The healthcare industry has been at the centre of the world’s attention for the past two years. It has also been buried under a host of problems, from staff absenteeism to lack of adequate technology. That’s where allied healthcare company Healthia (ASX: HLA) comes in. The Company, with its “People Focus” strategy, is aiming to onboard new clinics while also consolidating their position as the allied health industry’s employer of choice. And it’s got a plan to make it all happen.
In FY22, the Company expanded from 212 businesses to 307 businesses, acquiring 95 new allied health businesses. It also completed its largest acquisition valued at nearly $92 million with physiotherapy provider Back In Motion group. This acquisition included 63 physiotherapy clinics in Australia and New Zealand.
Though it appears that the business is doing well, a focal point for CEO Wesley Coote is the retention rate affected by Covid-19. During its FY22 results presentation, Coote detailed, “Our retention rates dropped under 90, for the first time since listing [in 2018], in FY22. Our goal is to get that back over 90 percent.”
To address that, he revealed, “We’ve reset our strategy as we move forward to really mirror the size and scale of the business that we have grown.”
A crucial part of that strategy is adopting a “People Focus”. Currently, Coote feels that there is a lack of connection across the Company’s communities which have been accentuated by the stresses of Covid. He aims to go old-school and bring the teams back face-to-face to foster connections across the Healthia network of more than 2,000 team members. He said, “While technology’s great and it’s good to have an efficient, quick meeting over Zoom, nothing beats that face-to-face interaction and the kind of relationships you can build.”
Still, the Company is not dismissing tech altogether, employing Workplace, by Meta, to communicate with its members. It has also developed a tech platform that will allow team members to, in a way, become sales associates, enabling them to provide products and services to patients and customers quickly and affordably.
The Company has developed a “Healthia Technology Roadmap” and commenced work on projects within it to capitalise on the human and data resources within Healthia’s network. This will include designing a new communications platform for its customer database to drive engagement and loyalty. Despite the impact of lockdowns over the past 12 months, Healthia still managed to deliver more than 1.6 million patient appointments thanks to their technology initiatives.
Another initiative to improve the drive retention rates closer to Coote’s 90 percent target, is the “Inspired 2022” national conference. Last hosted in 2019, Healthia has had to put this conference on hold for two years because of Covid-19. This year, the conference will be taking place in Gold Coast between October 14 and 15.
It will offer attendees opportunities to connect with Healthia’s partners and suppliers, attend leadership programs and engage in optometry discussions and workshops.
The Company plans to make the most of its Graduate Program, which is fast becoming one of the biggest within Australia’s allied health industry. In FY22, Healthia trained and inducted 154 new graduate clinicians, up from 64 in the prior corresponding period. This will assist with vacancies and organic growth. Most graduate offers are expected to be finalised by the end of November 2022, with the majority of new graduates to commence in 2023. Each will be provided with individual career pathway programs that include potential clinic ownership opportunities.
Alinda is a Business Reporter for The Sentiment
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