《华利安:2023年医疗IT市场报告(英文版)(15页).pdf》由会员分享,可在线阅读,更多相关《华利安:2023年医疗IT市场报告(英文版)(15页).pdf(15页珍藏版)》请在三个皮匠报告上搜索。
1、SUBSECTOR DEEP DIVE:POSTSUBSECTOR DEEP DIVE:POST-ACUTE CARE TECHNOLOGYACUTE CARE TECHNOLOGYJune 2023Healthcare IT Market UpdateHoulihan Lokey is a leading global investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Ou
2、r firm is the trusted advisor to more top decision-makers than any other independent global investment bank.We invite you to click the links below to learn more about how we can serve your needs:ABOUT OUR FIRM2Learn More About Corporate FinanceLearn More AboutFinancial RestructuringLearn More About
3、Financial and Valuation AdvisoryLearn More AboutOur Industry CoverageKey Facts and FiguresOur Ranking by ServiceHoulihan Lokey Is a Global Firm No.1 Global M&A Advisor for Transactions Under$1 BillionLeading Capital Markets AdvisorNo.1 Global M&A Fairness Opinion Advisor Over the Past 25 Years1,000+
4、Annual Valuation EngagementsNo.1 Global Restructuring Advisor1,500+Transactions Completed Valued at More Than$3.0 Trillion CollectivelyFinancial and Valuation AdvisoryAmericasAtlantaBaltimoreBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoSo PauloWashington,D.C.Europe and M
5、iddle EastAmsterdamAntwerpDubaiFrankfurtLondonMadridManchesterMilanMunichParisStockholmTel AvivZurichAsia-PacificBeijingFukuokaGurugramHong Kong SARMumbaiNagoyaShanghaiSingaporeSydneyTokyo2,000+CLIENTS SERVED ANNUALLY313MANAGING DIRECTORS(1)2,000TOTAL FINANCIAL PROFESSIONALS36LOCATIONS WORLDWIDE$1.8
6、BREVENUE(3)$6BMARKET CAPITALIZATION(2)24Senior officers dedicated to the sponsor community in the Americas and EuropeFully Integrated Financial Sponsor Coverage1,000+Sponsors covered,providing market insights and knowledge of buyer behavior700+Companies sold to financial sponsors over the past five
7、years(1)As of April 31,2023.Excludes corporate MDs.(2)As of May 2023.(3)LTM ended March 31,2023.1998 to 2022 Global M&A Fairness Advisory RankingsDealsAdvisor1,232Houlihan Lokey11,030JP Morgan2938Duff&Phelps,A Kroll Business3725Morgan Stanley4710BofA Securities Inc5Source:Refinitiv.Announced or comp
8、leted transactions.2022 Global Distressed Debt&BankruptcyRestructuring RankingsDealsAdvisor58Houlihan Lokey130PJT Partners Inc229Lazard325Rothschild&Co421Moelis&Co5Source:Refinitiv.Financial RestructuringCorporate Finance2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionDealsAdvisor381Hou
9、lihan Lokey1369Rothschild&Co2217JP Morgan3206Lazard4203Goldman Sachs&Co5Source:Refinitiv.Excludes accounting firms and brokers.OUR HCIT PRACTICE:GLOBAL REACH AND DEEP SECTOR EXPERTISE3Key ContactsData Analytics and Population HealthPayor-Focused ITBenefits Administration TechnologyEngagement,Quality
10、,and Risk AdjustmentNavigation,Advocacy,and Cost ContainmentPayment IntegrityRx Adherence and AccessSocial Determinants of HealthPharma and Life Sciences ITDrug CommercializationDrug DiscoveryReal-World Evidence and Data AnalyticsProvider-Focused ITGovernance,Risk,Compliance,and ProductivityRevenue
11、Cycle ManagementPatient Intake and EngagementPost-Acute and Home-Based CareSpecialty Practice Management and EMRVirtual Care/TelehealthWellness-and Disease-Specific SolutionsHealthcare IT Subsectors CoveredLuiz GrecaManaging Director+1 305.779.1171Luiz.GrecaHL.comJose Rodriguez RobledoVice President
12、+1 312.462.6434Jose.RodriguezHL.comMark FrancisManaging Director+1 214.220.8484MFrancisHL.comPaul Tomasic Managing Director+44(0)20 7747 6673PTomasicHL.comOUR POST-ACUTE CARE TECHNOLOGY EXPERTISE:MEDIFOX DAN4HQHildesheim,GermanyFounded1994Employees500Valuation$1.0BEV/Sales 12.0 xEV/EBITDA 28.6xCompa
13、ny ProfileMEDIFOX DAN is a leading provider of digital solutions in the care,support,and therapy sectors,which deliver high-quality outcomes for people in need,while simultaneously creating more efficiency,more freedom for human interaction,and higher caregiver engagement.MEDIFOX DANs clinical,finan
14、cial,and operational solutions are mission-critical for out-of-hospital care providers,creating solutions for those involved in care documentation,personnel planning,administration,billing,and more.MEDIFOX DAN offers an end-to-end solution and is the operating system of choice used daily by more tha
