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Going Private

PHIN CEO Dr Ian Gargan talks to HM about life after meeting the CMA Order

DAC Beachcroft examines NHS PPU potential

Shifting attitudes to private healthcare

O C TO B E R 2 0 2 6 | V O L U M E 3 0 | I S S U E 8

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Introduction

THE MORE COMPETITION THERE IS, THE BETTER THE INTERVENTION, THEREFORE THE BETTER THE PATIENT OUTPUT Dr Ian Gargan, CEO, PHIN p28

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Contents

Independent. Intelligent. Insightful

Diagnostic kits, p15

Dr Jennifer Dixon, Healthcare Foundation p8

Regulars 6

IHPN Call for better cancer care PHIN Cataracts driving demand Bupa Patients under pressure Livi Rebrand complete Prime Health New £2m centre Healix Cancer care pathway Medtronic New partnership IT NHS contract awarded

IHPN CEO David Hare shares the findings from Going Private 2026

News

Inpartnership

‘Cancer does not recognise organisational boundaries and neither should cancer care.’ Danielle Henry, IHPN , p6

Understanding the new routes to market in neighbourhood health Mills & Reeve partner Rob Day discusses neighbourhood health contractual models and the opportunities they present

The latest deals and results

Inlaw

Inbusiness

I npost Who’s on the move in healthcare

This month… Editor, Maria Davies looks at this month’s key issues

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IHPN’s latest research into attitudes towards private healthcare reveals a familiar disconnect: private care is becoming increasingly mainstream, yet understanding of the sector remains stubbornly low. Now in its fourth year, the annual Going Private report shows growing acceptance across political and demographic divides. Younger people remain most likely to consider going private, but appetite is also growing among over-65s. Politics makes little difference: 78% of both Labour and Conservative voters, and 69% of Greens, said they would consider private healthcare. PHIN data shows self-pay admissions hit a record high in Q1 2026, while Healthcode has reported a 7.6% year-to-date rise in PMI invoice volumes. Yet public understanding has barely shifted. Despite PHIN providing information on 690 hospitals and 12,600 consultants, its CEO says too few patients know it exists. And only around half of respondents to the IHPN survey said they understand available treatments, access, payment and quality. Until that information gap closes, many patients will struggle to turn growing interest into informed choices.

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PPUs and the new NHS commercial agenda DAC Beachcroft’s Louise Kane examines the role of NHS PPUs in developing new commercial strategies for the NHS

Intech

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PHIN CEO Dr Ian Gargan talks about the future for the information body after meeting the CMA Order

Value creation in European diagnostic imaging The team at Candesic examines the latest moves to consolidate as demand for diagnostic imaging accelerates

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IHPN calls for better integration of NHS and independent sector cancer care

he Independent Healthcare Providers Network (IHPN) is calling on system leaders to remove friction for patients moving between the independent sector and the NHS for cancer services. There were roughly 320,000 private cancer admissions between 2022 and 2025, with chemotherapy now the second most commonly paid for healthcare treatment. In addition, one in five NHS MRI and CT scans and almost half of all PET-CT scans are currently carried out by independent providers. However, a new report from IHPN said systems were failing to keep pace with the reality of modern cancer care, where patients increasingly move between different parts of the healthcare system. An NHS Resolution thematic review of delayed cancer diagnosis raised concerns that patients who have paid for private diagnostic tests can be disadvantaged if they cannot afford to continue treatment privately. Independent providers have reported being unable to make direct urgent suspected cancer (formerly two-week wait) referrals into NHS services when a patient requests transfer to NHS care. Instead, patients are frequently rerouted back to their GP to begin the referral process again. ‘With growing numbers of patients mixing and matching NHS and private cancer treatment, it’s vital that the health system architecture keeps pace with this – ensuring patients experience a seamless cancer journey, regardless of where they receive their care,’ said IHPN director of policy Danielle Henry. ‘However, we know that too many cancers patients – already dealing with a hugely stressful time in their life – are facing huge barriers as they move between NHS and independent providers – grappling with a system which creates unnecessary delays, duplication and significant

