Mater sees revenues increase at private hospital group to €350m
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The Mater Private Hospital group saw operating losses increase by 57% from €6.47m to €10.19m last year.
Accounts for holding company, Oval Topco Ltd show that the group’s operating losses increased as revenues rose by 7% from €327.6m to €350.29m. The group recorded a pre-tax loss of €61.79m after taking interest charges of €51.1m into account.
The pre-tax loss of €61.79m was a 61% increase on the pre-tax loss of €38.37m for 2022. The 2023 pre-tax loss also takes account of combined non-cash amortisation and depreciation costs of €45.9m.
The group currently operates two major acute hospitals in Dublin and Cork, advanced Cancer Centres in Limerick, and Liverpool, two day hospitals in Dublin and a number of strategically positioned outpatient clinics in various locations throughout Ireland.
The directors state that the group has strategic and significant commercial relationships with the three main private health insurers, VHI Healthcare, Irish Life Health, and Laya Healthcare, for a significant portion of its revenue and it has continued reliance on patients with private healthcare insurance cover.
They said that the Mater Private Network continues to invest heavily in both technology and additional resourcing to support increasing challenges from insurers on approving patient claims.
They said that private health insurers "are now requiring additional justification to support medical necessity for treatment, as well as challenging pre-existing conditions and hospital length of stay”.
The directors warn that "it will no longer be possible for Mater Private to continue to absorb the higher risk associated with unpaid or part paid insurance claims from private health insurers, and this will drive increasing costs back to the patient”.
The directors state that the group has the largest and most extensive consultant group in both Dublin and Cork with over 300 consultants in 2023.