15、n 300,000 caregivers.Our RoleHoulihan Lokey served as the exclusive sellside advisor to Hg,being very familiar with the company,management,and Hg team,as the firm led the sale to Hg in 2018.With deep sector expertise,Houlihan Lokey managed a fast-track process and maintained good dialogue with the u
16、ltimate acquirer ResMed,who was a runner-up in the 2018 M&A process.Transaction SnapshotMEDIFOX DAN,a portfolio company of Hg,has been acquired by ResMed in a$1.0 billion transaction.The process attracted significant interest from international players,including both strategics and large-cap financi
17、al sponsors with a healthcare and technology focus.In a fast-track process,signing took place within two weeks after the first management presentation and the deal closed in November 2022.For ResMed,the acquisition of MEDIFOX DAN is a landmark transaction with strategic growth opportunities from unl
18、ocking thousands of providers and millions of patients and builds on ResMeds existing business in Germany as a leading provider of innovative cloud-connected medical devices and home care services that transform care for patients with sleep apnea and other respiratory conditions.MEDIFOX DAN will sig
19、nificantly contribute to ResMeds SaaS expansion strategy.a portfolio company ofhas been acquired bySellside Advisor02031156Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Introduction2023 YTD Quick FactsThe first half of 2023 continued broader market environment trends established durin
20、g the second half of 2022.Macroeconomic uncertainty,volatile capital markets,increased cost(and reduced availability)of debt,and the continued impact of inflation caused many strategic buyers to focus on execution instead of pursuing acquisitions.At the same time,financial sponsors remained discipli
21、ned and focused on profitability alongside sustainable organic growth.While M&A deal activity has slowed from recent record highs with several companies testing the market with varying levels of success,there has been notable strategic deals,such as CVS acquisition of Signify Health and Oak Street H
22、ealth and Amazons acquisition of One Medical.Similarly,we have seen a meaningful uptick in private equity deal flow in Q2,with the number of healthcare IT assets of scale in market increasing consistently month-over-month since March.We expect this trend to continue over the course of this year with
23、 activity picking up materially during Q3 and Q4,supported by a healthy backlog.On the public markets,healthcare IT companies have seen their stock prices underperform the broader market indices on an LTM basis.Healthcare IT public valuation multiples are returning to long-term averages.Continued to
24、pline growth indicates that while multiples have contracted,demand for healthcare IT solutions remains strong.Our long view is that secular macro tailwinds,such as an aging(and sickening)population,funding gaps,and staff shortageswill continue to drive the need for healthcare IT solutions,and conseq
25、uently,strategic and private equity deal activity in the sector.Source:PitchBook as of May 31,2023.(1)M&A count includes PE Growth Investments and excludes transactions closed after May 31,2023.(2)Figures for Q2 2023 presented as of May 31,2023.52023 YTD HEALTHCARE IT MARKET UPDATERecent Deal Activi
26、tyDeep Dive:Post-Acute Care TechnologyEquity Market Update Industry Trends,Challenges,and PotentialHCIT M&A Transaction Volume(1)167Transactions YTD 202320202022722567167(2)Content3394746404536324230393023200212022LTMJun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Fe
27、b-23Mar-23Apr-23May-23OVERALL HEALTHCARE IT DEAL ACTIVITY SUMMARY:M&A/CONTROL TRANSACTIONS6StrategicDateTargetAcquirerTarget DescriptionMay-23Cost management,payment,and revenue integrityMar-23Value-based payment programsMar-23Messaging appFeb-23Technology-powered primary care platformJan-23(Home He
28、alth and Hospice)Home health and hospice EMR solutionsJan-23Workflow solutionNov-22Payor solutionNov-22Post-acute care softwarePrivate EquityMonthTargetAcquirerTarget DescriptionSignedRisk adjustment and value-based care enablementMar-23Data and analyticsFeb-23Data and analyticsFeb-23Medical device
