Glossary of Terms
Acquirer is the corporate entity that is purchasing another entity (Target) or the dominant or surviving entity subsequent to a merger. In instances where the dominant party to the acquisition cannot be easily determined, the largest entity is categorized as the Acquirer. In limiting a search criteria, specify the exact name of the acquirer or a partial name. Do not type in “Corp.”,”Inc.”, or “Co.” at the end of the name.
Address of the Acquirer
Address of the acquirer or surviving entity includes the street, city, state, and zip code. In a Custom Transaction Report, the subscriber is charged only for a single field.
Announcement Date is the date the transaction is announced. The terms and consideration are as of the announcement date. Any information subsequent to the announcement is included in the comments section. Such subsequent events may include renegotiations of terms, closing dates or termination.
Behavioral Health Care
Behavioral Health Care includes providers engaged in behavioral, psychiatric services, mental retardation, developmental disability programs, and drug and substance abuse programs. Providers also include hospitals as well as programs on an outpatient basis.
Biotechnology includes businesses involved in the use of cellular and molecular processes to solve problems or make products. The sector includes companies in functional genomics, proteomics, cancer treatment, stem cell facilities, vaccine companies and drug discovery.
CEO of the Acquirer
CEO is the chief executive officer of the acquirer or the surviving entity.
The comments section includes background, additional details of the transaction and strategic objectives of the transaction whenever possible.
The description fields of both the Target and Acquirer include a discussion of the business lines and the revenues and net income (when available).
Earnings Before Interest, Taxes, Depreciation, Amortization. An approximate measure of a company’s operating cash flow based on data from the company’s income statement. Calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation, and amortization. Sometimes called operational cash flow or net operating income.
Earnings Before Interest, Taxes, Depreciation, Amortization and Rent
E-health companies provide internet-related services, including revenue cycle management, electronic health records and data analytics.
Fax number of the Acquirer.
Home Health & Hospice
Includes general home health care, home respiratory, home infusion and home nursing service companies. Hospice care includes agencies and facilities that provide palliative care for seriously ill or terminally ill patients.
Hospitals (database sector)
Hospitals include acute care, critical access, specialty hospitals, free-standing facilities and multi-hospital systems (also called integrated delivery systems). Hospitals specializing in long-term rehabilitation or psychiatric care are found in those sectors. The unit of measurement is number of beds in service, not the number of beds the hospital or system is licensed for.
Net income is calculated based upon Generally Accepted Accounting Principles. Generally, net income is after interest, amortization, depreciation, other non-cash items and taxes. When earnings before interest, taxes, depreciation and amortization is available, it will be so noted.
Laboratories, MRI and Dialysis
Laboratories, MRI and dialysis includes entities specializing in outpatient laboratory treatment and diagnostic services. Clinical research organizations (CROs) are included in the “Other” sector.
For publicly traded companies, listing includes the name of the exchange and the ticker symbol. For example, NYSE: MUL. Additional categories under listing include private and nonprofit.
Location of Target
The search can be limited to the following US State, Country or Province of the Target. The location selection has a pop down menu and also a field to search for other areas of the world. The default is all locations.
Long-term Care includes the complete spectrum of senior care, such as retirement, assisted and independent living, mursing and sub-acute care. The unit of measurement is the number of units.
Managed Care includes a variety of health care payors, such as HMOs and PPOs. Health plans focused on dental and vision care plans are also included. Health information exchanges (HIEs) are included in the eHealth sector.
Medical Device companies are engaged in the research, design, manufacture and distribution of a wide variety of devices used in medical diagnostics and therapies. The businesses include manufacturers of anesthesia products, orthopedic goods, dental devices, wound closure systems and microsurgery equipment, among others.
Other includes a wide range of services that cannot be classified in the other sectors, but that support or deliver health care products and services. Some examples are institutional pharmacies, pharmacy benefits managers, clinical research organizations, dental practices, outpatient surgery centers, ambulance services and disease management companies.
Pharmaceutical companies are engaged in the discovery, development, manufacture and marketing of drugs used in human therapeutics. The companies include OTC/generic pharmaceuticals, as well as specific preparations involving analgesics, steroids and cancer drug, among others.
Phone number of the acquirer or the surviving entity is available.
Physician Medical Groups
Physician Medical Groups include practices for primary care, multi-specialty and single specialty practices as well as Practice Management Companies. Single specialties include oncology, pediatrics, radiology, obstetrics and gynecology, ophthalmology, pulmonary and rheumatology. The unit of measurement is number of physicians. For example, if the search should be limited to Targets that include a cardiology specialty, insert “cardiology” in the reference selection in Question 2 and it will be limited to those entities where cardiology has been referenced in the description of the target.
Price is defined as the total consideration for the transaction which may include cash, stock, debt assumption and earn-out provisions. Stock is generally valued at the market price one day prior to announcement and debt at face value. Many private entities choose not to publicly disclose the price. Whenever possible, an estimate of the price is made. To eliminate transactions without prices or to select in a specific price range, put a dollar amount in the fields.
Price/Income is defined as total consideration divided by Income.
Price/Revenue is defined as total consideration divided by revenue.
Price/Unit is defined as total consideration divided by the appropriate units of measurement. Units of measurement include the number of enrollees, beds or physicians.
A reference search is an option to further limit the search criteria or identify a unique descriptor. In Question 2, the engine searches the description of the Target for any reference to the specified word.
Rehabilitation transactions include rehabilitation hospitals, outpatient rehabilitation centers, contract rehabilitation businesses and orthotics/prosthetics practices.
Report – Detailed
This is a report on individual health care transactions that include all data fields.
Revenue is calculated based upon Generally Accepted Accounting Principles. Generally, revenue is after contractual allowances and other adjustments, vacancy factor and includes other reoccurring revenues. To eliminate transactions without revenues or to select in a specific revenue range, put a dollar amount in the fields.
There are thirteen sectors in the health care database. These sectors include: behavioral health, biotechnology, e-health, home health care, hospitals, laboratories, MRI and dialysis, long-term care, managed care, medical devices, pharmaceuticals, physician medical groups, rehabilitation and other.
Target is the corporate entity that is purchased by another entity (Acquirer) or the non-surviving entity subsequent to a merger. In instances where the target to the acquisition can not be easily determined, the smallest entity is categorized as the Target. In limiting a search criteria, specify the exact name of the Target or a partial name. Do not type in “Corp.”,”Inc.”, or “Co.” at the end of the name.
Terms of transaction include a discussion of the amount and type of consideration.
Unit or Units
Most of the sectors are tracked based upon the appropriate unit of measurement. Units of measurement are an indication of the size and are used in the calculation of price per unit. Units of measurement include number of enrollees, beds or physicians. The following segments can be searched on number of units: Managed Care, Hospitals, Long-Term Care, Physician Medical Groups, Behavioral Health Care and Rehabilitation.
Website of the Acquirer.