Fortis Healthcare plans to initiate various measures like engaging with key corporate clients, leveraging digital platforms, and developing further competencies in cancer care, neuro and renal sciences, to improve margins and grow revenues this fiscal, as per the company's Annual Report for 2020-21. The healthcare major is also looking to bring in new-age technologies in its diagnostics arm SRL.
"For the year 2021-22, our focus would be on revenue growth initiatives, including building our franchise in the catchment areas, engaging with key corporate clients, strengthening community connect and leveraging our digital platforms," Fortis Healthcare Chairman Ravi Rajagopal said.
Informing the company's shareholders, he said the healthcare provider would strengthen its key specialties such as cardiology, neurology, oncology, nephrology, orthopedics and pulmonology by upgrading technology and onboarding clinicians of repute.
"We will continue to invest in oncology, neuro sciences, gastro sciences and renal sciences to improve margins," Rajagopal said.
At SRL, the company would focus on continuing the investment in new-age technologies and innovative diagnostics solutions which will empower clinicians and enable them to collaborate on a real-time basis, he added.
In the financial year 2020-21, Fortis Healthcare's consolidated revenue from operations stood at Rs 4,030 crore as compared to Rs 4,632 crore in 2019-20.
Rajagopal noted that in the past one year, over 33,000 COVID-19 patients were successfully treated at the Fortis facilities across the country.
"Over 1.18 lakh patients were treated at the flu clinics/OPDs (outpatient departments), and about 2.5 million COVID-19 molecular and serology tests were conducted by our partner, SRL Diagnostics," he added.
At the peak of the pandemic, the company reserved 1,600 beds for COVID-19 patients, Rajagopal told the shareholders.
Currently, 23 Fortis hospitals are closely partnering with the government in the vaccination drive across the country, he added.
On the company's name change, Rajagopal said: "The board have, subject to guidance by the Supreme Court, sought a change in the name and branding of the company and its hospital subsidiaries to 'Parkway', an acclaimed brand of IHH Healthcare Berhad. Regulatory clearances will be sought in due course."
The company is also considering a name change for SRL, he added.
"With regard to the open offer from IHH Berhard, the matter is sub-judice due to a Supreme Court order, but hearings have concluded. Orders have been reserved and we are hopeful of clarity once the summer recess is over," Rajagopal informed shareholders.
Malaysian firm IHH Healthcare had acquired a 31 per cent controlling stake in Fortis in 2018, which triggered a mandatory open offer to acquire another 26 per cent of Fortis shares from the market.
The open offer has not proceeded due to ongoing legal proceedings with respect to the transaction pending before the Supreme Court.
Fortis, an IHH Healthcare Berhad company, is one of the largest healthcare organisations in the country with 36 healthcare facilities (including projects under development), 4,000 operational beds and over 400 diagnostics centres.
The healthcare provider has presence in India, United Arab Emirates (UAE) and Sri Lanka.
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