The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

Doctors Hospital says a 30.4 percent cut in losses at its Blake Road facility, combined with increased patient revenues, drove a “second consecutive year of record” financial results during the 12 months to end-January.

The medical services provider, in its 2020 annual report, said the $6m net profit generated for the period represented a 48.7 percent increase upon the previous year’s bottom line, which was itself 68 percent ahead of the prior year.

As a result, BISX-listed Doctors has seen its net income more than double in just two years prior to the COVID-19 pandemic, growing by 149.9 percent compared to the $2.405m profit generated during its 2018 financial year.

However, net income for its current financial year that closes in January 2021 is likely to take a hit due to the virus as it forced Doctors Hospital to suspend all outpatient services for a three-month period beginning in March.

“The Emergency Powers Act provides that any medical/health facilities operating at the direction and/or control of the government shall be entitled to compensation promptly following the passage of the crisis,” the company’s annual report said.

“Additionally, for the health and safety of the group’s employees as well as the public, all outpatient services were discontinued in March 2020. Outpatient services are planned to resume in phases by June 2020.”

Turning back to its previous financial year, Doctors Hospital said: “Consolidated net profit totalled $6.01m or $0.60 per share compared to a profit of $4.04m or $0.41 per share for the year ended January 31, 2019.

“Net income grew year-over-year by approximately 48.7 percent and reflects the second consecutive year of record financial performance.... Management continued its prior year focus to narrow the losses at Bahamas Medical Centre (Doctors Hospital West).

“Based on the introduction of a primary care outpatient service offering and cost improvement measures, losses narrowed from $724,949 in financial year 2019 to $504,245 in financial year 2020, representing an improvement of 30.4 percent year-over-year.”

Total admissions to Doctors Hospital’s main Shirley Street facility fell by more than 700 patients year-over-year, dropping from 4,634 to 3,870, due to “less acute emergency room patients requiring hospitalisation, and a decline in patient activity from the Turks and Caicos Islands”.

Still, the company’s annual report added: “For financial year 2020, net patient services revenue increased $5.968m or 9.8 percent versus the prior year.... driven in part by a sharp increase in emergency room visits, which was associated with an increase in revenues of $1.193m or 13.3 percent versus the prior year.

“In financial year 2020, emergency room revenues were $8.97m. Emergency room visits grew from 10,515 in 2019 to 13,645 in 2020, a rise of 29.7 percent.” Doctors Hospital was planning for $2m in capital expenditure in the current financial year prior to COVID-19.