RATING

RECOMMENDATION

Neutral

  • MEDI ASSIST HEALTHCARE SERVICES
  • ₹390.00

  • PLACE ORDER
  • ROFR Required
  • Available in Depository:

  • NSDL

  • CDSL

  • Available for Investment:

  • Primary

  • Secondary

RATING

RECOMMENDATION

Neutral

Business Type

Dominant Leader

RATING

RECOMMENDATION

Neutral

Business Type

Dominant Leader

Discover and get a complete analysis on Medi Assist Pre IPO - Management, Business Model, Financials, Growth, Valuations, Funding Rounds, News and get latest updates on Medi Assist Financial Statements.

ISIN

INE456Z01021

Face Value

₹5.00

Total Share

6,88,59,212

Total Income

₹348.20 Cr

Profit After Tax

₹26.27 Cr

EPS

₹5.63

P/E

69.27

P/B

10.59

Market Capitalisation

₹2,685.51 Cr

Enterprise Value

₹2,608.23 Cr

Book Value

₹36.82

Intrinsic Value

₹378.46

Earnings Yield

1.44 %

Sector

Financials

Sub-sector

Insurance

Category

Pre IPO

Cashflow - Operations

₹139.44 Cr

Cashflow - Financing

-₹9.79 Cr

MEDI ASSIST Growth

Compounded Sales Growth

  • 2.22%

    1 Year

  • 8.46%

    2 Year

  • 12.01%

    3 Year

Pro Only

Compounded Profit Growth

  • -21.69%

    1 Year

  • 0.16%

    2 Year

  • -13.39%

    3 Year

Pro Only

Return On Equity

  • 10.38%

    2021

  • 15.48%

    2020

  • 12.25%

    2019

Pro Only

About MEDI ASSIST

  • Medi Assist Healthcare Services Ltd. together with its subsidiaries, provides third-party administration (TPA) services in India. The company provides health management, disease management, and coordinating and administering health checkup services at diagnostic and scan centers.
  • It also provides project resource management, mobile clinic management, medical manpower, business support, software subscription, consultancy, contact center support, and other technical and allied services pertaining to the healthcare and health insurance sector. In addition, it provides hospitalization, cashless facility, customer relations and contract management, billing, and claim processing services
  • While under the TPA Regulations, the company's primary clients are insurance companies, the company also serve as an intermediary between (a) general and health insurance companies and the insured members (under retail, corporate and insurance backed public health insurance policies), (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes.
  • The company has developed a pan-India healthcare provider network that comprises over 11,000 hospitals across 722 cities and towns. Among health insurance premiums in India, the company enjoys 17% of the market share of the private health insurance market and 29% of the private health insurance market serviced by health benefits administrators in India.
  • Medi Assist Healthcare Services Limited was formerly known as Medi Assist Healthcare Services Private Limited and changed its name to Medi Assist Healthcare Services Limited on February 27, 2018. 
  • Satish Gidugu is the CEO of the Medi Assist Healthcare Services Ltd.
  • Mr. Rakesh JunJhunwala invested in Medi Assist Healthcare Services Ltd. in the year 2012 and continue to hold the shares till date.
  • The company was incorporated on 07 June 2000 at ROC-Bangalore.

  • MEDI ASSIST IPO Details

The company has filed a DRHP on May 10, 2021 for an initial public offering (IPO) with the market regulator, Sebi. The company proposes to make an IPO through an offer for sale of certain shareholders’ existing equity shares of Rs. 5 each at face value. Axis Capital, Edelweiss Financial Services, IIFL Securities, and SBI Capital Markets are managing the IPO. If the IPO goes well, Medi Assist Healthcare Services will be India's first IPO as a health insurance TPA, or third-party administrator.

