7 nine hospitals in Lille owned by HPM Group. The acquisition is now subject to regulatory approvals and completion is anticipated later this calendar year. In 2015, through its joint venture partnership with Sime Darby, Ramsay signed an agreement with Chinese health care company, Jinxin, to jointly operate five hospitals in the city of Chengdu, China. The agreement with Jinxin is subject to the satisfaction of conditions precedent. A successful outcome will give Ramsay a foothold in China and will allow us to develop operating expertise in this exciting market alongside an established Chinese health care organisation. QUALITY AND SAFETY Ramsay Health Care is committed to delivering superior quality care throughout our hospitals for every patient, every day. Continuous measurement of what we deliver for patients will provide a key input into innovation and quality improvement. Outcomes that matter most to our patients are the ultimate measure of success in health care. When seeking treatment, patients want to know how they will fare after treatment – can they return to work; can they take care of themselves and will their symptoms improve? To this end, during the year Ramsay Health Care announced a strategic alliance with the International Consortium for Health Outcomes Measurement (ICHOM), becoming the first multinational hospital group to partner with the US-based organisation which is focused on discovering what matters most to patients. ICHOM is a non-profit organization founded by Professor Michael E. Porter of Harvard Business School, the Swedish Karolinska Institutet and Boston Consulting Group to enable health care systems worldwide to measure and report patient outcomes in a standardised way. The Company’s Strategic Alliance with ICHOM represents the organizations’ long-term commitment to driving value in health care around the world. Ramsay’s first areas of focus with ICHOM will be prostate cancer, low back pain, and depression and anxiety. Patients’ outcomes will be measured according to the recommendations of the ICHOM Standard Sets. The results of their care will be monitored for a year or more, during and after treatment. As an ICHOM partner, Ramsay Health Care is in the good company of leading medical institutions, including the Boston Children’s Hospital, Great Ormond Street Hospital in London and Erasmus MC in the Netherlands. Employee safety is also a major priority for the Company and I am pleased to report that this year Ramsay* achieved the lowest ever Lost Time Injury Frequency Ratio (LTIFR) on record for the Company and a 21% reduction in total number of Lost Time Injuries compared to the previous year. Ramsay continues to be well below the national industry benchmark for LTIFR. OUTLOOK Ramsay’s comprehensive and sustainable growth strategy has positioned the Company as one of the largest and most successful private hospital operators in the world. We have proven we have a truly exportable operational model with a track record of success in undertaking, and deriving benefit from, our international expansion strategy. We are now a market leader in two developed marketplaces – Australia and France. Utilising our global experience in acquiring and integrating hospitals, we will continue to canvas opportunities in new and existing markets. At the same time, demographics will continue to drive the need for capacity expansion and we expect ongoing benefits to flow from our brownfield investment strategy. Given the strong industry fundamentals and the continuing implementation of our successful growth strategy, barring unforeseen circumstances, Ramsay is targeting Core NPAT and Core EPS growth for the Group of 12% to 14% for FY16. I would like to thank the Ramsay Board of Directors for their guidance and support during the year and Ramsay staff and doctors throughout the world for their commitment to our Company and our patients. Christopher Rex Managing Director The Company has successfully developed a global portfolio of hospitals, strategically located to meet the growing demands and health care needs of the communities they serve... *Ramsay Australia figures as other jurisdictions in which Ramsay operates use different measurements/benchmarks.
2015 Ramsay Health Care Limited Annual Report
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