29、managementJan-23Core administrationJan-23Revenue cycle managementJan-23Payment integrity solutionsOct-22Core administrationMonthly AveragesMonthly M&A Deal Count(1)Selected Recent M&A Transactions in the HCIT MarketAvg:5020212023 YTDSources:PitchBook,S&P Capital IQ,Mergermarket.(1)M&A count includes
30、 PE Growth Investments and excludes transactions closed after May 31,2023.HEALTHCARE ITTRENDS,CHALLENGES,AND POTENTIAL7Ageing PopulationGlobally increasing life expectancy in addition to lower overall population growth is expected to result in global median increasing from 30 years today to 42 years
31、 by 2050.Chronic Diseases Increasing in Prevalence4635787009.3%10.2%10.9%8%9%10%11%12%0200400600800201920302045Global diabetes prevalence in%and million(#)In the United States,6 in 10 adults have a chronic disease,and these diseases account for 90%of the total healthcare spending,creating the need f
32、or long-term care.Rising Costs and Funding Gap20302021$6.8T19.6%$4.3T18.8%U.S.health expenditure(in$T)and in%if GDPIncreasing healthcare expenditure and widening funding gaps will drive demand for technology that can create efficiencies and leverage for payors,providers,and patients.1950MEDIAN AGE:2
33、4TODAYMEDIAN AGE:302050MEDIAN AGE:42201320202030Dentists0.490.260.22Medical doctors3.052.661.94Midwifery personnel0.360.410.31Nursing personnel9.897.074.50Pharmacists0.330.290.19Other occupations6.024.693.08Total20.1515.3710.23Healthcare Workforce ShortageWHO estimates a shortfall of 10 million heal
34、th workers by 2030.Recent labor inflation has led to margin compression across healthcare providers.Growing need for technologies that can augment current and future staff productivity.Estimation of the global health workforce shortage(in millions)in 2013,2020,and projected in 2030 by occupationMacr
35、o Trends and Current Challenges in the Healthcare SectorSources:WHO,BBC,HBR,McKinsey.HEALTHCARE ITTRENDS,CHALLENGES,AND POTENTIAL(CONT.)8Healthcare SpendingHealthcare IT PotentialHealthcare IT Market SizeCost reductionOptimizing operations of care providers through digital transformation has shown t
36、o reduce costs by 50%and increase revenue by 20%.Outpatient The tech-enabled shift from inpatient care to increased outpatient care by 2025 is expected to be valued at$265B.Patient engagement and experienceImproved interoperability and care coordination across the ecosystem,with 92%of physicians bel
37、ieving interoperability improves patient experiences.Big dataAdoption of big data analytics by payors,providers,and pharma is steadily increasing;by 2025,36%of data generated globally will be healthcare data.TelehealthAlthough telehealth usage is normalizing post-COVID-19,the pandemic-induced usage
38、boost has seen it increase access to care and productivity.2.64.04.86.20.92.0201020192026E2032EHealthcare spending and saving potential through healthcare IT(in$T)Projected health spending based on future health trendsPotential savings based on future of health trendsProjected health spending based
39、on historical trends8.25.74.02.6Healthcare IT market(Global,in$B)$3032022$1,0762032EHealthcare IT market is projected to have double-digit growth over the next decade.Continue to see increased adoption of digital technologies by healthcare players as they continue to look for ways to improve patient
40、 care and reduce costs.Drive Need for Adoption of Healthcare IT SolutionsSources:WHO,BBC Future,HBR,McKinsey,Deloitte.POST-ACUTE CARE TECHNOLOGY DEEP DIVE:MARKET TRENDS9Implications for post-acute care technology driven by long-term macro trendsTrends and DriversHCIT ImplicationsBy 2028,there will b
41、e an 8.2M post-acute care worker shortage in the U.S.Similar shortages are projected for most European countries,esp.U.K.and Germany.Increasing number of facilities with 70.0 x and negative EV have been excluded as not meaningful(n.m.).EV/Sales and EV/EBITDA charts not shown to scale.Top number repr
42、esents maximum multiple for peer group;middle number represents median multiple for peer group;bottom number represents minimum multiple for peer group.2023E2024E12.7x10.7x2.6x2.4x0.4x0.4x 2023 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redis
