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Max Healthcare

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Max Healthcare Institute Limited
Company typePublic
IndustryHealthcare
Founded2001; 23 years ago (2001)
HeadquartersNew Delhi, India
Area served
India
Key people
Abhay Soi (Chairman & MD)[1]
RevenueIncrease ₹7,215 crore (US$860 million) (FY24)[2]
Increase ₹1,907 crore (US$230 million) (FY24)[2]
Increase ₹1,278 crore (US$150 million) (FY24)[2]
Number of employees
15,000 (2023)[3]
Websitewww.maxhealthcare.in

Max Healthcare Institute Limited is an Indian for-profit private hospital chain headquartered in Delhi.[4][5] As of 2024, Max Healthcare operates 19 hospitals with more than 4,000 beds, primarily in North India.[2][6]

Max Healthcare also operates the Max Lab pathology and Max@Home home medical services divisions.[7]

History

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Max Healthcare opened its first medical center in South Delhi's Panchsheel Park in 2000. The company opened two other secondary care centers in Pitampura in North West Delhi and Noida in 2002.[8] In 2004, the company commissioned the East Block of its flagship tertiary care hospital called Max Hospital, Saket in South Delhi.

In 2007, Max Healthcare ventured into Gurgaon with a secondary care hospital.[9]

In 2011, Max Healthcare entered into a public–private partnership (PPP) agreement with the Government of Punjab to set up two hospitals in Mohali and Bathinda. In the same year, Max Healthcare commissioned its tertiary care hospital in Shalimar Bagh, North West Delhi.[10]

In 2012, Life Healthcare Group acquired a 26% stake in Max Healthcare for ₹516 crore (US$96.56 million). In 2014, Life Healthcare invested another ₹766 crore (US$125.51 million) to increase its stake to 46.41% and to become an equal joint venture partner with Max India.[11]

Nanavati Max Super Speciality Hospital in Mumbai
BLK-Max Super Speciality Hospital in Delhi
Max Super Specialty Hospital (formerly Sahara Hospital) in Lucknow
Jaypee Hospital in Noida

In 2015, Max Healthcare acquired the Pushpanjali Crosslay Hospital in Vaishali, Ghaziabad,[12] and the Saket City Hospital in Saket. These hospitals were subsequently renamed as Max Hospital Vaishali, and Max Smart Hospital, Saket.[13][14] A standalone oncology center called Max Cancer Centre was commissioned in Lajpat Nagar, South Delhi, in 2016.[15]

In 2018, Life Healthcare announced that it would sell its entire 49.7% stake in Max Healthcare and exit its joint venture with Max India.[16] In 2019, Radiant Lifecare acquired 49.7% stake in Max Health Institute Limited for ₹2,136 crore (US$303.32 million)[17][18] and Abhay Soi was made chairman.[19] In 2020, Max Healthcare merged with Radiant Lifecare, which operated BLK Hospital in Central Delhi and the Nanavati Hospital in Mumbai, to become the second-largest healthcare company in India by revenue.[20][1]

The company listed on the stock exchanges in August 2020.[21][22] Between 2021 and 2022, co-promoter KKR & Co. Inc. sold its entire stake in Max Healthcare. As a result, Abhay Soi became the sole promoter of the company with over 23% stake.[23][24]

In 2021, the company obtained the rights to aid the development of a 500-bed hospital in Saket, South Delhi.[25] It secured two land parcels in Gurgaon for two hospitals.[26] The company also executed an O&M agreement to manage the 300-bed Muthoot Hospital in Dwarka, Delhi.[27] In 2022, it acquired a controlling stake in Eqova Healthcare, which had the rights to provide medical services to an upcoming hospital in Patparganj, East Delhi.[28]

In December 2023, Max Healthcare acquired Sahara Hospital in Lucknow for ₹940 crore (US$110 million).[29] In February 2024, it acquired Alexis Multi-Specialty Hospital in Nagpur for ₹412 crore (US$49 million).[30]

In September 2024, Max Healthcare acquired a 64% stake in Jaypee Healthcare at an enterprise value of ₹1,660 crore (US$200 million), gaining control of three hospitals in Noida, Bulandshahr and Anupshahr.[31]

Education and research

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Old logo of Max Healthcare when it was part of the Max Group.

