Doctors Hospital records 50 percent hike in net income

Doctors Hospital records 50 percent hike in net income
Doctors Hospital.

NASSAU, BAHAMAS — Doctors Hospital saw a nearly 50 per cent increase in its net income year-over-year, with a “sharp increase” in emergency room visits of nearly 30 percent in its last fiscal year.

The BISX-listed healthcare provider in its 2020 annual report for the year ending January 31, 2020 noted that its consolidated net profit totaled $6,009,685, compared to a profit of $4,040,470 for the year ended January 31, 2019.

Net income grew year-over-year by 48.7 percent. Emergency room visits grew from 10,515 to 13,645 in fiscal year 2020 or 29.7 percent.

“Total admissions to the facility nonetheless fell, and were 3,870 in fiscal year 2020 compared to 4,634 driven mainly by less acute emergency room patients requiring hospitalization, and a decline in patient activity from the Turks and Caicos Islands. Adult patient days, a core measure of activity was 14,262 for fiscal year 2020, compared to 14,410 the year prior, a modest increase,” the report read.

It was noted that net patient services revenue grew nonetheless by 9.8 per ent, totaling $5,967,964, driven primarily by a sharp increase in emergency room visits at its Shirley Street facility.

For the fiscal year, the healthcare provider saw $8,969,890 in emergency room revenue.

It’s total expenses grew to $60.7 million compared to the $56.7 million in the previous fiscal year, primarily as a result of staffing costs.

The BISX-listed health care provider noted that it has $2 million allocated this fiscal year for capital expenditure which will go towards the replacement of equipment and facility improvements to be funded with internal cash flow.