Integrated Report
for the year ended 30 September 2022
Our purposeProviding YOU
with
The best and safest care
Operating environment
Operating environment – 408kbStakeholder engagement
Stakeholder engagement – 330kbOur material matters
Our material matters are the factors most likely to influence the conclusions our stakeholders may draw about Netcare’s ability to create, preserve or guard against value erosion for them in the short, medium and long term.
Deliver outstanding person‑centred health and care
Attract, recognise and invest in employees and healthcare practitioners
Collaborate with the public sector and civil society to extend access to quality health and care and accelerate transformation
Recover and grow long‑term profitability
Continue to develop visionary and effective leadership
Our strategy
Patient centric healthcare is convenient, transparent, personalised and continuous. Yet across the world, healthcare models are typically fragmented, episodic and not individualised. We are embracing solutions and new ways of working to move Netcare to an integrated delivery model across all our divisions, one that is seamless and personalised, enabled by digitisation and informed by rich data. In tandem, we are committed to deepening the socioeconomic and environmental value we create for our stakeholders and society in the long term. Our redesigned health and care offering will be highly differentiated in SA and will create a sustainable competitive advantage for the Group – we call this the Netcare moat.
Our strategic pillars
Consistency of care
Delivering consistently excellent clinical services, ensuring the best and safest person centred care.
Disruptive innovation
Implementing medical technologies, digitisation and data solutions for the benefit of our business and patients.
Transformation of our society
Continuing to invest in and develop our workforce and communities.
Organic growth
Driving strategic engagements with doctors and funders, investing to maintain the quality of our facilities and developing new products and services to promote inclusivity and access.
Integration
Creating strategic and synergistic partnerships between all divisions and functions.
Investment
Creating economic value and optimising capacity utilisation.
Environmental sustainability
Ensuring minimal environmental impact by managing our resources responsibly, efficiently and to the benefit of the environment.
Our leadership
Board chair's
review
Thevendrie Brewer
My first chair's review in 2018 concluded with the following promise: "Underpinned by a demonstrable commitment to effective governance and ethical leadership, our stakeholders can be assured that your strong and committed Board will do what is needed, with rigorous oversight, to create value for you, our sector and our country."
Chief executive
officer's review
Dr Richard Friedland
Netcare's 2022 financial year began in October 2021, as the devastating third wave of COVID-19 was subsiding. By early December, the fourth wave, caused by the highly contagious but milder Omicron variant, had gripped South Africa. But this wave was different, with the exponentially high rate of COVID-19 cases in the community decoupling from the number of hospital admissions.
Chief financial
officer's review
Keith Gibson
"Since the fourth wave subsided in January 2022, Netcare enjoyed a period free from COVID-19 disruptions, which allowed the Group's recovery to gain traction. The improving performance trend continued through the second half, resulting in a better financial performance for the 2022 financial year."
Remuneration overview
In FY2022, the Group delivered a much improved financial performance while also executing extremely well on non-financial strategic priorities. The recovery in overall performance has only been possible because of our people, the heartbeat of our business. Collectively, their efforts culminated in favourable outcomes for all stakeholders including shareholders, suppliers, our employees and communities.