MEDI ASSIST
Offer for Sale No. of Shares

2,80,28,168 Cr

  • MEDI ASSIST Merger & Acquisition

Merger

Amalgamation/Merger
  • On June 4, 2020, Bengaluru-based Phasorz Technologies, which operates online doctor consultation platform DocsApp merged with digital consumer health business MediBuddy (Medi Assist Healthcare Services, the holding company of MediBuddy) in a mixed cash and equity deal. The businesses ran as separate entities post the merger. 
  • On February 17, 2018, The board of Medi Assist TPA had approved amalgamation between the company and Medybiz Services Private Limited (MSPL). The entire undertaking of MSPL, including all its properties and assets of whatsoever nature, such as licenses, agreements or any other right devolving pursuant to such agreements, permits, approvals, tenancy rights, permissions and incentives and all other rights, title, interest, contracts, consent or powers of every kind and description were transferred to and vested in the company.
  • On April 12, 2017, The board of Medi Assist TPA had approved the draft scheme of amalgamation between Dedicated Healthcare Services TPA (India) Private Limited (DHS) and Medi Assist TPA. Upon the completion of the amalgamation, DHS merged into Medi Assist TPA and ceased to be Medi Assist TPA's subsidiary. The appointed date for the purposes of DHS Amalgamation Scheme was October 1, 2016 and the effective date was April 24, 2018.

Demerger

  • On December 4, 2020, NCLT Bench has approved the demerger between the company and Mandala (one of the group companies). The entire undertaking of the consumer facing health and wellness division of the company, including but not limited to all its assets of whatsoever nature, permits, approvals, consents, licenses, trademark, copyrights, patents, privileges, powers, facilities were transferred to and vested in Mandala.
  • On February 7, 2020, Mandala proposed to be merged into Phasorz. On December 20, 2019, Phasorz, Mandala, and certain shareholders of the company entered into a merger implementation agreement dated December 20, 2019, providing the mechanism for the merger of Mandala into Phasorz. In pursuance to the MIA Agreement and subject to the Merger Scheme, the parties agreed that Mandala shall be amalgamated into Phasorz in consideration of the allotment and issuance of merger consideration shares by Phasorz to certain shareholders of Medi Assist Healthcare Service, who are also shareholders of Mandala.

Acquisition

  • On May 27, 2017, Medi Assist TPA acquired the business of Medicare TPA, including its assets, the third party administrator’s license, liabilities, records, contracts, employees of Medicare TPA, as a going concern by way of a slump sale basis. The IRDAI provided its in-principle approval for the Acquisition to Medi Assist TPA pursuant to its letter dated September 28, 2017 and to Medicare TPA pursuant to its letter dated September 27, 2017.
  • MEDI ASSIST Subsidiaries

  • Medi Assist TPA

MEDI ASSIST Business Model

  • Medi Assist TPA is currently engaged in the business of processing insurance claims as a third-party administrator.
  • MEDI ASSIST Revenue Segmentation

  • Income from TPA Services
  • Income from Health Management Services
  • Income from License Fee
  • Business Support Service
  • Other Income
  • MEDI ASSIST Product & Services

Products

  • Member Benefits Platform
  • Outpatient Benefits Platform
  • Payer Platforms
  • Claims Management Platform
  • Healthcare BI/Analytics
  • rogram or strategy

Services that are related to policy holders

  • Onboarding
  • Benefit administration
  • Hospitalization concierge
  • Outpatient benefits
  • Tech Integration

Services that are related to Insurance Companies

  • Claim management
  • Access to provider and network rates

Services that are related to Hospitals

  • Contract rate, discounts and packages
  • Electronic pre-authorization
  • Cashless processing
  • Paperless lifecycle (electronic)
  • MEDI ASSIST Assets

The company's assets as on 31st, March 2021

ParticularsAmount in Rs. Cr. 
Leasehold Improvement7.0
Furniture and fixtures8.5
Office Equipments5.8
Computers6.0
Electrical Equipments0.8
Air Conditioners1.1


  • MEDI ASSIST Industry Overview

Industry Statistics

Definition

  • TPA is an organization that processes insurance claims on behalf of the insurance companies. It enters into contract with the insurance companies and plays an important role in the health insurance sector, by ensuring better services to policyholders.
  • TPA industry came into existence when Insurance Regulatory and Development Authority of India (IRDAI) issued the (Third Party Administrators – Health Services) Regulations, 2001, on September 17, 2001.

