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Original-Research: Health Italia S.p.A. - von GBC AG
Einstufung von GBC AG zu Health Italia S.p.A.
Unternehmen: Health Italia S.p.A.
ISIN: IT0005221004
Anlass der Studie: Management Interview
Empfehlung: Management Interview
Letzte Ratingänderung:
Analyst: Matthias Greiffenberger, Marcel Schaffer
"[.] we aim to strengthen our position as a leader in the healthcare
industry by prioritizing patient-centeredness, fostering innovation and
embracing digitization."
This management interview features Livia Foglia, the CEO of Health Italia
S.p.A. GBC will soon initiate research coverage on Health Italia, and the
company has recently published its guidance, setting a revenue target of 50
to 52 million euros for the year 2026. Additionally, they aim for an EBITDA
of 12 to 14 million euros and a positive net financial position ranging
between 15.0 and 16.0 million euros. Today, we have the opportunity to
speak with Livia Foglia about the company's market positioning and future
prospects.
GBC AG: How would you describe your business model to investors who are not
familiar with your company, considering that you are the leader in the
Italian market?
Livia Foglia: Our company, which is a group, operates in the healthcare and
wellbeing market. We are an integrated operator offering a complete range
of solutions to improve the quality and accessibility of healthcare,
assistance, and welfare services. All the activities are grouped into
different companies and business lines (Promotion and Support Services,
Telemedicine, and Medical services) with significant opportunities for
cross-selling strategies and synergies among them.
Through Health Italia, our holding company, we promote corporate and retail
supplementary healthcare solutions to individuals and families in need of
healthcare coverage, as well as to companies for their employees as a
benefit. We also manage welfare services and flexible benefit plans for
companies or public entities' employees.
Through our subsidiaries, Health Assistance and Health Point, we provide
assistance services as a third-party administrator (service provider)
dedicated to assisted individuals who have subscribed to a healthcare plan.
We also offer innovative telemedicine and traditional medical services.
To support our business, we are constantly developing and improving our own
digital platforms that help us manage activities and seize new
opportunities.
Our distribution model is multichannel and based on different channels,
with the main one being our network of promoters, consisting of
approximately 2,000 individuals working throughout Italy. We also
collaborate with Banks Branches. Health Italia is the only company in Italy
to promote supplementary healthcare solutions through the banking channel.
Additionally, we work with other external independent distribution networks
interested in selling solutions for wellbeing and health protection.
GBC AG: Germany has a healthcare system with two pillars, namely Statutory
Health Insurance (Gesetzliche Krankenversicherung, GKV) and Private Health
Insurance (Private Krankenversicherung, PKV). In Italy, however, there is
an additional pillar consisting of Mutual Aid Societies and Health Funds,
which are voluntary health insurance schemes. Can you provide an overview
of this system to investors who may not be familiar with it?
Livia Foglia: In Italy, the healthcare system is composed of three areas
called Pillars: the first is represented by the Public National system, the
second is represented by Funds, and the third consists of private insurance
companies.
Funds include Mutual Benefit Companies and Healthcare Funds, which are
intended to complement the public health service and provide support. These
entities are non-profit and individuals who benefit from their services
become members rather than clients. They are registered in the Registry of
Healthcare Funds at the Ministry of Health, and the government provides
significant tax benefits (deductibility) to support the second pillar.
GBC AG: Italy offers flexible benefits through customizable remuneration
plans, enabling employees to choose from various options. How do these
flexible benefits present interesting opportunities for your company?
Hi Welfare is the division specifically dedicated to corporate welfare
services. Through our online platform, we manage flexible benefit programs
for companies and public entities' employees. With this formula, employees
can choose the composition of their individual welfare plan according to
their needs. We provide seven benefit areas:
- Health care plans
- Assistance: home care for the disabled or elderly
- Leisure: culture, sports, travel
- Supplementary pension
- Education: school fees, education expenses, from kindergarten to college
- Shopping vouchers
- Season tickets for public transportation
Additionally, with the support of Health Point, we can offer medical
services and telemedicine directly within company headquarters by setting
up dedicated spaces for services, check-ups, or in-house health screening
campaigns. This represents an important opportunity for our company from a
dual perspective.
Protective strategy: By being able to satisfy customers' welfare needs
beyond just health coverage, we prevent competitors from entering as their
exclusive suppliers and potentially stealing our customers.
