I work at a generalist fund, but our team is particularly light on healthcare so I figure it'd be good for me to become as well rounded in the sector as I can.
I've made some decent event-driven calls so far with devices and HC services (hospitals / ASCs / etc), but have always been uncomfortable with them because I don't fully understand the regulatory nature of the sectors.
Does anyone have advice for getting up to speed on HC as a new coverage universe? Maybe resources for understanding the current regulatory landscape, how different boxes within the value chain interact with each other, white papers, newsletters/blogs, etc. Are there any particular banks with strong HC franchises that might have great primers for certain verticals?
Not particularly interested in getting into the business of dilligencing whether a Phase 1 drug will get to phase 2.
Thanks
Bump
Not sure if you can indicate which brokers you get research from or what your general access is, but PM me and I can call out specific teams worth reaching out to.
Thanks! Don't have access to PMs yet, but you can assume I get research from everyone. PMing me directly may work on your end.
My suggestion would be to familiarize yourself with specifically how each type of insurance deals with each type of care/care setting. I would specifically look at a subindustry (you mentioned LTACH & ASC) and try to get a hold on the Medicare/Medicaid reimbursement trends. Unlike other industries where revenue that's dependent on the govt is heavily scrutinized and usually discounted (given lethargy of payment and level of complication), in HC they are basically the bell-weather for what's going on in the sector and likely your primary source of income.
https://data.medicare.gov/
^thankfully most of what youre looking for is public information (the link above will take you to the main CMS screen and you can drill down by subsector).
Appreciate it thanks. One of the things I love about the industry is the amount of public data thats available, but at this point its drinking from a water hose to me and I'm trying to find ways to make that a little more manageable.
A guy in my business school cohort was a MD and became a healthcare analyst. So I guess there's that route, too.
If trying to get smart on regulatory specifically, get to know the HC regulatory law firms. EBG and MWE are two of the most commonly used by large private equity firms for regulatory diligence and often do publications / webinars, etc. Tough to point you in specific directions as healthcare is very broad and it would be near impossible to be competent in all major verticle (insurance, providers, decives, pharma, etc.).
https://www.ebglaw.com/health-regulatory-due-diligence/news/
https://www.mwe.com/en/experience/sectors/health/regulatory-and-complia…
Had to go through the same procedure a year back for work. Immediately reached out to my mother who is a doctor. She directed me to read up on patient-centered care, since it is the core driver in US Healthcare today. Sites with a useful plethora of info were IHI, PubMed and AHRQ.
A good brief overview: http://www.ihi.org/Topics/QualityCostValue/Pages/Overview.aspx
The most effective method of learning for me, however, was taking up a colleague's suggestion to do a Healthcare course on edX. If you haven't heard of it, it's Harvard's free online learning initiative co-hosted by a number of other institutions. They have ample supply of free courses on all sorts of subjects. Here are links for what I used:
https://www.edx.org/course/improving-global-health-focusing-on-quality-…
https://www.edx.org/micromasters/doanex-healthcare-administration
The Doane one, be sure to scroll to the bottom of the page so you can choose the courses individually. Unless you want a certificate it's all free, so can't hurt to try.
Great stuff!
This is fantastic, thanks for sharing!
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