{"id":591,"date":"2022-12-31T17:37:24","date_gmt":"2022-12-31T17:37:24","guid":{"rendered":"https:\/\/mattersgraph.com\/?post_type=insight&p=591"},"modified":"2026-04-09T01:43:21","modified_gmt":"2026-04-09T01:43:21","slug":"diligence-considerations-for-healthcare-provider-investments","status":"publish","type":"insight","link":"https:\/\/mattersgraph.com\/fr\/insights\/diligence-considerations-for-healthcare-provider-investments\/","title":{"rendered":"036 : Consid\u00e9rations relatives \u00e0 la diligence raisonnable pour les investissements dans les prestataires de soins de sant\u00e9"},"content":{"rendered":"

L'int\u00e9r\u00eat des fonds de capital-investissement et l'activit\u00e9 de fusion-acquisition dans le secteur de la sant\u00e9 se sont nettement acc\u00e9l\u00e9r\u00e9s au cours de la derni\u00e8re d\u00e9cennie. Les acquisitions de plateformes sont particuli\u00e8rement cibl\u00e9es, car elles offrent des opportunit\u00e9s d'optimisation des fonctions support et de croissance des revenus, ainsi que pour corriger les d\u00e9s\u00e9quilibres de pouvoir de fixation des prix face \u00e0 des organismes payeurs toujours plus exigeants.<\/p>\n\n

Les cabinets m\u00e9dicaux ont traditionnellement tard\u00e9 \u00e0 adopter des mesures d'efficacit\u00e9 op\u00e9rationnelle v\u00e9ritablement all\u00e9g\u00e9es. Avec l'av\u00e8nement de l'Affordable Care Act, ils ont \u00e9t\u00e9 contraints d'adopter certaines technologies de l'information pour la gestion des dossiers patients, ainsi que pour la transmission de rapports de conformit\u00e9 \u00e0 la CMS (Centers for Medicare & Medicaid Services) en vue de l'obtention de primes et, \u00e0 plus long terme, du paiement de p\u00e9nalit\u00e9s pour non-respect des normes \u00e9tablies. De ce fait, les prestataires de soins peuvent constituer des investissements\/acquisitions int\u00e9ressants gr\u00e2ce aux opportunit\u00e9s d'am\u00e9lioration de leur efficacit\u00e9 et d'augmentation de leurs marges, \u00e0 condition qu'ils disposent de la taille et des capacit\u00e9s de croissance n\u00e9cessaires.<\/p><\/div>\n\n

\n\n

L'\u00e9volution vers un syst\u00e8me de sant\u00e9 ax\u00e9 sur la valeur, au d\u00e9triment du syst\u00e8me traditionnel de r\u00e9mun\u00e9ration \u00e0 l'acte, offre de nouvelles perspectives aux plateformes capables de prendre des risques et d'optimiser les processus. La diversit\u00e9 des pratiques de soins de sant\u00e9 exige une approche r\u00e9fl\u00e9chie lors de l'analyse comparative de march\u00e9 d'un prestataire potentiel.<\/p>\n\n

Dans un prochain article de GRAPH, je partagerai des r\u00e9flexions sur la conception d'un programme de diligence raisonnable commerciale visant \u00e0 traiter les questions pr\u00e9liminaires de mani\u00e8re logique, afin de r\u00e9duire les d\u00e9penses li\u00e9es \u00e0 cette diligence et d'affiner une th\u00e8se diff\u00e9renci\u00e9e et \u00e9prouv\u00e9e. En attendant, voici une liste des principaux \u00e9l\u00e9ments \u00e0 prendre en compte lors d'une diligence raisonnable commerciale pour des investissements aupr\u00e8s de fournisseurs\u00a0:<\/p>\n\n\n

