PT Dwimuria Investama Andalan, an investment entity under the Djarum Group, has officially become a shareholder in PT Medikaloka Hermina Tbk. (HEAL). This move follows the footsteps of Astra Group, which had previously acquired shares of the hospital network operator. According to the disclosure made on Wednesday (June 25, 2025), HEAL’s management confirmed that shares obtained from the buyback were transferred to Dwimuria Investama.

A total of 559.19 million shares were sold at an execution price of Rp1,875 per share. Compared to HEAL’s market price of Rp1,420 on Thursday (June 26, 2025), the Djarum Group purchased shares at a premium of about 32%.

The estimated total funds spent by the Djarum Group for this acquisition amount to Rp1.04 trillion. The transaction was carried out off the Indonesia Stock Exchange (IDX), and there was no affiliated relationship between the two parties.

Following this deal, HEAL stated that it no longer holds any treasury shares. It’s worth noting that Dwimuria Investama is also the majority shareholder of PT Bank Central Asia Tbk (BBCA), and holds an 8.35% stake in PT Sarana Menara Nusantara Tbk (TOWR).

Meanwhile, Astra Group had already accumulated HEAL shares earlier. Based on KSEI data as of June 23, 2025, Astra owns around 1.11 billion HEAL shares or about 7.23% ownership.

Astra first entered the stock during the August–September 2022 period, buying at a price range between Rp1,335 and Rp1,375 per share, and has since made no significant changes to its holdings.

Slowing Financial Performance and Flat Margins
In terms of financials, HEAL experienced a decline in profitability year-on-year in Q1 2025. Revenue stood at Rp1.69 trillion, down slightly from Rp1.7 trillion in Q1 2024. At the same time, cost of revenue increased from Rp1.03 trillion to Rp1.11 trillion, resulting in a decrease in gross profit from Rp668.84 billion to Rp582.15 billion.

This decline extended to the bottom line, with net profit falling 34.67% YoY to Rp124.72 billion.

HEAL’s profit margins also took a sharp dip in 2022, largely due to a high base in 2021 driven by a surge in patients during the pandemic. Although margin growth continued from 2022 to 2024, it remained relatively flat and insignificant.

HEAL’s Business Expansion and Healthcare Sector Reform Outlook
Indonesia’s healthcare sector is on the verge of a major transformation set to begin soon.

One of the key reforms is the implementation of the Standard Inpatient Class (KRIS), which will replace the current class 1, 2, and 3 structure for BPJS patients. Initially scheduled for June 30, 2025, KRIS implementation has been postponed to the end of the year, while benefit and contribution adjustments will still take effect starting July 1, 2025.

This delay allows healthcare providers, including HEAL, to strengthen infrastructure and expand service capacity. In 2025, HEAL plans to build two new hospitals in Bali and Salatiga, with a combined investment of Rp346 billion. Each facility will add 100 beds, and existing hospitals will receive an additional 600 beds.

Overall, HEAL targets an increase in capacity from 8,252 to 9,000 beds by the end of 2025. With this expansion, management projects an EBITDA of Rp2.2 trillion and revenue of Rp7.8 trillion for the year. Beyond new hospitals, HEAL also plans to expand facilities and buildings at existing sites.

Outside of KRIS, HEAL’s growth outlook is also supported by the co-payment policy currently being introduced by the Financial Services Authority (OJK). Under this scheme, policyholders will cover 10% of their claim costs—capped at Rp300,000 for outpatient and Rp3 million for inpatient care. Though controversial for increasing patient costs, co-payment is seen as beneficial for hospitals by improving cash flow, reducing claim payment delays, and encouraging more efficient use of medical services.

For HEAL, this policy could serve as a growth driver, especially since the company already uses a Coordination of Benefit (CoB) system, which allows integration between BPJS and private insurance. More stable cash flow from co-payment and the cost-reflective pricing from KRIS may enable HEAL to improve its currently stagnant profit margins. As of Q1 2025, the BPJS segment contributes about 51% of HEAL’s total revenue.

Additionally, the government is preparing a reform in hospital payment systems by replacing the INA-CBG pricing system with the Indonesian Diagnosis Related Group (iDRG), modeled after Malaysia’s MY-DRG. This new system aims to align better with medical needs and cost structures in Indonesia and will be launched in July 2025 as part of a comprehensive healthcare overhaul.

Altogether, 2025 is shaping up to be a pivotal year for Indonesia’s hospital industry. Significant changes in regulations, pricing models, and funding mechanisms are pushing industry players toward continuous innovation, expansion, and investment. Within this context, the entry of Djarum and Astra Groups into HEAL reflects confidence in the long-term potential of the healthcare sector and marks a strategic move to strengthen Indonesia’s health services ecosystem.