Beacon Hospital losses improve to €9.7m for 2011

THE UPMC Beacon Hospital in Dublin lost €9.7 million last year, a 20 per cent improvement on 2010, when losses were more than €12 million, the latest figures show.

The private hospital, which is ultimately controlled by US-based not-for-profit group University of Pittsburgh Medical Centre (UPMC), will shortly publish accounts for its last financial year, which ended on June 30th, 2011.

The returns for UPMC Beacon Hospital Sandyford Ltd show the company’s losses fell to €9.7 million during the period, from €12.1 million during the 12 months ended June 30th, 2010.

Turnover grew 15 per cent to €65.6 million from €57 million. Speaking at the weekend, chief executive Joel Yuhas said growth in the business continued during the current financial year.

This was down to an expansion in key treatment areas: orthopeadics, which is up 37 per cent; cardiology, which is up 30 per cent; and cancer care, which is up 27 per cent.

The hospital now employs 15 orthopeadic surgeons and is the biggest private provider of orthopeadic care in the Republic.

A new structure means referrals from GPs are seen within 10 working days, according to Mr Yuhas.

The company has also opened a number of satellite centres, in Naas, Wexford, Waterford and Mullingar. These offer outpatient services and have helped to increase the number of people getting treatment at the Sandyford hospital.

At the balance sheet date the company owed almost €60 million to a number of parties within the UPMC group in Ireland. Of that, €20 million was due for repayment within one year and more than €39 million was due over a longer period. This accounted for most of the company’s debt during the year.

The balance sheet shows it had net liabilities of €47 million on June 30th, 2011.

The notes to the accounts point out that it was relying on the support of UPMC Ireland, which holds a 70 per cent stake in the business, for support to continue as a going concern. That company and its ultimate parent, UPMC, both indicated they were willing to continue supporting the hospital.

The company employed 524 in June 2011, up from 486 12 months earlier.