Healthy profits from Bon Secours group as patient volumes increase
Private hospital group records pretax profits of €5.4 m, up from €2.3m a year earlier
Bon Secours operates hospitals in Cork, Dublin, Galway, Tralee and Limerick
Profits more than doubled at Bon Secours Health System last year due to an increase in patient volumes and an extension of services across the private hospital group.
The company, which employs more than 3,000, also said profits were boosted by an increase in contract prices agreed with private health insurers, and additional public hospital activity provided to the National Treatment Purchase Fund.
Bon Secours recorded pretax profits of €5.4 million for 2016, versus €2.3 million a year earlier, as income increased to €243 million from €230 million.
A year earlier the healthcare provider had reported a €59,000 loss after profits plunged 97 per cent due to restructuring costs.
Bon Secours, which last year announced plans to spend almost €160 million on expanding and upgrading its facilities across the Republic, operates hospitals in Cork, Dublin, Galway, Tralee and Limerick. The group, which was established in 1993, also runs the Mount Desert Care Village in Cork.
Patient activity, as measured in terms of inpatient bed nights and day-case volumes, amounted to 201,145 in 2016, a rise of 1 per cent versus the prior year.
The company said under its capital investment programme it intended to open new operating theatres and consultant suites in Tralee, an endoscopy unit and day ward in Dublin, a catheterisation laboratory in Galway, and the introduction of radiotherapy services in Cork.
Staff costs at the group rose to €124 million last year versus €122 million a year earlier.
The healthcare provider, which acquired Barringtons Hospital in Limerick in January for just under €15 million, paid almost €4 million to Bon Secours Sisters Ireland last year for the leasing of buildings and interest on loans advanced.