Hospital investment looks like the worst business right now! A large number of investors lost their lives!

The encouragement of policy and the pursuit of a new way of capital, coupled with the huge capacity of the market, have created an upsurge of investment in hospitals Hospitals and pension projects are compared to sunrise industries, with unlimited prospects But recently, more and more investors are selling the hospital assets they started in the previous years, but most of them are not accepted! In October 2015, the Fifth Plenary Session of the 18th CPC Central Committee proposed for the first time to promote the construction of a healthy China, and "healthy China" became a national strategy The capital market, which is good at catching the national macro trend, has begun to enter the medical field in a large scale, causing the most crazy three years of hospital investment According to cvsource investment data, in 2015, there were 88 financing cases of 80 medical service enterprises with a total amount of 4.2 billion yuan, doubling year-on-year, in which the financing scale increased nearly 11 times, continued to grow to 4.6 billion yuan in 2016, and slightly fell back in 2017 It can be said that 2015-2017 is the three years of rapid development of medical service investment, with 278 financing cases in total and 258 enterprises financing more than 12 billion yuan, respectively more than three times, two times and one times of the total in the previous 14 years (source of financing information in the field of medical services: cvsource investment data) However, since 2018, there has been an upsurge of hospital selling, especially after the second half of the year, there have been many news of selling hospital assets or withdrawing from the medical service industry Incomplete statistics involve several listed companies such as China Resources 39, Yibai pharmaceutical, Jingfeng pharmaceutical, Zhongzhu medical, Hengkang medical, Changbao shares, Lvjing holding, Wanfang development, etc The main reasons are as follows: With the support of macro policies, the investment in hospitals is surging All kinds of investors, regardless of their backgrounds, flock in For example, listed companies, coal owners, real estate developers, PE and VC have set up medical service investment groups Over the past three or four years, the influx of large sums of money has raised the valuation of the medical profession, which has in fact formed a huge valuation bubble The P / E ratio of the primary market is much higher than that of the secondary market, forming a phenomenon of upside down For example, in a hospital with an annual income of only 200 million yuan and a small profit of 10 million yuan, in the third tier city, it is selling 800 million yuan The smart people who once received the offer have become fools! At the end of 2017, the capital market turned from hot to cold The introduction of new regulations on asset management, tightening of IPO review, external disputes and so on made the overall environment worse After a whole year of low in 2018, it seems that the overall environment has not improved At that time, many listed companies pledged the company's equity and added leverage Now the bank's capital is due In fact, it is the most dangerous short-term debt long-term investment However, if the hospital is invested, it can't generate profits quickly, and it needs to continue to increase investment to develop Capital always pursues "short, smooth and quick" returns, but hospitals pay attention to medium and long-term investment in public utilities Take the investment of a secondary hospital as an example, it needs to invest two to three hundred million yuan; to achieve profit and loss balance, three to five years later, to achieve profit, the whole cycle also needs eight to ten years All these, whether valuation bubble or capital policy, can be attributed to external factors, and the decisive factor is the hospital itself Aside from capital and bubble, is the hospital still not a good asset? It's not polite to say that the hospital has become a very bad asset, and it's hard to get rid of it A group of investors are equivalent to being shut down! Let's take a closer look at the revenue sources of the hospital, which can be divided into the following parts: 1 Drug price difference; 2 Inspection and diagnosis service difference and image inspection service fee; 3 Price difference between equipment and consumables; 4 Medical service fee, bed fee and nursing fee; 5 High end physical examination and some cooperation projects (medical and aesthetic oral assisted reproduction), special needs Now, we will strictly control the scale of public hospitals nationwide, reduce the drug price after the establishment of the National Health Insurance Bureau, follow up the DRGs payment reform, zero plus for drugs and medical consumables, control the total cost of medical insurance, two vote system with centralized procurement bidding, diagnostic reagents will also usher in zero plus and centralized procurement bidding, etc The implementation of these policies will have a huge impact on the hospital's operation mode and revenue First, hospital profits have fallen sharply Now, under the policies of zero markup and centralized procurement bidding, hospitals can no longer make profits through drugs, equipment consumables, diagnostic reagents, etc image examination such as CT and MRI are limited in price That is to say, in the past, the source of hospital income was 5 parts Now, 3 parts have been directly cut off or a large part has been removed High end physical examination and cooperation projects are also limited by policies and have limited profits Only the medical service fee, bed fee and nursing fee can bring the net income profit to the hospital The proportion of this part in the original income structure of the hospital is only 20% Although it needs to be improved, the extent and speed of the increase can not immediately make up for the loss of income, and it is also subject to multiple constraints of patient acceptance, medical insurance fee control and DRGs At the same time, to raise the medical service fee must also increase the doctor's income substantially A large part of the increased income is taken by personal income tax, because it is sunshine income! Some people say that it's a public hospital In fact, under the cover of the nest, is there no egg left? Private hospitals compete fiercely in the industry, and cannot get rid of this trend They will be forced to follow up Second, the hospital not only lost profits, but also raised salaries for doctors A part of public hospitals have been transformed into private hospitals after being invested and acquired As a result, the cost of water and electricity and the cost of land rent have come according to the commercial customers The cost of this area alone has increased by more than ten million every year, and some investment institutions do not even know that there will be such a change!