Proactive strategy: We have two access channels for the corporate target
audience. Since a company may be interested in health coverage only or a
comprehensive welfare plan, we have the ability to meet their demands in
both cases. Furthermore, after acquiring the customer, we can employ a
cross-selling strategy to offer additional services in which they were
initially not interested.
GBC AG: Which primary markets does your company currently operate in, and
how do you envision the future development of these markets? How will these
market dynamics impact your company?
Livia Foglia: We operate in the healthcare market, where in 2020, the
national healthcare expenditure reached 160 billion euros. Out of this
amount, 122 billion euros were covered by public funds, while private
individuals contributed 38 billion euros. Among the private expenditure, 34
billion euros were paid out of pocket by citizens, with only 4 billion
euros being brokered by healthcare funds and insurance companies. The
untapped portion of this market represents our main addressable market.
In recent years, intermediated healthcare spending in Italy has been
steadily increasing, driven by a reduction in state intervention and the
aging population. The growth in the second pillar can be observed through
the data on entities registered in the Registry of Healthcare Funds at the
Ministry of Health. These entities include Funds and Mutual Benefit
Companies that enjoy tax benefits (excluding insurance companies). The
number of beneficiaries and registered entities has risen from
approximately 7 million in 2013 to 14 million in 2019.
The corporate welfare market in Italy has also experienced growth, with the
adoption of welfare plans by companies for their employees doubling from
2017 to 2021. The average budget allocated to welfare measures has also
increased, surpassing EUR1,000 in 2021.
Furthermore, on a global scale, since the pandemic in 2020, remote health
consultations have significantly increased from 0.1% to 43.5%. It is
projected that around 40% of patients will continue to use telemedicine, a
substantial increase compared to the pre-pandemic level of 11%. In 2021,
telemedicine accounted for 35.5% of the total revenue in the healthcare
sector, amounting to 62.4 billion dollars. Experts predict a compound
annual growth rate (CAGR) of 36.5% from 2022 to 2028, reaching a market
value of $577 billion in 2028.
These data clearly indicate the opportunities within the sector. The
presence of growing reference markets, as projected above, suggests an
increase in turnover across all areas of our Group's business.
GBC AG: In light of the rapidly evolving technological landscape, how does
your company stay ahead of emerging trends and leverage innovation to
maintain its market leadership in Italy?
Livia Foglia: Significant technological investments are currently underway
to further implement the ongoing digital transformation that has been in
progress for several years. The Group is specifically investing in new
software to serve the main business areas, including CRM (Customer
Relationship Management), operations center management software,
back-office analysis software, and cloud programs and hardware. This
involves migrating to servers provided by major suppliers such as Oracle or
Microsoft, benefiting from their computational capacity.
Furthermore, the entire resident server infrastructure is being replaced
with cloud servers, which effectively addresses data protection concerns
and enhances cyber security. An important investment is also being made to
replace all existing firewalls, further bolstering security measures.
From a commercial perspective, a significant investment is being made to
integrate the current sales channels with online access and explore
distribution via modern online sales platforms. This initiative aims to
enhance the company's presence in the online market and capitalize on the
opportunities presented by e-commerce.
GBC AG: Looking ahead, where do you envision your company in five years?
Livia Foglia: The near future scenario for the health sector, particularly
regarding supplementary and/or complementary health coverage, presents a
significant challenge for the global community.
The healthcare landscape is undergoing transformative changes, exploring
innovative business models, and creating fresh opportunities.
Simultaneously, new players from the technology, consumer products,
services, and other sectors are entering the vast global health
marketplace, while consumers are increasingly embracing technology-enabled
solutions.
In this evolving global health space, Health Italia is making substantial
advancements by prioritizing patient-centricity, fostering innovation, and
embracing digitization. Through these efforts, we aim to strengthen our
position as a leader in the industry by adapting to the demands of diverse
populations and varying needs. We are committed to ongoing investments that
focus on technological innovation, service enhancement, and customer base
consolidation.
GBC AG: Thank you very much for the interview.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/27405.pdf
Kontakt für Rückfragen
GBC AG
Halderstraße 27
86150 Augsburg
0821 / 241133 0
research@gbc-ag.de
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:
http://www.gbc-ag.de/de/Offenlegung
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Date (time) of completion: 20.07.2023 (14:00)
Date (time) of first publication: 25.07.2023 (12:00)
-übermittelt durch die EQS Group AG.-
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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