The pre-tax profit of the group, which operates the Blackrock Clinic in south Dublin, more than doubled last year to 14.5 million euros.
New accounts filed by Blackrock Hospital Ltd, the Larry Goodman family trust company, and subsidiaries show that the healthcare group increased pre-tax profit by 128 percent from €6.35 million to €14.5 million, after revenue increased 21.5 percent from 130.35 million to 158.48 m.
Directors state that the increase in profits in 2021 is due to the fact that in 2020 the entire facility of the hospital was turned over to the provision of public health services for a period of three months as part of the national effort to combat the Covid-19 pandemic.
During this time the hospital was not run for profit.
Directors say that although the hospital continues to increase its activities, health care costs remain a concern as medical inflation is not being offset by health insurer price increases.
“In addition to medical inflation, the Covid-19 pandemic has also significantly increased the cost of healthcare, which is likely to remain a challenge for the foreseeable future,” the statement said.
The number of employees at Blackrock Clinic increased from 955 to 996, and in addition the hospital employed 107 staff indirectly through catering and cleaning subcontractors.
Personnel costs increased from €56.15 million to €64.26 million last year, including €3.1 million for temporary workers and contract workers and €1.2 million for recruitment, training, medical supplies and uniforms.
The costs of the clinic under “Other operating costs” also rose sharply from €56.16 million to €69.0 million. Executive Board salaries were reduced last year from €504,365 to €446,674, consisting of €380,902 in emoluments and €65,772 in long-term incentive programs.
Capital expenditures at Blackrock Clinic totaled €5.8 million with an additional €5.4 million committed at year-end.
https://www.independent.ie/business/profits-double-at-larry-goodmans-blackrock-clinic-to-145m-42214867.html Larry Goodman’s Blackrock Clinic wins double to €14.5 million