Bon Secours Health Systems posts profit of €2.3m on 4% revenue gain

Bon Secours Health Systems, the country’s largest privately owned hospital group, has posted record profits of €2.3m.

New figures lodged by the Cork-based Bon Secours Health Systems Ltd with the Companies Office show that the group returned to profit after revenues increased by 4% to €230m.

The group employs 2,700 people, including 350 medical consultants, in privately run hospitals in Cork, Dublin, Galway and Tralee.

They provide care to 200,000 patients annually.

“Operating in a difficult and competitive environment through 2015, the group generated a profit of €2.3m — a significant improvement from the loss of €59,000 reported in 2014,” the directors said.

After investing €9m in upgrading facilities, it plans to make further investments of €150m up to 2020 across its hospitals.

Last year, revenues increased at the not-for- profit hospital group after overall patient activity increased 4.3% to 99,944 cases, “driven by growth in daycare activity which has seen an increase of 6.3% during the year”, the directors said.

The directors state that “while the health sector continues to face many challenges in the short- to medium-term, BSHS has made significant progress during 2015. Investment in the BSHS brand has resulted in a heightened awareness of our services and national presence, and has positioned the group for further growth in the immediate future.”

The number of people holding private health insurance increased slightly in 2015 on the back of initiatives by the insurers to rebuild membership in an improving economy.

The directors’ report states: “However, while membership numbers have increased the downgrading of policies continues to be a feature at renewal time with policyholders striving to achieve value for money.

“At the same time, the private health insurers continue to reduce costs and this ensures a very dynamic marketplace in which BSHS must continually monitor and manage.”

The group last year recorded an operating profit of €2.85m, and paid net interest of €545,000.

Accumulated profits stood at €73m, shareholder funds totalled €132m, while the firm’s cash increased from €30.3m to €34.2m.

Staff costs fell to €119.38m. The group’s “key management personnel” includes seven directors and eight managers. They were paid a total of €2.05m in the year.

The group’s bank debt at the end of December last totalled €20m.

The group last year made charitable donations of €513,000.


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