That's What I found also, Hmmmmmm...
Special Edition of The Wall Street Transcript on Emerging Sectors of Health Care
NEW YORK (Oct. 2) BUSINESS WIRE -Oct. 2, 1998---The Wall Street
Transcript has just made available a 144-page special edition produced
for the 1998 Salomon Smith Barney Conference on Emerging Sectors of
Health Care, September 23-25. It features:
1) Six interviews with top Salomon Smith Barney analysts on major
health care topics of interest to investors:
Emerging Sectors in Health Care Services - Geoffrey Harris. "Emerging
sectors," according to Harris, "include contract research, contract
sales, contract manufacturing organizations for pharmaceutical
companies, physician practice management companies, assisted living
companies and employee leasing companies." In defining emerging
sectors, he adds, "We're looking for an emerging economic trend or a
market that's fragmented and under-penetrated," because "these sectors
offer the biggest returns...a lot of the big money is being made as
they are emerging and before they mature."
Outlook for Assisted Living - Andrew Gitkin. "There are a number of
favorable characteristics about the sector that makes it very
attractive to investors," says Gitkin. "The aging of the
population...the cost containment pressures exerted by the government
(and)...assisted living companies are somewhat insulated from adverse
changes to Medicare and Medicaid reimbursement." He then discusses the
different sectors of assisted living, and issues such as medical
insurance, regulation and staffing. (The Wall Street Transcript had an
issue (8/24/98) dedicated to assisted living and nursing homes. Details
at twst.com ).
Workmen's Compensation & PEOs - Brian Kearns. Professional employer
organizations (PEOs) provide "Fortune 500-type benefits to small
companies that would be unable to afford them." Kearns believes "the
PEO industry will be so successful in the future because it's a great
play on the current trend to outsource non-core competencies while at
the same time a great play on the growth of the small business market,
the fastest growing part of our economy." He then discusses the new
workers' compensation managed care sector, which has "a tremendous
opportunity to remove significant inefficiencies from a very large
market."
Health Care Information Technology - P. Christian Hester. This sector,
says Hester, involves the "application of relatively well-established
technologies for health care companies." Therefore it is driven by
health care rather than technology factors: "managed care forcing
doctors, hospitals and other providers to understand not only the
revenues but also their underlying costs...and consolidation, as HMOs
have gotten larger (and) hospitals have banded together." He also talks
about the new area of electronic commerce in health care.
Pharmaceutical Outsourcing - Vivek Khanna. Khanna discusses the three
main areas of pharmaceutical outsourcing: contract research, contract
manufacturing and contract sales & marketing. These sectors have
emerged because "the pharmaceutical industry continues to focus on drug
discovery and is outsourcing its non-core activities."
Health Care Distribution & PPMs - Lawrence Marsh. Physician practice
management (PPM), as a sector, grew out of concerns about the health
care reform of 1991 and 1992, and the fear that "change would be
legislated down to the individual physician level and would cause the
loss of control over patient care." The industry grew dramatically, but
this year, says Marsh, "the combination of specific errors of execution
have been coupled with a very inhospitable accounting and regulatory
environment." The investment theme of the last six months has been
"taking the medicine" he adds.
2) Interviews with the CEOs of the following companies: Access Health
(Nasdaq: ACCS), Alternative Living Services (AMEX: ALI), American
Physician Partners (Nasdaq: APPM), CareMatrix (AMEX: CMD), Catalytica
(Nasdaq: CTAL), Clarity Healthcorp, ClinTrials Research (Nasdaq: CCRO),
Concentra Managed Care (Nasdaq: CCMC), CORE (Nasdaq: CORE), DAOU
Systems (Nasdaq: DAOU), Dendrite International (Nasdaq: DRTE), Dental
Care Alliance (Nasdaq: DENT), Digital Solutions (Nasdaq: DGSI),
Franklin Group, GeriMed of America, Health Systems Design (Nasdaq:
HSDC), Hill Top Research, IDX Systems (Nasdaq: IDXC), IMPATH (Nasdaq:
IMPH), Integrated Orthopedics (AMEX: IOI), Kapson Senior Quarters Corp,
Kendle International (KNDL), LaserVision Centers (Nasdaq: LVCI),
MedPlus (Nasdaq: MEDP), MedQuist (Nasdaq: MEDQ), Oceania, OnCare,
Paidos Health Management Services, Pharmaceutical Product Development
(Nasdaq: PPDI), Physician Reliance Network (Nasdaq: PHYN), Princeps,
ProxyMed (Nasdaq: PILL), QuadraMed (Nasdaq: QMDC), Res-Care (Nasdaq:
RSCR), Sheridan Healthcare (Nasdaq: SHCR), Transcend Services (Nasdaq:
TRCR), Urology Healthcare Group, Vincam Group (Nasdaq: VCAM). In-depth
discussions (average 3,000 words) with the people leading these firms,
talking about their companies; the technologies, products and markets
they work with; the challenges they face and their opportunities for
growth; and the prospects for investors.
Other companies discussed include Adminstaff (NYSE: ASF), HBO (Nasdaq:
HBOC), Medical Manager (Nasdaq: MMGR), MedPartners (NYSE: MDM),
NovaCare Employee Services (Nasdaq: NCES), PhyCor (Nasdaq: PHYC), RTW
(Nasdaq: RTWI), Shared Medical (NYSE: SMS), Staff Leasing (Nasdaq:
STFF).
For a copy of this complete issue, contact Robert Ruffin at (212) 952
7433 or use the web at secure.addy.com.
There is a $395 charge for the issue. The Wall Street Transcript does
not endorse the views of any interviewee nor does it make stock
recommendations.
The Wall Street Transcript is a premier weekly investment publication
serving long-term investors for over 35 years. The Transcript publishes
industry roundtables and interviews with Wall Street analysts, money
managers and company CEOs, and is read by top money managers, brokers
and individual investors. For subscriptions information call (800)
246-7673.
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