CreditStats: 2008 Global Health Care CreditStats Show Reimbursement, Not The Economy, Is The Key Risk Nov 09
Standard & Poors, November 2009
Abstract
This updated study of credit statistics across the global health care industry reflects Standard & Poor's Ratings Services' view that exposure to varying and inconstant reimbursement is a key risk for the industry, but the degree of exposure varies by sector. It is a given that sectors with greater cash flow predictability tend to be able to reduce debt more quickly than those without and, accordingly, support stronger credit measures. In health care, changes in government or private insurance payment practices are the key source of cash flow variability. According to information we developed, reimbursement played a central or significant role in about 60% of health care defaults in the past 20 years. With certain notable exceptions, the pharmaceutical/biotechnology sector...
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Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Abbott Laboratories
- Wyeth
- American Medical Systems Inc.
- Bausch & Lomb Inc.
- Becton Dickinson & Co.
- Bristol-Myers Squibb Co.
- PerkinElmer Inc.
- Valeant Pharmaceuticals International Inc.
- Johnson & Johnson
- Eli Lilly & Co.
- HCR HealthCare LLC
- McKesson Corp.
- Merck & Co. Inc.
- Tenet Healthcare Corp.
- Pfizer Inc.
- Schering-Plough Corp.
- Thermo Fisher Scientific Inc.
- Universal Health Services Inc.
- Cardinal Health Inc.
- Health Management Associates Inc.
- Bard (C.R.) Inc.
- St. Jude Medical Inc.
- Millipore Corp.
- Cooper Cos. Inc.
- Alliance HealthCare Services
- Baxter International Inc.
- HealthSouth Corp.
- Allergan Inc.
- SmithKline Beecham PLC
- Beckman Coulter Inc.
- Bayer AG
- Takeda Pharmaceutical Co. Ltd.
- Community Health Systems Inc.
- Amgen Inc.
- Genzyme Corp.
- Hill-Rom Holdings Inc.
- Elan Corp. plc
- AstraZeneca PLC
- HCA Inc.
- Omnicare Inc.
- Apria Healthcare Group Inc.
- DaVita HealthCare Partners Inc.
- Sun Healthcare Group Inc.
- Quintiles Transnational Corp.
- Owens & Minor Inc.
- Boston Scientific Corp.
- Quest Diagnostics Inc.
- Concentra Inc.
- Teva Pharmaceutical Industries Ltd.
- Novartis AG
- Laboratory Corp. of America Holdings
- PSS World Medical Inc.
- Kinetic Concepts Inc.
- Actavis, Inc.
- Universal Hospital Services Inc.
- Rural/Metro Corp.
- ConMed Corp.
- Res-Care Inc.
- HealthTronics Inc.
- Skilled Healthcare Group Inc.
- Phibro Animal Health Corp.
- InSight Health Services Corp.
- Stryker Corp.
- King Pharmaceuticals Inc.
- Team Health Inc.
- LifePoint Hospitals Inc.
- Express Scripts Inc.
- VCA Antech Inc.
- Hanger Inc.
- Concentra Operating Corp.
- Medtronic Inc.
- DENTSPLY International Inc.
- Bio-Rad Laboratories Inc.
- Charles River Laboratories International Inc.
- IASIS Healthcare Corp.
- Warner Chilcott Corp.
- Gentiva Health Services Inc.
- Vanguard Health Systems Inc.
- Genentech Inc.
- GlaxoSmithKline PLC
- Select Medical Corp.
- Zimmer Holdings Inc.
- AmerisourceBergen Corp.
- Accellent Inc.
- Sanofi
- United Surgical Partners International Inc.
- Rotech Healthcare Inc.
- US Oncology Inc.
- Biogen Idec Inc.
- Medco Health Solutions Inc.
- Marseille-Kliniken AG
- Fresenius SE & Co. KGaA
- National Mentor Holdings Inc.
- Radiation Therapy Services Inc.
- Nycomed S.C.A. SICAR
- Psychiatric Solutions Inc.
- Merck KGaA
- AMN Healthcare Inc.
- Alere Inc.
- Orthofix International N.V.
- Novo Nordisk A/S
- Sheridan Healthcare Inc.
- RadNet Management Inc.
- VWR Funding Inc.
- Hospira Inc.
- Youth & Family Centered Services Inc.
- Sterigenics International Inc.
- DJO Global Inc.
- Triumph HealthCare Holdings Inc.
- InterDent Inc.
- Emergency Medical Services Corp.
- Diagnostic Imaging Group LLC
- CRC Health Corp.
- Butler Animal Health Supply LLC
- Mylan Inc.
- LifeCare Holdings Inc.
- inVentiv Health Inc.
- Capella Healthcare Inc.
- CCS Medical Inc.
- QTC Management Inc.
- Harlan Laboratories Inc.
- Patheon Inc.
- Roche Holding AG
- Angiotech Pharmaceuticals Inc.
- AGA Medical Corp.
- GGNSC Holdings LLC
- BioMarin Pharmaceutical Inc. (Unsolicited Ratings)
- Kendle International Inc.
- Talecris Biotherapeutics Inc.
- Stiefel Laboratories Inc.
- Graceway Pharmaceuticals LLC
- AssuraMed Holding Inc.
- Fenwal Inc.
- Invacare Corp.
- Covidien Ltd.
- Cohr Holdings Inc. (Masterplan Inc.)
- BioReliance Corp.
- Biomet Inc.
- NightHawk Radiology Holdings, Inc.
- TLC Vision Corp.
- Surgical Care Affiliates
- Symbion Inc.
- Hologic Inc.
- Advanced Homecare Holdings Inc. d/b/a Encompass Home Health Inc.
- Octapharma Nordic AB
- PRA International
- Qualitest Pharmaceuticals Inc.
- Providence Service Corp.
- Aptalis Pharma Inc.
- Life Technologies Corp.
- Broadlane Inc.
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