Brazil Healthcare Services: Bz Healthcare/Pharma:18th Citi Brazil Equity Conference Takeaways

研报英文原文证据摘录

Brazil Healthcare Services: Bz Healthcare/Pharma:18th Citi Brazil Equity Conference Takeaways

Brazil Healthcare Services

18 June 2026 Citi Research

• SulAmérica retains the flexibility to offer lower-margin products in

geographies where its hospital network has excess capacity, while

maintaining pricing discipline where capacity is constrained — a nuanced

approach to balancing volume and profitability across regions.

Technology & AI

• Front-office system standardization is progressing at approximately one

major migration per month (~20 total planned); Tasy platform updates are

also ongoing. The patient-facing app launched in January and is scaling

rapidly; the first version of the physician app has been recently delivered.

• AI deployment is focused on transformational rather than incremental use

cases: automated medical reporting in emergency settings is being rolled

out with a target of 40 hospitals by year-end, while the outpatient AI

rollout is planned for 2027. AI is also being applied to the revenue cycle to

reduce billing errors and glosa — with management noting that the

current phase of more organic growth frees up team bandwidth for these

initiatives, compressing project timelines from years to months.

Labor Reform (6x1)

• The predominant shift model across Rede D'Or hospitals is already 12x36,

not 6x1; average weekly hours under the 12x36 model run at ~42h,

meaning the proposed 40h cap would require only one additional rest day

per month — a far smaller operational adjustment than the market

appears to be pricing in.

Tax Rate

• 1Q26 is not a reliable run-rate reference for the full year, with the effective

tax rate of ~30% distorted by non-recurring items. A technical provision

was transferred from the holding company into SulAmérica in March —