【出版时间及名称】：2009年11月澳大利亚医疗行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：70
        【目录或简介】：Table of Contents
Winners & losers after the funding cuts.......................................... 3
Sonic the best positioned to maintain margins - Buy....................................................................................3
Primary seeking offset through medical centres co-pays - Hold ..................................................................4
Healthscope expected to struggle with the funding cuts - Hold ..................................................................5
Longer term results may favour smaller competitors...................................................................................6
Impact of funding cuts ...................................................................... 7
Annual pathology funding cut by $125m or 6% ...........................................................................................7
Collection centre deregulation likely to add further cost...............................................................................8
Gross impact to approach $600m over 4 years ............................................................................................8
Diagnostic imaging funding increased by $550m.........................................................................................9
Net impact neutral but not for the listed providers.....................................................................................10
Gross impact on the providers....................................................................................................................10
GPs oppose pathology co-pay........................................................ 11
Price increases will be met with opposition from referrers........................................................................11
Price increases could lead to volume reductions........................................................................................12
Collection centre deregulation opportunity supported by GPs ...................................................................12
Relatively few patients will choose their provider ......................................................................................13
GP’s believe pathology funding cuts were unreasonable...........................................................................13
Patient opposition to co-payments reported elsewhere.............................................................................14
Experience since 2008 Budget........................................................ 15
Bulk-billing rose post the cuts but fell in the June quarter..........................................................................15
Out-of-pocket charges have increased .......................................................................................................16
Potential strategies for passing on cuts ........................................ 17
Decreasing bulk-billing will likely prove difficult ..........................................................................................19
Lifting co-pays (increased maximum out-of-pocket charges) .....................................................................21
Specialist referrals a key opportunity ..........................................................................................................23
Private hospital work..................................................................................................................................24
Specific item price increases ......................................................................................................................26
Positioning of the providers to pass on the cuts.......................... 28
Allocating the funding cuts..........................................................................................................................28
Analysis of providers’ ability to pass on funding cuts .................................................................................30
Sonic Healthcare expected to pass on most of the funding cut .................................................................30
Primary Healthcare expected to struggle with path cuts............................................................................31
Healthscope pathology earnings to suffer from the cuts ...........................................................................32
Other strategies to ameliorate the impact.................................... 33
Pursuit of market share ...............................................................................................................................33
Acquisition of pathology providers and medical centres ............................................................................35
Increasing private billing of non-pathology services ...................................................................................35
Collection centre deregulation....................................................... 37
Background – Budget changes and regulatory environment ......................................................................38
Impact on the industry ...............................................................................................................................39
Impact from collection centre deregulation by provider .............................................................................41
Outlook for Government funding bleak ........................................ 42
Overview of the Government’s funding agenda .........................................................................................42
Investment thesis ............................................................................ 44
Appendix A - 2009 Budget pathology funding cuts...................... 50
Appendix B - 2008 Budget pathology funding cuts...................... 51
Appendix C - Gross impact on the providers ................................ 53
Appendix D - GP Survey Data......................................................... 56