Max Institute of Medical Excellence (MIME) has held various training programs across multiple disciplines.[32][33] Courses offered include a full-time postgraduate Internal Medicine Training (IMT) program in association with the Joint Royal College of Physicians Training Board (JRCPTB), UK.[34] The institute offers a program affiliated with the Lincoln American University, Guyana to train MBBS students. The clinical rotation of 88 weeks is divided among surgery, obstetrics and gynecology, pediatrics, and family medicine, and various electives like gastroenterology, urology, nephrology, psychiatry, dermatology, orthopedics, rheumatology, neurology and neurosurgery, cardiology, and cardio-thoracic surgery, etc.[35]

Subsidiaries

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Controversies

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In September 2013, a patient who had received a pacemaker implantation at Max Super Speciality Hospital, Mohali, died after the doctor allegedly implanted a "wrong and cheap pacemaker". In 2014, the Chief Judicial Magistrate Court (CJM) of Mohali summoned the hospital's CEO and doctor to stand trial against charges of medical negligence, conspiracy and cheating.[37] In 2017, the State Consumer Disputes Redressal Commission ordered the hospital to pay a compensation of ₹32.94 lakh (US$50,582.3) to the wife of the deceased patient.[38] The CJM's summoning order was upheld by the Punjab and Haryana High Court in 2024.[39]

In 2015, the Competition Commission of India (CCI) ordered a probe into Max Super Speciality Hospital, Patparganj, which was allegedly selling disposable syringes to patients at inflated prices. In 2017, the CCI investigation concluded that the hospital was making 275% to 525% profits by forcing patients to buy the products at maximum retail price from its own pharmacy in "a clear instance of abuse of the dominant position". It noted that overcharging was prevalent across all 14 hospitals of Max Group.[40]

In 2016, the Government of Delhi ordered five hospitals in the city, including Max Super Speciality Hospital, Saket, to pay a total fine of ₹600 crore (US$89.29 million) for denying free-of-cost treatment to the poor. The government stated that the five hospitals were granted land at concessional rates on the condition that they provide free medical treatment to poor people totalling to 10% of all in-patients and 25% of all outpatients, but they had failed to comply with the condition.[41][42]

In December 2017, the Government of Delhi suspended the license of Max Super Speciality Hospital, Shalimar Bagh, which had wrongly declared a preterm baby dead that was later found to be alive. Delhi Health Minister Satyendar Jain labelled the hospital as a "habitual offender" and said that three notices had been served to the hospital earlier over medical lapses.[43][44] The hospital resumed operations later that month after the license suspension was stayed.[45]

During the outbreak of COVID-19 in 2020, Max Super Speciality Hospital, Patparganj, received criticism for its high treatment costs. The hospital issued a statement that charges of over ₹1 lakh (US$1,349.53) per day was applicable only for "very critical COVID-19 patients".[46][47]

