Medibank has announced its acquisition of Better Medical, a network of 61 GP clinics, for approximately $159 million to enhance primary care services across Australia.

Target Company Overview

Medibank has announced its agreement to acquire Better Medical, a prominent network of 61 general practitioner (GP) and medical clinics operating across the Australian states of Victoria, Queensland, South Australia, and Tasmania. Better Medical has been serving the community since its establishment in 2015, boasting a dedicated team of around 800 healthcare professionals, including doctors, nurses, and allied health practitioners, who deliver high-quality patient care.

Industry Overview in Australia

The healthcare industry in Australia is characterized by a strong emphasis on primary care, which serves as a fundamental component of the national health system. With a growing number of Australians living with chronic conditions, the demand for effective management and prevention strategies has never been more crucial. Recent studies indicate that a significant proportion of chronic illnesses are preventable, highlighting the necessity for enhanced investment in preventive health services.

As of late 2023, Australia’s primary care system faces challenges including rising patient expectations and increasing workloads for healthcare professionals. General practitioners (GPs) are often under pressure to deliver c