The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A 40 percent "surge" in private healthcare demand has driven Doctors Hospital's average monthly revenues some $2m higher than pre-COVID levels, its chief financial officer revealed yesterday.

Dennis Deveaux told the Bahamas Business Outlook conference that monthly revenues were now averaging $7m per month, a 40 percent increase on the pre-pandemic's $5m, while representing a decline from the $10m earned during COVID's peak.

He added that this will "return a certain level of efficiency" to the BISX-listed healthcare provider's bottom line, with a portion of these increased revenues translating to higher profitability that will improve "beyond 2023". And Mr Deveaux also revealed that Doctors Hospital had taken some $30m in write-offs, meaning care that was provided without compensation, at a time when the company's stock price increased by 200 percent.

Pointing out that Doctors Hospital spends "north of $40m" per year on labour-related costs, he disclosed that two-thirds of this sum relates to salaries. Of the remaining one-third, Mr Deveaux said during COVID-19 the hospital gave workers hazard pay and other benefits to show its appreciation for their dedication.

"When the hospital does well, we return that back to them in the form of a very robust and generous profit sharing agreement," he explained. "For every dollar of profit, we generate a return, a proportionate rate, back to our associates. That's been ratified for the last five years by the Board of Directors."

Doctors Hospital is planning to open a specialist clinic next month on Freeport's East Mall Drive after "recognising the lack of capacity" on Grand Bahama, Mr Deveaux said, while it has also established a primary care clinic at the base of Baha Mar's Grand Hyatt hotel to cater to the mega resort's guests and 5,000 staff.

"We opened towards the end of December," he added. "We've had approximately 1,500 unique case encounters starting in the primary care space but moving into urgent care as needed." Doctors Hospital is also turning the former Red Carpet Inn, located off East Bay Street adjacent to Harbour Bay, into a medical facility.