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Hospital’s health Neil Walker neil@baysidenews.com.au MAJOR private healthcare provider Healthscope has flagged financial performance problems at Frankston Private Hospital while closing its private hospitals in Geelong and Cotham. Healthscope lodged a statement with the Australian Securities Exchange (ASX) on 22 May announcing the closure of Geelong Private Hospital and Cotham Private Hospital after a review of its “portfolio of 45 hospitals” found the two hospitals are “not viable”. The statement from Healthscope CEO Gordon Ballantyne also advised the market that “an impairment relating to Frankston Private Hospital” is also being recorded. Healthscope’s 2018 financial results will include “a non-operating impairment charge” of about $68 million, “relating to asset writedowns and an onerous lease provision associated with Frankston Private Hospital”. “The performance of Frankston Private Hospital has been well below expectations with occupancy rates well below the business plan,” Healthscope stated. “Healthscope has explored a range of options to improve the performance of Frankston Private Hospital, including repurposing part of the site. None of these options are likely to deliver the improved financial performance required to support the lease obligations, which were en-
tered into in FY14.” Frankston Private Hospital was officially opened in March last year by federal Flinders Liberal MP Greg Hunt, now federal Health Minister, after Healthscope acquired and amalgamated the Frankston Private Day Surgery and Peninsula Oncology Centre. Mr Hunt told Jon Faine on ABC Melbourne radio last Wednesday
(23 May) that “states are harvesting private patients for the public hospitals”. “It reduces the capacity of the private sector to support themselves and it also blows out waiting lists for public patients, often those with less income, in public hospitals,” the federal Health Minister said. Mr Hunt said he hopes Frankston Private Hospital can be successful.
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Frankston Times 28 May 2018