Common Stock, and is subject to a net working capital adjustment. 

Sellers are also eligible to receive an earn-out based on Mediscan's 2016 and 2017 performance that could provide up to an additional $7 million of cash over the two years. The 349,871 shares of Common Stock to be delivered at the closing will be subject to a lockup period. The Company is financing the acquisition through a combination of cash-on-hand and borrowings under its senior credit facility. 

Mediscan is projected to generate approximately $40 million in revenues for fiscal year 2015 and approximately 10% Adjusted EBITDA. The transaction is subject to customary closing conditions, and is expected to close during the fourth quarter.

William J. Grubbs, President and Chief Executive Officer of Cross Country Healthcare, Inc., said, "Mediscan not only expands our healthcare staffing offerings but extends our reach into both the fast growing public school and charter school markets which are also large users of healthcare staffing services. Mediscan's proven leadership team built a strong brand, and we see significant growth opportunities in both the healthcare and education markets. We believe that adding Mediscan will enable us to accelerate our revenue growth and improve margins. We are pleased to welcome the Mediscan team to our Cross Country family."

Dennis Ducham, President and Chief Executive Officer of Mediscan, said, "We are excited for our well-established healthcare staffing business to join an organization that shares our focus on providing quality healthcare professionals. The two companies have quite similar cultures, putting people first and providing the best professional for each assignment."

Eye For Pharma October 2015

Achieving Performance
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Automating prescription services in Africa for real-time anonymous drug consumption and diagnostic market analysis
The lack of comprehensive data on pharmaceutical consumption in Africa makes it difficult for governments and pharmaceutical companies to gain market intelligence on medicine use.

Read how mPharma a Ghana based data company sovles this issue by automating prescription services.
Role of Big Data in Middle East's Emerging Healthcare Systems
Big Data’ has become a buzzword in the last couple of years, and for good reason: we now have enough computing power and resources to gather data about every detail of a system’s inner workings.

This article describes the role Big Data could play in the emerging healthcare systems of the Middle East and North Africa
Transforming healthcare delivery with insight into the "when" and "why" of readmissions
The question is: how can healthcare organizations change the way they deliver care to improve patient outcomes over the long term – especially when they have limited resources at their disposal?

Read how PinnacleHealth found an answer to this.
The future of Surgery
In this article Ms. Eric Johnson speaks about the advantages of going high-tech and how Hybrid OR, with its double team of positioning and navigation can takes surgery to the next level.
Improved Connectivity for Improved Care
Healthcare IT systems must address stakeholder objectives, otherwise even well-tailored software can fall short of requirements.

This Case Study explains how Mountain Health States Alliance managed to synchronize its 90 clinics across multiple U.S. States with the adoption of an EMR system.
Connected Heath transforming the traditional drugstore
Providing cost-effective pharmacy, health and wellness services and advice could easily turn up to be a nightmare for a drugstore chain which operates with more than 8,200 drugstores and caters to more than 6 million customers daily.

Thanks to connected health approach which keeps Walgreens functions smoothly in their day to day activity and this is our next case study.
RFID in healthcare has proven to be a very important element in reducing cost and improving operational efficiency, why RFID and its various benefits are explained in this Techno Trend.
Moving Towards Mobile and Browser Based EHRs to Maximize the Physician Experience
Less desk work and better patient data always helps doctors spend more time with patients. How recognition, customizable EHRs, and clinical-grade surface devices maximize the physician experience is our next read.
Medical Fair Thailand
Discussing about Automation in Healthcare & it's benefits have never been more important earlier.

With this in mind, we introduce the latest edition of Hospital & Healthcare Management your one-stop resource that hepls you stay up to date with the issues that matters ........

View Previous Issues:
Aug'14 | Feb'14 | June'13 | Feb.'13 | Aug.'12 | Apr.'12 | Dec.'11 | Aug.'11 | >> 

Health Care in Asia 2015:
The war on cancer

Venue: Hong Kong
Organisers: The Economist Events
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Big Data in Healthcare
28.04.2015 - 30.04.2015
Venue: Boston, USA
Organisers: Hanson Wade
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Medical Fair Thailand
10.09.2015 - 12.09.2015
Venue: Bangkok, Thailand
Organisers: Messe Dusseldorf Asia
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URL: www.medicalfair-thailand.com


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Yuvraj Sahni
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HHM Global
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webners Register through HHM Global for the upcoming webinars conducted by the leading providers covering subjects on various spectrums within the healthcare industry:

  • OCT: Does It Have What It Takes to Move Beyond its Commercial Tipping Point? - Frost & Sullivan
  • Creating a IT Client Infrastructure (VDI) that Optimizes the Clinician Experience - Lessons of an Early Adopter - HIMSS
  • eCare Communities or Healthcare Information Exchanges: What Are We Really Trying to Build? - HIMSS
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Aug. 2015 - PDF | e-book

Discussing about Automation in Healthcare & it's benefits have never been more important earlier.

With this in mind, we introduce the latest edition of Hospital & Healthcare Management - Vol 4 Issue 2 your one-stop resource that hepls you stay up to date with the issues that matters most.

View Previous Issues:
Feb'15 | Aug'14 | Feb'14 | June'13 | Feb.'13 | Aug.'12 | Apr.'12 | Dec.'11 | Aug.'11 | >> 

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