Havida’s crisis goes beyond the endless decline in the value of its shares – and the company – on the stock exchange. The operator, responsible for the lives of nearly 9 million people, collects complaints and lawsuits over quality of care and denial of treatment and health services.
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On the Reclame Aqui website, 24,503 complaints have been registered over the past 12 months. Much of this is due to refusal of medical tests and procedures.
“It’s a butcher shop, a slaughterhouse disguised as a hospital, and only offers 15-minute consultations and tests. If it’s serious, you’ll die,” one consumer wrote.
There are also many reports of shortages of professionals and supplies. One customer from Manaus wrote: “My father (a 73-year-old man) was practically tortured by the company. He was forced to wait for two and a half hours, his bladder was full and he was in pain. After that, he had to move from side to side due to the lack of minimum availability. The company charges about R$2,000 per month to provide this service. In fact, they did not provide any service, and we were rescued by SUS.”
According to Reclame Aqui, Hapvida takes time, but responds to most complaints. In the last 12 months, 88.3% of complaints have been responded to, an average of eight days.
Many clients seek legal action, but also to no avail. The São Paulo Public Ministry (MPSP) even opened an investigation to investigate Havida for non-compliance with court decisions.
It is estimated that more than R$2 billion will be processed in civil claims against Hapvida. In November 2024, Hapvida had R$869 million of legal hurdles.
Furthermore, the Public Ministry of Minas Gerais (MPMG) filed a lawsuit against HAVIDA for refusing to accept emergency cases and directing patients to the unified health care system, demanding compensation of R$8.6 million in collective moral damages.
Endless fall
As the column showed, on November 13, Hapvida recorded one of the largest declines on the stock market. It fell 43% in one day after the company filed its balance sheet for the latest quarter.
But the historic fall came after a stunning and continuous decline in the value of the company’s shares. The Hapvida stock value variation graph looks like the classic nightmare of an endless fall – with moments of free fall and others of slow fall after a series of missteps.
Converted into numbers – or money – the scenario looks even worse: in four years, the value of the company, the largest healthcare company in Latin America, fell from R$110 billion (with the merger with Notre Dame in 2021) to R$8 billion.
Hapvida appeared first on B3 in 2018. It was valued at R$16 billion, and cost per share was R$260. Today, it costs R$17. The recent decline has sparked a series of analyzes about the company’s situation, but none of them appear to have amounted to such a large loss.
Experts pointed out that the company’s operational results were the reason for the decline. Measured by Ebitda, which is the English abbreviation for “earnings before interest, taxes, depreciation and amortisation”, it amounted to R$746.4 million, a decrease of 17.6% on the same comparison basis.