2025年4月澳大利亚医疗保险：全科医生就诊量仍然持平
David Stanton, MD * | Equity Analyst61 2 9364 2990 | dstanton@jefferies.comVanessa Thomson * | Equity Analyst61 2 9364 2991 | vthomson@jefferies.com April 2025 Australian Medicare dataMedicare Australia has released monthly data for April 2025. Pathology services (volume)increased 4.0% over the 12 months to April 2025 (compared with an average increase of 4.4%during FY04 to FY24).Figure 6 - Australian Medicare growth rates in Benefits and Services - April 2025.BenefitsUnreferred attendances - VR GPSpecialist attendancesPathology collection itemsPathology testsPathology - totalDiagnostic imagingPBS (ex-Repat)Assisted Reproductive ServicesServicesUnreferred attendances - VR GPSpecialist attendancesPathology collection itemsPathology testsPathology - totalDiagnostic imagingPBS (ex-Repat)Assisted Reproductive ServicesAverage benefit per serviceUnreferred attendances - VR GPSpecialist attendancesPathology collection itemsPathology testsPathology - totalDiagnostic imagingPBS (ex-Repat)Assisted Reproductive ServicesSource: Medicare AustraliaPathology benefits over the 12-month period increased 7.4%, compared with an average 5.8%increase between FY04 and FY24. DI benefits saw an increase of 8.7% on the pcp over the 12-month period compared to annual average growth of 6.8% from FY04 to FY24.Figure 7 - Australia - growth in Clinical Lab Benefits (revenue) (FY04A to FY24A).-40-30-20-1001020304050FY04AFY05AFY06AFY07APathology Collection Items(% growth on pcp)Source: Medicare dataOver the 12 months to April 2025, benefits paid for ARS increased 2.3% on the previouscorresponding period, with total ARS volumes decreasing 2.1% on the previous correspondingperiod.Please see important disclosure information on pages 8 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 1 month0.74.4(0.7)2.82.51.719.8(5.1)1 month(3.1)(0.4)0.31.21.0(3.0)18.1(12.5)1 month4.04.8(1.0)1.61.54.81.48.5FY08AFY09AFY10AFY11AFY12AFY13AFY14AFY15AFY16AFY17APathology Tests Change on prior corresponding period (%)3 month4 month3.43.65.66.01.91.14.33.34.13.16.27.124.425.71.73.3Change on prior corresponding period (%)3 month4 month(0.7)(0.6)1.21.71.90.92.81.82.51.52.02.725.925.1(4.1)(3.3)Change on prior corresponding period (%)3 month4 month4.24.34.34.20.00.21.51.51.51.54.24.20.72.06.07.8FY18AFY19AFY20AFY21AFY22AFY23AFY24APathology - Total Figure 8 - Combined Medicare ARS BenefitsItem Numbers 13200-13202.(20)-204060Australia(% growth)Source: Medicare AustraliaFigure 10 - IVF Revenue - Combined 13200,13201,13202, 13212, 13218revenue growth on pcp (by Q).26%61%12%10%-20%-10%0%10%20%30%40%50%60%70%Source: Medicare AustraliaHIC statistics for April 2025April 2025 had 19 working days, April 2024 had 20 working days and March 2025 had 21 workingdays.Registered medical officer attendances and benefits•GP attendances and benefits:In April 2025, GP attendances decreased by 3.1% on the pcpwhilst benefits paid to GPs increased by 0.7% on the pcp.•Specialist attendances and benefits:In April 2025, specialist attendances decreased by0.4% on the pcp with benefits paid to specialists increasing 4.4% on the pcp.Figure 12 - Australian Medicare - GP services and growth rate.02468101214161820032005200620082009(m)VR GP unreferred services (LHS)Source: Medicare AustraliaSpecialist services and benefits are shown in the following figures.Please see important disclosure information on pages 8 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. .Source: Medicare AustraliaFigure 13 - Australian Medicare - GP benefits and growth rate.0100200300400500600700800200320052006(A$m)VR GP unreferred benefits (LHS)Source: Medicare Australia 2011201220142015 (15)(10)(5)05101520201720182020202120232024(%)% y-y (RHS)2008 Figure 14 - Australian Medicare - Specialist services and growth rate.0.00.51.01.52.02.53.03.520032005200620082009(m)Specialist services (LHS)Source: Medicare AustraliaPathology, DI and ARS•Pathology:In April 2025, pathology services provided increased by 1.0% on the pcp withpathology benefits paid increasing by 2.5% on the pcp.•DI:In April 2025, DI services provided decreased by 3.0% on the pcp and DI benefits paidincreasing by 1.7% on the pcp.•ARS:In April 2025, ARS services decreased by 12.5% on the pcp and ARS benefits paiddecreased 5.1% on the pcp. This implies the average benefit per service increased by 8.5%on the pcp.Figure 16 - Australian Medicare - Pathology services and growth rate.05101520252003200520062008(m)Pathology services (LHS)Source: Medicare AustraliaDiagnostic Imaging services and benefits are shown in the following figures.Please see important disclosure information on pages 8 - 14 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 20092011 (20)(15)(10)(5)051015202530201220142015201720182020202120232024(%)% y-y (RHS)Figure 17 - Australian Medicare - Pathology benefits and
