Intermédica reverses 15% of profit into new roll
Valor Econômico
Unlike most health plan operators that have complained on the inclusion of 72 new mandatory medical procedures (roll) in mid-2010, Intermédica announces to the market today it is inserting another 81 medical procedures without price increase for the user. The cost for Intermédica will be of nearly R$ 25 million (US$ 14.7 million) a year. That value represents 15% of the earnings before interest, taxes, depreciation and amortization (EBITDA) of healthcare group. "We had great result and we are transferring our margins to the customers", said Paulo Barbanti, President of Intermédica, whose earnings exceeded R$ 2 billion (US$ 1.14 billion) last year.
According to Barbanti, in case there was transfer of the cost of those medical items it would be necessary to adjustment the value of the monthly pay for the health plan at 15%. He said the price of the plan will not go up and there will be no investment because the structure to meet the increase in the demand already exists. One of the new procedures is the laparoscopic gastroplasty (surgery for morbid obese people). Until then, the healthcare plan did not allow the surgery made by means of the technique that foresees small incisions. The forecast is that the release of the new method generates a cost of R$ 2 million (US$ 1.18 billion) a year for Intermédica.
The 81 new procedures will benefit 90% of the portfolio of corporate healthcare plans, which is equivalent to nearly 2.2 million people. Altogether, the group has 4 million customers - 2.3 million in health plans, 1.3 million in dental plans and another 450 thousand in occupational health programs. "I think the competition will get annoyed. So far, everyone wants to reduce the benefits, but if someone happens to offer more than it is in the roll, many operators should follow the same path not to lose market. It is a change of concept", says Barbanti. He highlights Intermédica has made three other similar initiatives and it never registered losses with those actions.
The new package of benefits also includes an unlimited number of sessions of psychology, which the new roll limits to 40 sessions a year. During the event today, Barbanti may highlight in his speech to the market it doesn't need partners or an IPO to expand. Intermédica is a constant target of proposals by investment funds and healthcare groups. There is great interest for Intermédica because it is an operator with a large portfolio of clients that has no debts and works in the low income segment. Barbanti has even announced in 2008 he planned to sell a minority share of the company. Nevertheless, he now says he doesn't want partners.