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国君医药|完善医保预付金制度,回款压力有望减轻
Guotai Junan Securities·2024-11-14 02:03

Investment Rating - The report indicates a positive outlook on the healthcare sector due to the implementation of the medical insurance prepayment system, which is expected to alleviate financial pressures on medical institutions and related enterprises [1][2]. Core Insights - The joint announcement by the National Healthcare Security Administration and the Ministry of Finance aims to enhance the management of medical insurance prepayments, allowing eligible medical institutions to apply for prepayments annually, which will be based on the accumulated balance of the insurance fund and risk levels [1][2]. - The overall operation of the medical insurance fund in China is stable, with a reported income of 1,575.5 billion yuan (+4.0%) and expenditures of 1,382.9 billion yuan (+14.9%) from January to July 2024, resulting in a cumulative balance of 192.6 billion yuan by July [1]. - The prepayment system, previously piloted in regions like Hubei and Shaanxi, is now being refined at the national level, which is expected to ease the cash flow pressures faced by medical institutions and their associated supply chain enterprises [2]. Summary by Sections Medical Insurance Prepayment System - The new prepayment system allows eligible medical institutions to apply for prepayments, which will help manage their cash flow and operational pressures [1][2]. - The prepayment scale is expected to be around one month, contingent on the financial health of the insurance fund [1]. Financial Performance of Medical Institutions - The report highlights that the receivables growth rate for medical distribution companies is significantly higher than revenue growth, indicating financial strain [2]. - The implementation of the prepayment system is anticipated to mitigate the repayment pressures faced by these institutions, thereby improving their financial stability [2]. Impact on Drug Collection Policies - The report notes that the collection policies for drugs under centralized procurement are being enforced, with a maximum collection period of 30 days mandated by the government [3]. - The report indicates that various sectors are experiencing a trend where accounts receivable growth outpaces revenue growth, particularly in the chemical preparation and medical consumables sectors [3].