Since 1996, Fortis Healthcare has been making a difference in the lives of people in India and beyond its borders. Today, it stands proudly as the third-largest healthcare company in the country. Over the years, Fortis has expanded its network of hospitals, bringing advanced medical care closer to everyone.
With a focus on patient care and a drive for innovation, Fortis is transforming how we experience healthcare.
Let’s take a look at the inspiring history of Fortis Healthcare and see what it took to become one of the most trusted names in healthcare around the world.
The History of Fortis Healthcare Ltd.
Fortis Hospital, as we all know it commonly, has been in existence for over two and a half decades.
In 1996, a vision for better healthcare took its first steps. The company began its journey with the commissioning of the first Fortis Hospital in Mohali.
Two years later, in August 2003, Fortis Hospital, Amritsar, opened its doors.
In October 2003, Fortis made a strategic move by signing an agreement with Seth Jessa Ram and Bros Charitable Hospital Trust to manage Jessa Ram Hospital in New Delhi. This marked the beginning of a series of collaborations.
2004 saw Fortis officially taking over the management of Jessa Ram Hospital.
In 2005, Fortis Healthcare acquired 90% of the equity share capital of Escorts Heart Institute and Research Centre Limited. This acquisition allowed Fortis to expand its reach.
In October 2005, the High Court of Delhi approved a scheme of amalgamation between Fortis and Fortis Medical Centre Holdings Limited (FMCHL). Thus, effective from April 1, 2004, this merger brought all the assets and operations of FMCHL into Fortis. This also included the transfer of Fortis Hospital, Amritsar.
As a result, employees from FMCHL became part of the Fortis Healthcare Limited family, ensuring continuity and stability.
By February 10, 2006, Fortis completed the allotment of equity shares to FMCHL shareholders.
This period also saw Fortis enter new agreements for managing various hospitals, including Fortis La Femme and Khyber Medical Institute.
In 2007, Fortis HealthWorld partnered with Starkey, a US hearing aid manufacturer. Their goal was to introduce hearing aids. This innovation was a stepping stone towards expanding their range of healthcare services.
2008 marked another change in the company’s journey as Fortis relocated its registered office to Okhla Road in New Delhi.
A year later, in 2009, Fortis completed its acquisition of Wockhardt Hospital.
In 2010 as Fortis acquired a 25% stake in Parkway Holdings, Asia’s largest private healthcare provider. This strategic move positioned Fortis as a key player on the international healthcare stage.
In 2011, Fortis took significant steps in education and research. It signed a Memorandum of Understanding with the University of Utah to develop courses for Emergency Medical Technicians.
By 2012, Fortis had solidified its market presence and rebranded itself to Fortis Healthcare Ltd..
The launch of flagship hospitals and advanced healthcare facilities in 2013 continued.
2014 saw the opening of a state-of-the-art multi-super-specialty hospital in Ludhiana.
In 2016, Fortis made an acquisition by fully acquiring Religare Health Trust Trustee Manager. With this, it became the first in India to monitor and publish clinical outcomes for cardiology.
2017 was another transformative year as Fortis acquired Hiranandani Healthcare and its affiliates.
The history of Fortis Healthcare Ltd. is to fulfil its mission of improving lives through better healthcare.
In 2022, Fortis Healthcare rose to the challenge of the COVID-19 pandemic, demonstrating its commitment to patient care. The organisation expanded its telemedicine services and significantly increased bed capacity to meet the urgent needs of the community.
The journey continued in 2023 when Fortis Healthcare earned recognition for its excellence. It won seven awards in the Medical Value Travel Specialist Hospital category at Advantage Healthcare India’s Medical Value Travel Awards. The hospital business thrived, with revenues growing by 9.6% to reach ₹1,389.5 crores. This year, we also saw a significant change with the rebranding of the diagnostic business arm to Agilus Diagnostics Limited.
As Fortis moved into 2024, it achieved another milestone, with Fortis Mulund receiving its 7th consecutive JCI re-accreditation.
Thus, becoming the first hospital in Western India to achieve this prestigious honor. The momentum continued as the hospital business revenues grew by an impressive 12% in Q2FY24.
As of Oct 2024, Fortis Healthcare has decided to raise ₹1,550 Crore via Bonds.
This private placement will feature bonds with a face value of ₹100,000 each.
As per the latest updates, the Fortis Healthcare revenue in Q2 FY24 amounted to ₹173.72 crore.
