尽管此次出价战不同于一般的敌意收购,但它更倾向于是一种医疗业整合趋势将大而散的美国医院整合起来。2009年,美国医院就吸金7590亿美元,占整个国家医疗保健费用的三分之一,大约相当于荷兰整整一年的国内生产总值。从长远来看,人口老龄化将产生更多医疗需求,从而带动医疗业的发展。到2014年,奥巴马医疗改革方案将使医保人数新增3200万。不过坏消息是,医疗改革方案所产生的新的规章制度让政府不得不缩紧裤腰带来应付节省开支带来的压力。
Mergers are nothing new in the industry. In 1979 only 31% of Americas hospitals were part ofa larger hospital system. By 2001 more than half were. The rationale for joining a larger chainis simple. It means better access to capital for renovation and expansion, better managementandmost importantmore clout when negotiating treatment prices with health insurers.
在医疗行业中合并不过是老生常谈。1979年,仅有31%的美国医院属于大型医院。到2001年,该比例超过了50%。加入大型医院并购圈的原因再简单不过为了得到更新设备、引进设备、开发设备的资金,为了加强管理,最重要的是,为了在医疗保险金上与医疗保险公司谈判时拥有强有力的发言权。
Now, the health reforms are piling on the pressure to merge. Obamacare requires hospitals toinvest heavily in technology, even as the government cuts payments for treatments. Hospitalswill increasingly have to demonstrate the quality of their services. Small hospitals may struggleto meet such demands; bigger groups will be better equipped. Besides, now is a good time tobe doing deals, says Gary Lieberman of Wells Fargo. Credit markets have offered favourableterms to hospital groups raising money. And thanks to the downturn there has been amplesupply of not-for-profit hospitals for sale. Communitys bid for Tenet is the biggest deal now inthe works. The combined companies would have annual revenues of $22 billion, second only toHCA, which last month raised $3.79 billion in an initial public offering . But plenty ofsmaller deals are going on. Vanguard Health Systems, which this month filed for an IPO, hasbought hospitals in Detroit, Chicago and Arizona in the past year. HCA seems likely to use atleast some of its IPO cash to make more acquisitions.
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