Profits at Blackrock Clinic more than doubled last year

Profits at the group that operates the Blackrock Clinic in south Dublin more than doubled to €14.5 million last year.

New accounts filed by Blackrock Hospital Ltd and subsidiaries show that the health group recorded the 128 per cent increase in pretax profits after revenues surged by 21.5 per cent to €158.5 million. The company is owned by the Larry Goodman family trust.

The directors state that the increase in profits was attributable to the three-month period in 2020 when the hospital had been given over to the provision of public health services as part of the national effort to deal with the Covid-19 pandemic. The hospital operated on a not-for-profit basis during that period.

Although activity continues to increase at the hospital, the cost of providing healthcare remains a concern as medical inflation is not being matched by price increases from insurers. “In addition to medical inflation, the Covid-19 pandemic has also significantly increased the cost of providing healthcare, which is likely to remain a challenge for the foreseeable future.”

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Numbers employed at the clinic rose to 996 last year from 955, and the hospital also indirectly employed 107 through catering and cleaning subcontractors.

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Staff costs increased from €56.2 million to €64.3 million, a figure that included a spend of €3.1 million on temporary and agency staff and €1.2 million on recruitment, training, medical and uniforms.

The clinic’s “other operating charges” also increased sharply, rising 23 per cent to €69 million. Pay to directors last year dipped by 11 per cent to €446,674.

[ Covid bonuses for private-hospital staff taxed despite appeals ]

[ Blackrock Clinic co-founder disqualified from being director for 10 years ]

A note attached to the accounts states that the hospital is seeking to recover €1.2 million in legal costs awarded to it by the High Court Taxing Master from a former shareholder and director, who had initiated a series of legal actions against it.

At the end of 2021, the group had shareholder funds of €150.36 million, including accumulated profits of €90.55 million. The group’s cash funds more than doubled to €20.76 million.