Overview

  • Penetration of health insurance in India grew from 22.2% in 2014 to 36.5% in 2020 and is expected to reach 55.0% by 2024-2025. During the period of 2014-2015 to 2019-2020, penetration of health insurance (total insurance premium as a percentage of GDP) grew from 0.21% to 0.38%. The demand in the market is driven by continued economic growth, expanding healthcare market, positive demographic trends, reforms and initiatives by governments, policies inviting foreign investment, increasing income levels and rising health awareness.
  • In 2020, health insurance serviced by TPA accounted for Rs. 303.05 billion, representing a compound annual growth rate (CAGR) of 20% from 2018-2020 owing to increase in the group insurance scheme in India. Total health insurance serviced by TPA in 2020 accounts for 61% of the addressable market in India, which provides ample of opportunity of growth for the industry. 
  • Medi Assist Healthcare Services is the dominant leader in its segment. It covers about 22% share of the total TPA industry.  

Growth factors

  • Only 10% of the total population in India is covered by health insurance (excluding public schemes), which results in higher out-of-pocket expenditure for majority of the population. Over the last four to five years, the out-of-pocket healthcare expenditure as a percentage of current healthcare expenditure has shown a decreasing trend and with increasing health insurance penetration, it is expected to reduce further over the next five years.
  • The Indian healthcare insurance market is experiencing high growth, attributable to many key factors such as the growing economy, as well as rising per capita healthcare expenditure, awareness and need for insurance.
  • Rising costs of medical care is expected to lead to an increase in demand for health insurance, as well as an opportunity to target higher value policies in terms of the sum assured for health insurance companies.
  • The COVID-19 pandemic has also brought about a large shift in the insurance preferences of Indian customers, especially individuals.
  • The pandemic has also presented an opportunity for the insurers to partner with corporates for health and wellness benefits to its employees so as to increase their health quotient and improve the ability to combat any type of illnesses. This will help in reducing the total number of claims raised to the insurers and aid in their profitability.
  • Given that TPAs interact directly with the end customers, the leading TPAs have developed strong brand identities in the market. drive growth of the TPA industry in India. With central and state governments aiming at rapidly expanding health insurance coverage for economically weaker section of the population in the country, the size of health insurance market and consequently the TPA market is expected to expand rapidly. 

Competitive Landscape

  • Medi Assist is India’s largest health benefits administrator in India for the group segment, in terms of premium serviced for the financial years 2018, 2019 and 2020. Some of the key players in the TPA industry are United Health Care Parekh Insurance TPA Private Limited, Medi Assist Healthcare Services, MDIndia Health Insurance TPA Private Limited, Paramount Health Services & Insurance TPA Private Limited, Heritage Health Insurance TPA Private Limited and many others.

Future Prospects

  • In India, number of lives covered under health insurance expected to increase the number of lives covered under health insurance at a CAGR of 10.6% over the period 2020-2025, reaching 824 million lives in 2024-2025. Over the next 5 years, retail policies are expected to see the highest growth rate, increasing at a CAGR of approximately 15% from 2020-2021 to 2024-2025. The major factors driving this growth will be the extension of retail distribution network to tier 2 and tier 3 cities along with increased penetration of web aggregators in selling retail health insurance policies.
  • The premium serviced under health insurance in India stood at ₹ 507.59 billion in 2019-20, growing at a CAGR of 20.8% between 2019-20 and 2024-25, and is expected to reach ₹ 1,303.56 billion in 2024-25. The main driver for growth in health insurance premium has been increased uptake of group and retail policies which is in turn largely dependent on the increased awareness and acceptance of health insurance along with growing insurance launch by various states and central government.
  • The COVID-19 pandemic has also brought about a large shift in the insurance preferences of Indian customers, which gave rise to a shift from managing curative healthcare expenses to preventive healthcare expenses.
  • Technology is expected to play an important role in new product creation for future. With increase in sale of connected devices such as wearables, data sharing has become easier and with more and more customers willingly sharing their health data in exchange for personalization, life insurers can provide customized health products to its policyholders.