43、tributed without the prior written consent of Houlihan Lokey.Houlihan Lokey is a trade name for Houlihan Lokey,Inc.,and its subsidiaries and affiliates,which include the following licensed(or,in the case of Singapore,exempt)entities:in(i)the United States:Houlihan Lokey Capital,Inc.,and Houlihan Lok
44、ey Advisors,LLC,each an SEC-registered broker-dealer and member of FINRA(www.finra.org)and SIPC(www.sipc.org)(investment banking services);(ii)Europe:Houlihan Lokey Advisory Limited,Houlihan Lokey EMEA,LLP,Houlihan Lokey(Corporate Finance)Limited,and Houlihan Lokey UK Limited,authorized and regulate
45、d by the U.K.Financial Conduct Authority;Houlihan Lokey(Europe)GmbH,authorized and regulated by the German Federal Financial Supervisory Authority(Bundesanstalt fr Finanzdienstleistungsaufsicht);(iii)the United Arab Emirates,Dubai International Financial Centre(Dubai):Houlihan Lokey(MEA Financial Ad
46、visory)Limited,regulated by the Dubai Financial Services Authority for the provision of advising on financial products,arranging deals in investments,and arranging credit and advising on credit to professional clients only;(iv)Singapore:Houlihan Lokey(Singapore)Private Limited and Houlihan Lokey Adv
47、isers Singapore Private Limited,each an“exempt corporate finance adviser”able to provide exempt corporate finance advisory services to accredited investors only;(v)Hong Kong SAR:Houlihan Lokey(China)Limited,licensed in Hong Kong by the Securities and Futures Commission to conduct Type 1,4,and 6 regu
48、lated activities to professional investors only;(vi)India:Houlihan Lokey Advisory(India)Private Limited,registered as an investment adviser with the Securities and Exchange Board of India(registration number INA000001217);and(vii)Australia:Houlihan Lokey(Australia)Pty Limited(ABN 74 601 825 227),a c
49、ompany incorporated in Australia and licensed by the Australian Securities and Investments Commission(AFSL number 474953)in respect of financial services provided to wholesale clients only.In the United Kingdom,European Economic Area(EEA),Dubai,Singapore,Hong Kong,India,and Australia,this communicat
50、ion is directed to intended recipients,including actual or potential professional clients(UK,EEA,and Dubai),accredited investors(Singapore),professional investors(Hong Kong),and wholesale clients(Australia),respectively.Other persons,such as retail clients,are NOT the intended recipients of our comm
51、unications or services and should not act upon this communication.Houlihan Lokey gathers its data from sources it considers reliable;however,it does not guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects information known to th
52、e authors at the time this presentation was written,and this information is subject to change.Any forward-looking information and statements contained herein are subject to various risks and uncertainties,many of which are difficult to predict,that could cause actual results and developments to diff
53、er materially from those expressed in,or implied or projected by,the forward-looking information and statements.In addition,past performance should not be taken as an indication or guarantee of future performance,and information contained herein may be subject to variation as a result of currency fl
54、uctuations.Houlihan Lokey makes no representations or warranties,expressed or implied,regarding the accuracy of this material.The views expressed in this material accurately reflect the personal views of the authors regarding the subject securities and issuers and do not necessarily coincide with th
55、ose of Houlihan Lokey.Officers,directors,and partners in the Houlihan Lokey group of companies may have positions in the securities of the companies discussed.This presentation does not constitute advice or a recommendation,offer,or solicitation with respect to the securities of any company discusse
56、d herein,is not intended to provide information upon which to base an investment decision,and should not be construed as such.Houlihan Lokey or its affiliates may from time to time provide investment banking or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.14DISCLAIMERCorporate Finance Financial RestructuringFinancial and Valuation AdvisoryHL.com