1. Environnement r\u00e9glementaire<\/strong><\/td>Certains \u00c9tats exigent un certificat de besoin pour ouvrir et exploiter des \u00e9tablissements m\u00e9dicaux ou proposer de nouveaux services\u00a0; par cons\u00e9quent, une expansion r\u00e9gionale peut n\u00e9cessiter une approbation locale ou \u00e9tatique. Une connaissance approfondie de toutes les r\u00e9glementations locales, \u00e9tatiques et f\u00e9d\u00e9rales relatives \u00e0 la cr\u00e9ation ou au d\u00e9veloppement de services de sant\u00e9 est indispensable d\u00e8s le d\u00e9part si la croissance r\u00e9gionale fait partie int\u00e9grante du projet.<\/td><\/tr>
2. Environnement concurrentiel local\/r\u00e9gional<\/strong><\/td>La plateforme offre-t-elle une diff\u00e9renciation concurrentielle suffisante gr\u00e2ce \u00e0 des services uniques ou de niche\u00a0?<\/td><\/tr>
3. Dur\u00e9e d'exercice des m\u00e9decins\/assistants m\u00e9dicaux\/infirmiers praticiens, etc.<\/strong><\/td>Existe-t-il un \u00e9quilibre entre la composition et l'anciennet\u00e9 des m\u00e9decins\/personnel cl\u00e9 afin de maintenir l'int\u00e9grit\u00e9 du cabinet et d'\u00e9viter les risques li\u00e9s au personnel cl\u00e9 pour celui-ci\u00a0?<\/td><\/tr>
4. Pratiquer la combinaison des payeurs<\/strong><\/td>Le mode de paiement des services varie selon qu'il s'agisse de secteurs public\/priv\u00e9 ou de paiements directs. Il est important de comprendre la composition des payeurs pour mod\u00e9liser les revenus futurs potentiels et les perspectives de croissance.<\/td><\/tr>
5. Environnement du bassin de main-d'\u0153uvre pour le personnel auxiliaire<\/strong><\/td>La main-d'\u0153uvre, notamment les infirmi\u00e8res et les infirmi\u00e8res praticiennes, peut s'av\u00e9rer co\u00fbteuse. Le recrutement et la fid\u00e9lisation repr\u00e9sentent un risque financier et d'emploi, car la p\u00e9nurie nationale d'infirmi\u00e8res a entra\u00een\u00e9 une augmentation des salaires et des avantages sociaux. De plus, la semaine de travail standard d'une infirmi\u00e8re \u00e0 temps plein est de 32 heures (contrairement \u00e0 d'autres personnels dont le salaire est plafonn\u00e9).<\/td><\/tr>
6. Capacit\u00e9 d'am\u00e9lioration de la composition des revenus<\/strong><\/td>Comprendre la composition actuelle des recettes, et notamment la composition potentielle des recettes en esp\u00e8ces et des recettes provenant des assurances\/paiements gouvernementaux, peut permettre d'am\u00e9liorer les marges ; de m\u00eame, certains postes de recettes peuvent \u00eatre soumis \u00e0 une pression de remboursement plus ou moins forte en fonction de certaines caract\u00e9ristiques du march\u00e9.<\/td><\/tr>
7. Importance des effets de r\u00e9seau<\/strong><\/td>Les r\u00e9seaux de prestation de soins int\u00e9gr\u00e9s peuvent offrir des opportunit\u00e9s pour un mod\u00e8le de soins distribu\u00e9s, dans lequel certains services compl\u00e9mentaires sont propos\u00e9s sur diff\u00e9rents sites afin d'am\u00e9liorer la fid\u00e9lisation des clients\/patients.<\/td><\/tr>
8. Expansion multisite<\/strong><\/td>Si les cabinets m\u00e9dicaux appartiennent \u00e0 un h\u00f4pital, la r\u00e9glementation de Medicare autorise les cliniques externes qui r\u00e9pondent \u00e0 certains crit\u00e8res f\u00e9d\u00e9raux \u00e0 facturer s\u00e9par\u00e9ment les frais d'\u00e9tablissement ainsi que les services m\u00e9dicaux (ce qui repr\u00e9sente un compl\u00e9ment de revenus important). Les cabinets m\u00e9dicaux appartenant \u00e0 des m\u00e9decins et les cliniques ind\u00e9pendantes ne sont pas autoris\u00e9s \u00e0 facturer les frais d'\u00e9tablissement.<\/td><\/tr>
9. Ratio proc\u00e9dures\/visites<\/strong><\/td>En r\u00e8gle g\u00e9n\u00e9rale, les actes m\u00e9dicaux sont mieux r\u00e9mun\u00e9r\u00e9s que les consultations. Le ratio actes m\u00e9dicaux\/consultations influence la rentabilit\u00e9 du cabinet. Proposer des services compl\u00e9mentaires et diversifier les actes pratiqu\u00e9s peut accro\u00eetre les revenus.<\/td><\/tr>
10. Contrats de gestion\/de service<\/strong><\/td>Les conditions des contrats de service en vigueur et en cours peuvent inclure des clauses restrictives et des modalit\u00e9s de r\u00e9siliation sp\u00e9cifiques.<\/td><\/tr><\/tbody><\/table><\/figure>","protected":false},"excerpt":{"rendered":"

L'int\u00e9r\u00eat des fonds de capital-investissement et l'activit\u00e9 transactionnelle dans le secteur de la sant\u00e9 se sont nettement acc\u00e9l\u00e9r\u00e9s au cours de la derni\u00e8re d\u00e9cennie. Les acquisitions de plateformes sont particuli\u00e8rement cibl\u00e9es, car elles offrent des opportunit\u00e9s d'am\u00e9lioration de l'efficacit\u00e9 des fonctions support et de croissance du chiffre d'affaires.<\/p>","protected":false},"author":[114],"featured_media":0,"template":"","meta":{"featured_image_background_position":"","promoted":false,"promoted-priority":0,"footnotes":""},"sector":[],"topic":[53,72,98,99,97,73],"audience":[],"insight-category":[146],"class_list":["post-591","insight","type-insight","status-publish","hentry","topic-best-practices","topic-business-model","topic-competitive-position","topic-diligence-planning","topic-investment-thesis-development","topic-platform-strategy","insight-category-diligence-planning","author-lynt-johnson-md-mba"],"yoast_head":"\n036: Diligence Considerations for Healthcare Provider Investments - Matters Graph<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mattersgraph.com\/fr\/insights\/diligence-considerations-for-healthcare-provider-investments\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"036: Diligence Considerations for Healthcare Provider Investments - Matters Graph\" \/>\n<meta property=\"og:description\" content=\"Private equity interest and deal activity for healthcare providers has certainly accelerated over the past decade. 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