References

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  1. ^ a b Leo, Leroy (1 June 2020). "Max Healthcare completes merger of Radiant Life's hospital assets with self". mint. Retrieved 8 December 2020.
  2. ^ a b c d "Presentation On Earnings Update" (PDF). Max Healthcare Institute Limited. Retrieved 29 May 2024.
  3. ^ "Annual Report 2022-23" (PDF). Max Healthcare Institute Limited. Retrieved 29 March 2024.
  4. ^ "MAX HOSPITALS". www.ibef.org. Retrieved 21 August 2020.
  5. ^ Das, Sohini (1 June 2020). "Max Healthcare says will become second largest healthcare chain by revenue". Business Standard India. Retrieved 8 December 2020.
  6. ^ "Max Healthcare Institute Directors Report | Max Healthcare Institute Director Details". The Economic Times. Retrieved 10 July 2023.
  7. ^ Anand, Kshitij (17 November 2022). "Fundamental Radar: Why Max Healthcare could touch fresh record highs and scale Rs 500 levels in next 1 year". The Economic Times. ISSN 0013-0389. Retrieved 9 July 2023.
  8. ^ "Max Healthcare Centre". indiatimes.com. Retrieved 9 November 2011.
  9. ^ "Warburg Pincus enhances stake in Max Healthcare | Max India". Retrieved 8 December 2020.
  10. ^ Roy, Vijay C. (12 February 2009). "Max sole bidder for Punjab super-speciality hospitals". Business Standard India. Retrieved 8 December 2020.
  11. ^ "Life Healthcare completes Rs 766 crore investment in Max Healthcare". The Economic Times. Retrieved 11 January 2023.
  12. ^ Reporter, B. S. (29 May 2015). "Max acquires Pushpanjali Hospital for Rs 290 cr". Business Standard India. Retrieved 8 December 2020.
  13. ^ Punj, Shreya (29 May 2015). "Max Healthcare acquires NCR's Pushpanjali Crosslay Hospital". mint. Retrieved 8 December 2020.
  14. ^ "Max Healthcare acquires 76% stake in Pushpanjali Crosslay for Rs 287 crore". The Economic Times. Retrieved 8 December 2020.
  15. ^ "Delhi gets first standalone cancer daycare centre". Hindustan Times. 7 June 2016. Retrieved 8 December 2020.
  16. ^ "Life Healthcare To Sell Its Stake In Max Healthcare". BloombergQuint. 20 September 2018. Retrieved 21 August 2020.
  17. ^ "Radiant Life Care completes acquisition of 49.7% stake in Max Healthcare". www.businesstoday.in. Retrieved 8 December 2020.
  18. ^ "Max Healthcare announces change in leadership, reconstitutes board". @businessline.
  19. ^ "Max Healthcare Institute reconstitutes its board, ropes in ex-SEBI chief UK Sinha as independent director". Firstpost. 13 August 2019. Retrieved 21 August 2020.
  20. ^ "Max completes healthcare merger with Radiant Life". The Economic Times. 2 June 2020. Retrieved 19 February 2021.
  21. ^ "Turnaround Specialist Abhay Soi And KKR-promoted Max Healthcare Poised For D-Street Debut". Moneycontrol. 18 August 2020. Retrieved 11 March 2021.
  22. ^ "Max Healthcare Institute lists on bourses, eyes robust growth". Zee Business. 22 August 2020. Retrieved 8 December 2020.
  23. ^ Dhanjal, Swaraj Singh; Laskar, Anirudh (16 August 2022). "KKR sells Max stake in PE's largest exit". mint. Retrieved 24 December 2022.
  24. ^ Laskar, Anirudh (14 July 2022). "KKR might sell entire stake in Max Healthcare for ₹12,000cr". mint. Retrieved 9 July 2023.
  25. ^ "Delhi: Another Max Hospital to come up in Saket". The Indian Express. 29 August 2021. Retrieved 10 July 2023.
  26. ^ www.ETHealthworld.com (4 October 2021). "Max Healthcare plans Rs 1,600 cr investment to add around 1,000 beds in Gurugram". Economic Times. Retrieved 10 July 2023.
  27. ^ Pilla, Viswanath (20 January 2022). "Max Healthcare to manage 300 bed Muthoot Hospitals in Delhi suburb". The Economic Times. ISSN 0013-0389. Retrieved 10 July 2023.
  28. ^ "Max Healthcare Institute to acquire Eqova Healthcare". www.thehindubusinessline.com. 11 February 2022. Retrieved 10 July 2023.
  29. ^ "Max Healthcare expands footprint with ₹940-crore acquisition of Lucknow's Starlit Medical Centre". CNBCTV18. 8 December 2023. Retrieved 8 December 2023.
  30. ^ "Max Healthcare strengthens western presence by acquiring Alexis multi-specialty hospital". BusinessLine. 9 February 2024. Retrieved 9 February 2024.
  31. ^ "Max to buy 64% stake in Jaypee Healthcare". The New Indian Express. 14 September 2024. Retrieved 14 September 2024.
  32. ^ "Dr Dibya Singha Das lauded one top joint replacement surgeons country". International Business Times. 16 August 2021.
  33. ^ "Max institute to conduct emergency medicine exam". Amar Ujala (in Hindi). Retrieved 10 July 2023.
  34. ^ "Max Healthcare joins hands with The Royal College of Physicians to organise General Medicine Symposium". Express Healthcare. 17 January 2020. Retrieved 10 July 2023.
  35. ^ "Lincoln American University collaborates with Singhania University to help Indian medical aspirants". The Print. 6 August 2021.
  36. ^ a b "Max Healthcare - A three-act play: growth, quality, returns" (PDF). HDFC securities. Retrieved 11 January 2023.
  37. ^ "Max Hospital CEO, doc summoned". Tribune India. Retrieved 28 March 2024.
  38. ^ "Commission directs Max Hospital to pay Rs 32.94 lakh". Tribune India. Retrieved 28 March 2024.
  39. ^ "Death by medical negligence: HC refuses to quash summoning order against Mohali hospital, doc". Hindustan Times. 14 March 2024. Retrieved 28 March 2024.
  40. ^ "Max makes profit of up to 525% on syringes: CCI". The Times of India. 7 December 2017. Retrieved 28 March 2024.
  41. ^ "Five city hospitals 'fined' Rs 600 crore for spurning the poor". The Times of India. 12 June 2016. Retrieved 6 April 2024.
  42. ^ "Delhi government yet to recover Rs 600 cr fine from 5 private hospitals". DNA India. 10 July 2018. Archived from the original on 10 July 2018. Retrieved 6 April 2024.
  43. ^ Sharma, Neetu Chandra (8 December 2017). "Max Hospital Shalimar Bagh loses licence over negligence". Mint. Retrieved 28 March 2024.
  44. ^ "Foetus below 24 weeks not viable, say doctors". theweek.in. Retrieved 29 March 2024.
  45. ^ "Delhi: Max Hospital in Shalimar Bagh resumes operations, suspension of licence stayed". The Indian Express. 20 December 2017. Retrieved 28 March 2024.
  46. ^ Porecha, Maitri (14 June 2020). "Loss of face for Max Hospital over steep Covid-19 charges". Business Line. Retrieved 29 March 2024.
  47. ^ "Max Healthcare COVID-19 pricing controversy - All you need to know". Free Press Journal. Retrieved 17 March 2021.
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