Government Initiatives

The government of India runs various schemes for health insurance in India. A few of them are:

  • Pradhan Mantri Jan Arogya Yojana (“PM-JAY”)
  • Universal Health Insurance Scheme (“UHIS”)
  • Rashtriya Swasthya Bima Yojana (“RSBY”)
  • Employment State Insurance Scheme (“ESIS”);
  • Central Government Health Scheme (“CGHS”)

MEDI ASSIST Awards & Achievements


Calendar YearAwards
2014Awarded the ‘Red Herring Top 100 Asia 2014 Award’ for innovative use of technology in the healthcare services industry
2015Recognition from the Maharashtra Rajya Police Mukhyalaya for servicing the Maharashtra Police Kutumb Arogya Yojana
2016Awarded the ‘Skoch Order of Merit’ for qualifying amongst top 100 projects in India for cloud, mobility and apps by the Skoch Group.
2016 Awarded the ‘Skoch Award - Silver’ for cloud, mobility and apps by the Skoch Group 
2018Certificate of appreciation for organising a voluntary blood donation camp by the Lions Blood Bank
2019Awarded the ‘Top Organizations with Innovative HR Practices’ by the Asia Pacific HRM Congress
2020Silver Level - Healthy Workplace Award 2020 by Arogya World India Trust


MEDI ASSIST Strengths

  • The company is India’s largest health benefits administrator in terms of revenues and premium serviced for health insurance policies for the financial years 2018, 2019 and 2020.
  • The company has developed a pan-India healthcare provider network, which comprises over 11,000 hospitals across 722 cities and towns. During the FY 2020, they settled 37.7 Lakh claims worth Rs. 7,899 Cr.
  • In FY20, the company serviced over 7,800 corporate accounts, managed INR 6,243 Cr. of corporate premium representing 24% of the overall corporate health insurance market in India and 36% of the corporate health insurance market serviced by health benefits administrators.
  • The company managed Rs. 7,829 Cr. of health insurance premiums for the FY20 and had market shares of 17% of the private health insurance market and 29% of the private health insurance market serviced by health benefits administrators in India, based on premium under management for the FY20. 
  • The company has long-term relationships with large corporates and insurance companies.
  • The technology deployed by the company has so far been able to achieve a success rate of 17% in the detection of fraudulent claims during the first nine months of FY21 which resulted in savings of close to ₹86 Cr. for insurers.

MEDI ASSIST Shortcomings

  • The company is dependent on a limited number of insurance companies for a significant portion of their revenues. For FY20, five largest insurance companies based on premium under management contributed 65% of their revenue from operations.
  • The company is dependent on corporate accounts in certain industries for a significant portion of their revenues from operations. For FY20, of the total premiums serviced attributable to their 50 largest corporate accounts, corporate accounts in the IT/ITES 62%, and corporate accounts in the BFSI sector contributed 18%.

MEDI ASSIST Opportunities

  • Rising income levels, greater health awareness, increased occurrence of lifestyle diseases and improved access to insurance are key drivers contributing to the growth of healthcare market in India. Compared to other developing nations, India’s per capita healthcare expenditure (USD 73 in 2018) is on the lower side, which is expected to gain momentum with increasing public and private health expenditure along with rising enrolment in healthcare insurance.
  • Over the last four to five years, the out-of-pocket healthcare expenditure as a percentage of current healthcare expenditure has shown a decreasing trend and with increasing health insurance penetration, it is expected to reduce further over the next five years. 

MEDI ASSIST Threats

  • Their business depends on their ability to effectively manage and expand their network of healthcare providers. Their inability to ensure significant volume of business for such providers may adversely impact their ability to maintain preferential pricing arrangements.
  • Their dependence on few clients exposes them to risks associated with their client’s internal management, financial condition and creditworthiness, and major events affecting these clients.
  • The biggest risk that Medi Assist faces is competition. While the industry is crowded with 23 players, a small number own the bulk of the market. As of FY20, there were only four players which generated a revenue of more than ₹ 100 crores, while the remaining six generated revenues in the range of ₹ 45-88 crore. This opens up the possibility of mergers and/or acquisitions.
MEDI ASSIST Rating

  • RECOMMENDATION

    Neutral

  • MEDI ASSIST Detail Info

Industry Statistics

PUBLIC LIMITED

Registered In

India

last Updated

02/07/2022

Registered Date

07/06/2000

Planify Ticker

MEDIHEALTH

Reg Office: Tower D, 4th Floor, IBC Knowledge Park, 4/1 Bannerghatta Road, Bangalore, Karnataka - 560029

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