Endeavour’s healthy plans

PERTH-based Endeavour Health Care Limited has announced plans to list on the Australian Stock Exchange later this year.

Endeavour managing director Garry Garside said the company was established to provide health care practitioners with equity participation at a seed level as opposed to outright business acquisition and would secure improved patient care through better integration of services.

Dr Garside said Endeavour would be different to other medical service providers through its focus on becoming a doctor-based partnership model with corporate support, as opposed to a company structure with paid employees.

“We are looking at practitioner ownership and maintaining the independence of practitioners while providing structural support rather than through contractual tenure agreements,” Dr Garside said.

He said the company’s objective prior to listing on the ASX was to build group turnover to $65 million through a diverse acquisition program including primary health care centres and specialist services.

“$8.5 million has already been raised.”

The company has already made two acquisitions through agreements to purchase WA-based health care providers Prime Health and Westpoint Healthcare.

Dr Garside said the practice acquisition model included consideration to vendors of a mix of cash and equity ownership in Endeavour based on the practice’s financial performance.

He said the company aimed to capture substantial economic value from the acquisition and integration of downstream activities including pathology, diagnostic imaging and specialist doctor services.

“Pathologists, radiologists and other specialists are an integral component of our growth plans.”