So the rising cost of healthcare must be shared by all folks? Wow BN so broke now not even 2019 yet?
Why the cost keep on rising? Any reasons and details?
Look at the table as usual BN don’t dare to disclose how much Cronies contractors are paid in detail except total cost blah blah blah!
Remember during the privatisation programmes under Dr Mamak, Health Ministry’s huge cost of hospital maintenance services was privatised (called HSS/Health Support Servises) but then it was closed/negotiated tender process to select few cronies
In theory, privatisation supposed to promote cost EFFICIENCY but actually the opposite happens of which cost INCRERASING in total madness from the implementation of HSS alone. And there other areas of govt healthcare whose cost spiral out of control as well such as pharmacy supplies, building projects etc God knows how many RM Billions looted and plundered!
Looks like the Cronies having field day charging blank cheque for being inefficient eh??? Is this called ‘Privatisation’ or ‘Piratisation’???
Expect us all folks to share and pay for this healthcare cost inefficiency madness and easy money to the medicare cronies?
But the worst still yet to come: Inefficiency is good and Cronies must be renewed contract too!
HA HA HA VERY CARING THIS BN UMNO GIVE RM500 TO POOR FOLKS AND ALSO DONATING BILLIONS TO CRONIES!
BRAVO 1CARE, BRAVO….TO TAKE CARE THE POOR FOLKS AND RICH CRONIES PIRATES LANUN TOO HA HA HA!
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3 firms likely to get hospital support services HSS concession renewal
By DANIEL KHOO, The Star, Thursday December 29, 2011
KUALA LUMPUR: Three parties – Faber Group Bhd’s wholly-owned subsidiary Faber Mediserve Sdn Bhd, Pantai Medivest Sdn Bhd and Radicare (M) Sdn Bhd which are vying for the hospital support services (HSS) concessions by the Government are likely to get their contracts renewed within the next month, according to sources close to the matter.
“Yes, I know the contract had been extended for a duration of six months initially, but the contracts will be extended for the next 10 years. This announcement will be made within a month,” a source said.
According to sources, the Government had renewed the contract for a period of six months initially and had called for a tendering process by these three companies about a month before their contracts ended in October 2011.
“We have reached an initial consensus decision to get their contracts renewed. We will inform them in due course through official channels,” the source added.
It is learnt that Faber, Pantai Medivest and Radicare were the only companies which were called to submit their tenders for renewal because of their experience and expertise in providing HSS for hospitals in Malaysia.
The three companies are presently providing HSS for all government hospitals and clinics in Malaysia and a selected number of private healthcare companies.
The contract value is not fixed when the concession is granted but it is estimated that these three companies had raked in a total of RM1.1bil in revenue from these government concessions alone last year.
It is learnt that the revenues raked in per annum by these three companies were not fixed per se as this very much depended on how much actual volume was handled by each respective company. Should the volume increase due to the increased number beds per hospital or any extension by the hospitals that required their services, revenues to these companies would rise accordingly.
Industry sources said that of the three, the only listed entity was Faber, which has a 50% market share in terms of revenues, while Radicare was the second largest with a 30% market share, and Pantai Medivest with a 20% share.
Faber’s concession covers 81 government hospitals in the Perak, Kedah, Penang, Perlis, Sabah and Sarawak; while Pantai Medivest’s concession covers about 25 government hospitals in the southern region of Peninsular Malaysia; and Radicare’s portion includes government hospitals in the Federal Territory of Kuala Lumpur, Selangor, Kelantan, Terengganu and Pahang.
HSS’ activities cover the upkeep and cleansing of linen and laundry, biomedical engineering management services, facilities engineering maintenance services, clinical waste management services, hospital planning development services and cleaning and upkeep of the hospital building infrastructure.
These comprise a crucial link to the government healthcare system which provides maintenance of government hospital and healthcare infrastructure.
Faber is 34.3% owned by the Government’s investment arm, Khazanah Nasional Bhd, 12.5% owned by unit trust company Universal Trustee Malaysia Bhd, and about 10% by Lembaga Tabung Haji.
Other than being a HSS provider for Malaysian government hospitals and those in India and the United Arab Emirates, Faber also derives a portion of its revenues from property development projects. This figure fluctuates from quarter to quarter depending on the progress of its property projects.
According to the notes in its financial statements, in the third quarter of its financial year ending Dec 31, 2011 (FY11), Faber derived 16% of its revenue from the property industry while the rest came from the integrated facilities management (IFM) services portion of which the HSS segment is also parked under.
Government HSS contracts contributed to 45% of its third-quarter revenue in FY11 compared with a 74% contribution in the second quarter due to additional incoming revenue stream from overseas IFM services in the third quarter.
Faber recorded profit before tax margins from government HSS concessions of an average of about 15% in both the third and second quarters.
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Govt extends Faber hospital support services HSS contract for 6 months
By Joseph Chin, The Edge Malaysia – Thu, Oct 27, 2011
KUALA LUMPUR: The federal government has extended Faber Group Bhd’s hospital support services concession for an interim period of six months, starting Friday, Oct 28.
It said on Thursday it unit Faber Medi-Servce Sdn Bhd had received a letter from the Public Private Partnership Unit of the Prime Minister’s Department about the extension of the contract.
Faber said the extension was subject to the prevailing terms and conditions of the concession or until the signing of a new concession agreement for the privatisation of services with the Health Ministry, whichever is the earlier.
“The six months interim extension is not to be considered as binding on the Government of Malaysia,” it said.
Faber said more announcements would be made concerning the privatisation of the services when the negotiations with the government have concluded.
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Faber up on news of HSS contract renewal
The Star, Friday December 30, 2011
PETALING JAYA: Faber Group Bhd shares rose 10.2%, its steepest increase in two months, to RM1.62 after StarBiz reported that its subsidiary is likely to have its hospital support services contract with the Government renewed within the next month.
The stock added 15 sen on volume of 3.79 million shares, making it one of the most actively traded among yesterday’s top gainers.
StarBiz yesterday reported that Faber’s wholly-owed unit, Faber Mediserve Sdn Bhd, and two others – Pantai Medivest Sdn Bhd and Radicare (M) Sdn Bhd – may get a 10-year extension of their concessions to provide services such as laundry, cleaning, and clinical waste management to government hospitals.
The three companies are currently providing support services for all government hospitals and clinics and a selected number of private healthcare companies.
In a note to clients, OSK Research said the concessions were supposed to have expired in late October but were extended for six months till April next year pending negotiations on the renewal of the contracts.
“We view the news favourably as this indicates that negotiations are progressing well, with the final decision on track to be announced before the extended deadline of April next year.
“We reiterate our view that despite the delay, Faber would eventually get its concession renewed, going by its strong 15-year track record since the company’s concession started on Oct 28, 1996,” the research house said.
OSK Research has maintained a “trading buy” on Faber with fair value of RM2.24.