This article is from the Australian Property Journal archive
GLOBAL private healthcare provider Ramsay Health Care has withdrawn its earnings guidance for FY20, as its hospitals around the world suspend elective surgery to help governments manage the coronavirus pandemic.
Group managing director Craig McNally said the rapid spread of covid-19 in Europe has resulted in decisions to defer surgery in some regions as governments seek extraordinary support from private operators such as Ramsay to deal with capacity requirements.
“The French government has cancelled all non-urgent surgery while our hospitals are providing much needed capacity and services as required by the French ministry of health. In the United Kingdom, elective surgery has not been cancelled but we are in discussions with the NHS to provide services and capacity to help deal with the impact of COVID-19,”
He said, in Australia, it was too early to determine the full impact but as the number cases continues to escalate, the group will see an impact on private volumes for the short term.
“However, in some cases, we are seeing decisions to fast-track elective surgery in order to minimise any future potential disruption.
“As in other regions, Ramsay’s Australian hospitals are also willing to assist the public health sector in each jurisdiction, to ease the surgical burden on the public health system, to undertake urgent and elective surgery, as well as provide capacity to cater for COVID-19 patients if required,” he continued.
“Ramsay and our facilities right across the world are ready and willing to assist at this time of crisis. Our hospitals are well-prepared to manage the impacts of COVID-19. We have strict infection control and prevention protocols in place to protect our staff and healthcare workers. These measures are enabling us to continue to provide world-class care and treatment to patients,”
The healthcare group has already been hit hard by challenging conditions prior to the virus outbreak. Ramsay’s reported core net profit fell 5.9% to $273.6 million in the first half year.
Meanwhile McNally said Ramsay has headroom in its existing debt facilities, the earliest of which is not due to expire till October 2022. Ramsay Santé, which is a separate listed entity, also has committed debt facilities the earliest of which is not due to expire till October 2022.
