Tele-health is very different to in person visitations. Slots...

Tele-health is very different to in person visitations. Slots are longer and fixed and cannot be moved so there is a natural reduction.

To get paid you have to bulk bill, so all gaps are gone which is good for the patient but lowers average billing per GP. All the allied health elements are gone which is where high margin revenue are generated. Yes DOH is assessing allied health telehealth elements, these however will be at a lower fee and harder to administer.

Healius has the benefit of bigger centres than Sonic's smaller IPN clinics so would be seeing more patient visitations but fixed costs are much higher.

Long term valuation is there and I agree with you there on that front, however Healius EBITDA is contributed in the main by Pathology, a 30-50% reduction in volume will be catastrophic. 2,500 Covids per day at materially lower margins won't be nearly enough to offset high value routine pathology declines.

The only shinning short to medium term is government intervention, there is likely to be an announcement soon on that front.