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October 30, 2014

Financial results to be supplied

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All co-located hospitals shall be contractually required to provide financial results to the Health Service Executive (HSE) upon request, Irish Medical Times has learned.
Concern had recently been raised that, like other private hospitals in Ireland, providers could put co-located hospitals on an unlimited basis and therefore conceal financial results.


A spokeswoman for the HSE said the providers are contractually obligated to report financial results upon request, regardless of whether these hospitals are run as limited or unlimited companies.
Some private hospitals, such as the Mater Private Hospital, are run as unlimited companies with offshore headquarters in order to avoid publishing results.
The HSE spokeswoman told IMT: “The co-location agreement is such that the private hospitals involved shall, upon request, furnish to the HSE auditors on a confidential basis, all documentation necessary to allow the auditors to demonstrate the annual profits of each hospital.”
The spokeswoman also stated that no company will avoid its duty to publish financial results by moving its headquarters off-shore. “The private hospitals are registered companies in Ireland and pay tax in this country, moving offshore does not affect this situation,” she said. It was not stated whether or not the HSE would publicise the financial results of the co-located hospitals.