In last week's HBI 2020 online panel discussion, Hedley Goldberg, the head of Rothschild's global health care services arm, predicted a fairly rapid return to normal M&A volumes and pricing. Why?
It first became common parlance in a viral Tweet but is now starting to creep into the balance sheets of companies across Europe. EBITDAC has been described as a "generously redefined version of ex-COVID EBITDA" and it's dangerous for debt calculations.
We now have much greater clarity on the impact of COVID-19. As our online survey shows certain sectors, notably elective, private-pay have been truly walloped. The recession should hit them again. Other sectors, particularly those dependent on public payors in rich countries will suffer far less damage.
COVID-19 is forcing all of us to explore new business models and as a content business we are no exception. I'd like to invite you to join us on Tuesday for our inaugural online event: an interview and Q&A with Dimitris Moulavasilis, CEO of global dialysis player Diaverum. This will just be the first in what is an ambitious schedule planned for summer and autumn 2020.
Here at HBI we are in the middle of a detailed and ambitious project on its impact on the industry we track. How and where will COVID affect hospitals, labs, nursing homes and the twenty other sub-sectors that together make up for-profit healthcare?
For almost all for-profit health care businesses this crisis is both a huge threat and an opportunity. We'd be lying if we claimed the opportunity was as big as the threat but CEOs are in many places laying the foundations for the next decade by how they respond to the crisis.
This week the British government has admitted that the three million antibody tests it bought from China don't work. Spain, Czechia and Slovakia are in a similar position. Touted as key to exiting the restrictive lockdown across the world, there was also hope that they would be a saving grace for lab groups stuck with falling volumes.
With national health systems at or beyond breaking point dealing with a global pandemic, how is it that, in some countries at least, for-profit facilities remain resolutely un-drafted into the fight? Surely, as COVID-19 blazes its way across Europe, it should be all hands to the pump?
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