Spire Healthcare Group (SPI)

Sector:

Health Care

Index:

FTSE 250

 258.50p
   
  • Change Today:
      0.000p
  • 52 Week High: 261.50
  • 52 Week Low: 207.00
  • Currency: UK Pounds
  • Shares Issued: 404.13m
  • Volume: 256,340
  • Market Cap: £1,044.68m
  • RiskGrade: 165

Spire Healthcare to pay £1.2m fine for ophthalmology price fixing

By Michele Maatouk

Date: Wednesday 01 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Private hospital operator Spire Healthcare has been fined £1.2m by the Competition and Markets Authority after admitting that it had facilitated an illegal arrangement with consultant ophthalmologists at one of its hospitals who fixed fees for private consultations.
The competition watchdog said Spire has admitted that seven consultants at the Spire Regency Hospital agreed to fix fees for initial private consultations for self-pay patients at £200.

The arrangement between Spire and the consultants - which went on for nearly two years - was first initiated following a dinner organised by hospital management and attended by five of the seven ophthalmologists in question. After the dinner, a Spire employee at the hospital sent an email to all seven consultants suggesting the agreed price for initial consultations for self-pay patients be set at £200.

The ophthalmologists agreed and four of them upped their prices from £180, with the remaining three already charging £200. Spire then liaised with its customer service team to facilitate the arrangement, the CMA said.

Spire apologised for its conduct on Wednesday and said it had agreed to accept the CMA's findings in full and settle the case with a fine.

"It is important to note that this investigation related to conduct in 2017 regarding the charging of a small number of ophthalmology consultations at Spire Regency and did not in any way relate to the quality of patient care," Spire said.

"Spire Healthcare has a strong compliance culture and is disappointed with the failure to meet its standards in this isolated case. The group remains committed to its learning culture and has further strengthened its compliance programme in response to this incident. Spire Healthcare is also investing in a new pricing system which will provide further controls to ensure compliance."

Michael Grenfell, executive director of enforcement at the CMA, said it was unacceptable that patients were unable to shop around and get the best deal because Spire and the consultants illegally set a minimum consultation fee.

"It is particularly disappointing that the CMA has had to take action in the private ophthalmology sector again, following a previous finding of anti-competitive practices in the sector in 2015," he added.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

SPI Market Data

Currency UK Pounds
Share Price 258.50p
Change Today 0.000p
% Change 0.00 %
52 Week High 261.50
52 Week Low 207.00
Volume 256,340
Shares Issued 404.13m
Market Cap £1,044.68m
RiskGrade 165

SPI Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
94.18% below the market average94.18% below the market average94.18% below the market average94.18% below the market average94.18% below the market average
56.25% below the sector average56.25% below the sector average56.25% below the sector average56.25% below the sector average56.25% below the sector average
Price Trend
60.39% above the market average60.39% above the market average60.39% above the market average60.39% above the market average60.39% above the market average
55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average
Income
93.44% below the market average93.44% below the market average93.44% below the market average93.44% below the market average93.44% below the market average
77.78% below the sector average77.78% below the sector average77.78% below the sector average77.78% below the sector average77.78% below the sector average
Growth
82.00% above the market average82.00% above the market average82.00% above the market average82.00% above the market average82.00% above the market average
100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average100.00% above the sector average

What The Brokers Say

Strong Buy 5
Buy 2
Neutral 1
Sell 0
Strong Sell 0
Total 8
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

SPI Dividends

  Latest Previous
  Final Final
Ex-Div 23-May-24 25-May-23
Paid 21-Jun-24 23-Jun-23
Amount 2.10p 0.50p

Trades for 20-May-2024

Time Volume / Share Price
15:09 1 @ 258.61p
15:09 5 @ 258.89p
15:00 2,112 @ 258.81p
14:48 1 @ 258.00p
14:48 1 @ 258.00p

SPI Key Personnel

CEO Justin Ash
CFO Harbant Samra

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