Private healthcare buoyant before pandemic
The year before the coronavirus pandemic saw the central London private hospital market enjoy its strongest year in revenue growth terms in five years, in part thanks to international patient revenues
An increase in private medical insurance spend, growth in oncology revenues, and the return of international and embassy clients were to thank for this rise, LaingBuisson’s Private Acute Healthcare Central London market report said.
Offering a full picture of the state of the market immediately before Covid-19 and forecasting the impact of the pandemic and how the sector will come out of it, the report’s findings are good news for investors, advisors, suppliers and healthcare providers in the UK and worldwide.
What does the future of the private hospital market look like?
With 2021 starting quietly, the UK being back in lockdown and people nervous about going to hospital, it’s hard to predict how quickly the independent hospital market in central London will bounce back, the healthcare business intelligence company said.
“What 2021 will hold for the Central London independent hospital sector is anyone’s guess,” a spokesperson said. “While pent-up demand led to a noted rise in the number of patients through their doors in the later months of 2020, the third lockdown has made patients nervous and the first half of 2021 is expected to be quiet as a result.
“Nevertheless, central London private hospitals should continue to benefit from the restrictions being placed on NHS Private Patient Units as well as lack of private capacity in hospitals outside of London, not to mention the ongoing backlog of private patients and the potential for new self-pay patients.”
Meanwhile, more than four million patients in England are waiting for treatment or diagnosis on the NHS, which is bound to have a domino effect on the private medical insurance market. Due to this rise in NHS waiting times and referrals to the private sector, the private sector is growing and currently boasts total annual turnover of over £70 billion, according to a report by UK think tank Policy Exchange.