2010年4月美国医疗行业研究报告

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【出版时间及名称】：2010年4月美国医疗行业研究报告
        【作者】：Imperial Capital
        【文件格式】：pdf
        【页数】：47
        【目录或简介】：

Healthcare Reform Legislation Overview
Up to and following the passage on March 23 of the Health Care and Education Reconciliation Act of
2010, the healthcare high yield market has tightened, with the Congressional Budget Office (CBO)
estimating a reduction of the U.S. uninsured population by 32mn Americans by 2019. The market
appears to view the new act’s addition of a significant number of new paying patients as a catalyst of
future admission trends and relief for the healthcare system’s bad debt and charity care burdens. The
market’s confidence in healthcare remains strong as evidenced by the successful issuance and trade-up
of recent healthcare new issues. (See Figure 1.) While we believe the act to be a positive for the
healthcare industry as a whole, the degree to which its subsectors will feel its impact varies substantially.
Key Takeaways
􀂃 The new healthcare legislation is an expansion of insurance coverage, predominantly funded
through new taxes and provider reimbursement cuts, but the legislation is not “real” health reform,
in our opinion, as under it the healthcare system remains “business as usual” and results in limited
structural changes to the way healthcare service providers operate. This is a positive for providers,
in our view.
􀂃 Winners from the healthcare legislation appear to be hospitals with limited disproportion share
hospital (DSH) payments, long-term acute care hospitals (LTACs), and pharmaceuticals and
biotechnology companies, while the losers of the healthcare reform appear to include hospitals with
significant DSH exposure, medical device companies, home health provider, Medicare Advantage
plans, and medical imaging companies, in our view.
􀂃 There is ample time for industry healthcare associations and lobbying groups to reverse
reimbursement cuts in the healthcare legislation, particularly for those adverse provisions that are
not scheduled to be enacted for years to come. For example, the 2.3% tax on medical device sales
that becomes effective 12/31/12 gives lobbyists almost three years to identify statutory ways to
reverse this tax. We also believe lobbyists are likely to be effective at pushing back the timelines of
many reimbursement cuts and taxes.
􀂃 We believe the realized costs of the legislation will be far greater than currently projected, but we
do not believe this cost escalation will be self-evident for years to come. The Congressional Budget
Office (CBO) has estimated that the health legislation reduces the national deficit by $143bn;
however, the estimate excludes the $208bn cost involved in addressing future declines in Medicare
physician payments, also known as the “Doctor Fix.” We have concerns that a future “Doctor Fix”
legislation may result in additional cost cuts to healthcare providers.

Table of Contents
Largest and Most Liquid Bellwether Securitites................................................ 3
Healthcare Reform—Outline of Major Provisions ............................................ 4
Impact of Health Reform by Subsector............................................................. 6
Healthcare Reform Winners and Losers........................................................... 9
Congressional Budget Office Assumptions ....................................................11
Select Company Data .................................................................................... 13
Accellent, Inc. (ACCINT) .....................................................................................................................13
Alliance HealthCare Services, Inc. (AIQ) ............................................................................................14
Angiotech Pharmaceuticals Inc. (ANPI) ..............................................................................................15
Axcan Intermediate Holdings Inc. (AXCA) ..........................................................................................16
Biomet Inc. (BMET)............................................................................................................................17
Bio-Rad Laboratories, Inc. (BIO) .........................................................................................................18
BioScrip Inc. (BIOS) ............................................................................................................................19
Catalent Pharma Solutions (PTSAC) ..................................................................................................20
Community Health Systems, Inc. (CYH) .............................................................................................21
DaVita, Inc. (DVA)..............................................................................................................................22
DJO Finance LLC (REABLE) ..............................................................................................................23
Elan Corporation plc (ELN) .................................................................................................................24
HCA Inc. (HCA)..................................................................................................................................25
Iasis Healthcare Corp. (IAS) ...............................................................................................................26
LifeCare Holdings Inc. (LTACH)..........................................................................................................27
Novasep Holdings SAS (NOVASP).....................................................................................................28
Patheon, Inc. (PTICN).........................................................................................................................29
Radiation Therapy Services, Inc. (RTSX) ...........................................................................................30
RadNet Inc. (RDNT)...........................................................................................................................31
Tenet Healthcare Group (THC)...........................................................................................................32
Universal Hospital Services Inc. (UHOS) ............................................................................................33
US Oncology Holdings, Inc. (USON)...................................................................................................34
Vanguard Health Systems Inc. (VANGUA) .........................................................................................35
VWR Funding, Inc. (VWR) ..................................................................................................................36
Recently Published IC Healthcare Research.................................................. 37
Risks Factors.................................................................................................. 38
Price Charts and Ratings Histories................................................................. 41
Important Disclosures, Certifications and Other Information .......................... 46

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