However, the company experienced a 10.1% increase in net sales, reaching ₹1,769.95 crore compared to Q2 FY23.
Fortis Healthcare: India’s Third Largest Healthcare Provider
Fortis Healthcare Limited, part of IHH Healthcare Berhad, is one of India’s largest healthcare service providers. With 28 healthcare facilities and over 4,500 operational beds, it offers quality medical services. Fortis operates across India, the United Arab Emirates (UAE), Nepal, and Sri Lanka. It is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) of India.
Fortis employs around 23,000 professionals, all dedicated to the mission of becoming the world’s most trusted healthcare network.
Fortis Healthcare Owner
Fortis Healthcare is majorly owned by IHH Healthcare Berhad, which holds a 31.1% stake in the company.
Fortis Healthcare Products and Services
Cardiac care, liver transplants, orthopaedics, neurology, oncology, and advanced procedures like robotic surgery.
Specialities
| Cardiac Sciences, Geriatric Medicine, Neurology, Oncology, Liver Transplant and Hepatobiliary Sciences, Medical Genetics, Pain and Palliative Medicine, Dental Science, Dermatology, Diabetology/Endocrinology, Emergency and Trauma, Endocrine Surgery, ENT, Foetal Medicine, Gastroenterology and Hepatobiliary Sciences, General Surgery, Haematology, Infectious Diseases, Infertility Medicine, Internal Medicine, Mental Health and Behavioural Sciences, Nephrology, Neurointerventional Radiology, Neurosurgery, Obstetrics and Gynaecology, Ophthalmology, Organ Transplant, Urology, Orthopaedics, Paediatrics, Physiotherapy and Rehabilitation, Plastic and Reconstructive Surgery, Pulmonology, Radiology, Rheumatology, Support Specialties, Thoracic Surgery, Transfusion Medicine. |
Fortis Healthcare Revenue
In the fourth quarter of FY24, Fortis Healthcare’s total revenue reached ₹1,786 crores. The operating profit (EBITDA) increased significantly by 40.5%, totalling ₹380 crores, with a profit margin of 21.3%.
The hospital business alone saw a revenue increase of 10.3%, reaching ₹1,490 crores, while its operating profit rose by 50.6%, totalling ₹333 crores, with a profit margin of 22.4%.
Fortis Healthcare Net Worth
As of September 2024, Fortis Healthcare has a market cap or net worth of approximately ₹451.01 billion.
Corporate Social Responsibility (CSR) at Fortis Healthcare
Fortis Healthcare Limited aims to enhance healthcare access for socially marginalised and deprived communities. It focuses on creating programs that are effective, sustainable and relevant.
Social Impact
- 4,440 surgeries have been performed for underprivileged children suffering from congenital heart defects.
- Each year, over 120,000 patients are treated at charitable dispensaries.
- More than 160,000 individuals benefit from health camps organised by Fortis.
- The company has contributed over 15,000 health and hygiene awareness books to NGO partners for children.
- 1,100 government school students have received training in first aid and basic life support.
Key Programs- 2024
- Support to ICMR (Indian Council of Medical Research):
Fortis Healthcare provides funding to the ICMR for research and development projects. These include science, technology, engineering, and medicine.
- Contribution to the Prime Minister’s National Relief Fund (PMNRF)
Fortis Healthcare contributes to the PMNRF to provide immediate relief to families affected by natural disasters. This fund also helps cover medical expenses for critical treatments such as heart surgeries, kidney transplants, cancer care, and support for acid attack victims. Disbursements from this fund are made with the Prime Minister’s approval.
FAQs| Fortis Healthcare Limited
Fortis Healthcare Ltd was incorporated on February 28, 1996. The first Fortis hospital was established in Mohali, Punjab.
Fortis Healthcare provides a comprehensive range of healthcare services, including, Cardiac Care, Orthopedics, Neurosciences, Oncology, Renal Care, Gastroenterology, etc.
The current CEO and Managing Director of Fortis Healthcare is Dr. Ashutosh Raghuvanshi.
Fortis Healthcare is majorly owned by IHH Healthcare Berhad, which holds a 31.1% stake in the company.
Fortis Healthcare is renowned for its excellence in medical knowledge, patient care, and clinical outcomes. It is particularly known for its advanced cardiac care.
As of Oct 2024, Fortis Healthcare is the third-largest healthcare company in India by market cap.
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