Pre-tax profits dip by 2.6pc at Galway Clinic
spiralling medical indemnity insurance costs are one impediment to attracting leading physicians into Ireland.
That is according to the directors of the Galway Clinic as they report that last year the clinic recorded a 2.6pc drop in pre-tax profits going from €13.15m to €12.8m.
The drop in pre-tax profits came in spite of revenues at Galway Clinic Doughiska Ltd increasing by 1pc going from €85.83m to €86.85m.
According to the directors' report, "the operating environment remains difficult. Continued price decreases for our services, reduced private health insurance membership due to spiralling premiums and downgrading of insurance cover have all have had a serious impact on our operations."
The clinic has 146 in-patient beds and the directors state that "the clinic has instigated cost-saving programmes to alleviate the impact of these changes".
The clinic is part-owned by businessman Larry Goodman and, according to the directors' report, the clinic has last year treated 68,991 patients up from 67,988.
The directors state: "An extension of 80 inpatient beds to accommodate the growing demand for A&E services, diagnostic services and endoscopic services is under consideration."