NASSAU, BAHAMAS — BISX-listed healthcare provider Doctors Hospital Health System reported a stronger first-quarter performance, with net income increasing to $4.8 million as it advances a $37 million healthcare investment programme aimed at expanding medical capacity and improving services across The Bahamas.
Doctors Hospital Chief Executive Officer Dennis Deveaux said the provider’s expansion strategy, which now spans three islands and nine locations outside of its planned Grand Bahama hospital, is proving financially sustainable while improving access to healthcare services.
“We are happy to report not only are the centers viable, but we are driving a conversation on access and affordability at our centers that is growing utilization,” Deveaux said.
The healthcare provider’s first-quarter performance comes as Doctors Hospital continues investing in new facilities, clinical programmes and infrastructure, while reporting stronger patient demand across its expanded network.
Chief Financial Officer Kendra Sturrup reported that Doctors Hospital recorded an 8.8 percent year-over-year increase in net revenues during the first quarter, with growth sustained at approximately 8 percent during the current period.
Sturrup said the increase was supported by higher activity across key clinical areas, including the return of cardiac catheterization services and increased patient days.
“We have seen that our clinical programs, such as our cath lab, as well as our increased activities in our patient days, has been able to realize profitable results for the operations,” Sturrup said.
She said Doctors Hospital is projecting 8 percent to 10 percent revenue growth for the current fiscal year, with the provider remaining on track against its financial targets.
“As at the end of quarter one we’ve been able to realize 8.8 percent,” Sturrup said. “We are well within our capacity in sustaining the targets that we have set for ourselves for this fiscal period.”
Sturrup disclosed that Doctors Hospital recorded $36 million in net patient revenues during the first quarter, while net income increased from $1.6 million to approximately $4.8 million.
She added that the provider achieved an 11 percent profit margin compared to its budget projections as it continues reinvesting in healthcare services.
Deveaux said Doctors Hospital has also made significant progress in reducing outstanding balances owed by the government following the COVID-19 pandemic.
Government receivables peaked at approximately $29 million after the pandemic but have since declined to below $10 million, according to Deveaux. Excluding the kidney centre, he said the outstanding balance is below $4 million.
“Coming out of COVID, at one point our receivables with the government stood at $29 million,” Deveaux said. “That number is now well below $10 million. And if you exclude the kidney centre, I think it’s below $4 million.”
Deveaux said Doctors Hospital continues to have a strong working relationship with the government, which remains the largest purchaser of healthcare services in the country.
“The government is the largest spender and purchaser of healthcare services in the country, whether that’s through NIB, national health insurance, or directly,” Deveaux said.
Doctors Hospital Executive Director of Outpatient Clinics Sherzel Smith said the provider’s outpatient network continues to experience strong demand, recording approximately 11,000 visits during the first quarter across its nine locations in New Providence, Grand Bahama and Exuma.
Smith said Doctors Hospital is on pace to record between 44,000 and 50,000 patient encounters during the current fiscal year.
She said annual physicals remain a major entry point into the healthcare system, with Doctors Hospital expected to complete approximately 10,000 annual physicals this year.
Deveaux said the average charge for an annual physical is approximately $370, highlighting the provider’s focus on affordability and access.
“We are seeing our annual physicals on a run rate to be approximately 10,000 annual physicals per year,” Deveaux said. “The run rate in terms of utilization will likely be in the range of 40,000 to 50,000 patient encounters.”
Smith added that Doctors Hospital has expanded its specialist physician network to 48 specialists across 19 specialties.
She highlighted improvements among patients managing chronic non-communicable diseases, saying 70 percent of patients who initially presented with hypertension experienced reduced blood pressure readings during follow-up visits.
Smith also reported that 90 percent of patients identified as prediabetic were no longer classified as prediabetic at their next visit following intervention from physicians, lifestyle management and medication.
Doctors Hospital Chief Medical Officer Dr. Sheena Antonio-Collie said the provider’s cardiac programme continues to expand following the reintroduction of cardiac catheterization services.
“Cardiac disease is still the number one cause of death in our country,” Antonio-Collie said.
She said Doctors Hospital has completed just under 70 cardiac catheterizations and conducted cardiac calcium score testing on several hundred patients as part of efforts to detect and prevent serious heart disease.
“Not all of the catheterizations were done because of an emergency or a problem, but it was done, which is the way that I think was really intended — prevention,” Antonio-Collie said.
Deveaux said Doctors Hospital is advancing several major capital projects, including the Rockwell Hospital in Grand Bahama, representing an investment of between $25 million and $30 million, and the Village Road Advanced Imaging Center, representing an investment of more than $7 million.
He said the projects represent approximately $37 million in reinvestment into healthcare delivery nationally.
Deveaux added that construction on the Grand Bahama facility is nearing completion, with five to seven weeks of construction remaining before commissioning and licensing processes begin.
He said Doctors Hospital is also preparing for a major renovation of its Collins Avenue and Shirley Street facility, describing it as a 50-year-old facility requiring infrastructure upgrades, including improvements to the HVAC system, windows and overall patient environment.
“Our optimism comes from the fact that there is that need, and we are intent on investing and fulfilling that need, but in a way that is sustainable financially and accessible for the people of The Bahamas,” Deveaux said.