‘Too many cancer patients ‒ already dealing with a hugely stressful time in their life ‒ are facing huge barriers as they move between NHS and independent providers.’ 6

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administrative burden for them.’ The trade body is calling for greater collaboration between the sectors, including more straightforward referral into NHS urgent suspected cancer pathways following incidental findings in the independent sector. It also wants to see better interoperability and sharing of patient records, imaging and diagnostic information and stronger integration between NHS and independent multidisciplinary teams through improved governance frameworks. Other recommendations include clearer contractual arrangements and escalation pathways, more opportunities for independent providers to participate in national cancer research and clinical trials, and improved patient choice in cancer diagnostics. ‘Cancer does not recognise organisational boundaries and neither should cancer care,’ added Henry. ‘We therefore want to see much greater collaboration between the NHS and independent sector – including more effective sharing of patient records to reduce duplication

and support continuity of care, along with stronger integration to ensure clinicians can work together more effectively – helping improve both patient experience and outcomes and ultimately saving lives.’

Danielle Henry, director of policy, IHPN

Cataract surgery drives record self-pay levels in Q1 2026 Increased demand for private cataract surgery drove self-pay admissions to their highest levels on record in Q1 2026, according to figures released by the Private Healthcare Information Network (PHIN). Private cataract admissions rose by 13% in the first three months of this year to 22,805, with a 21% increase in the numbers funded out of pocket. Self-pay admissions across the UK were up 7.7% on Q1 2025 at 77,000, but cataract surgery made up 46% of the total increase. Patients aged 60 and over accounted for most of the additional self-pay episodes with a 13% increase in the 60−69 age group and 10% for the 70−79 and the 80−89 age groups. Richard Wells, PHIN’s director of technology and insights, said: ‘The overall self-pay increase was concentrated in specific procedures and should not be seen as uniform market-wide growth of self-pay. Blepharoplasty

had the second highest number of admissions suggesting ophthalmology procedures were responsible for much of the self-pay growth. ‘This growth in ophthalmic procedures was enough to push self-pay admissions to a record level, and the proportion of admissions versus those funded through insurance to the highest (31%) since Q3 2023, so it is definitely worth keeping an eye on.’ However, increased selfpay volumes offset lower insured admissions leaving the total number of admissions in the UK only fractionally higher than in Q1 2025 at 247,495. There was a small decline in admissions for those aged 10−19 (-1%), 30−39 (-1%), 40−49 (-1%) and 50−59 (-3%), but an increase for 60-69 (3%), 70−79 (3%) and 80−89 (5%). There was also a 3% increase in admissions among 20 to 29-year-olds, potentially reflecting the growing acceptance and

accessibility of private healthcare among younger people. Several breast-related procedures – including implants, mastopexy and mastectomy – were among those recording the largest increases in admissions for this age group, alongside diagnostic laparoscopy and laser eye surgery. The biggest decline in admissions (-990 or -22%) came for the 0-9 age category. Allergy testing admissions were down 89% and there were fewer tonsillectomies and grommet insertions. ‘Following a record year in 2025, the slight increase means that Q1 2026 sets another record level. There is not enough data to tell if the apparent slowdown in the growth rate of private admissions is the beginning of a trend. There were several significant worldwide events during this period which are likely to have impacted admissions, including the war in Iran,’ added Wells. ‘We expect the next quarter to show a higher

Richard Wells, director of technology and insight, PHIN

level of growth compared to Q2 2025, especially if selfpay admissions continue to increase.’ There was a 0.9% increase in admissions in England – where most private activity occurs – in Q1 2026, but declines in each of the devolved nations. There were also more active consultants in private practice (11,600) across the UK than in any previous quarter.

The Real Clinic rebrands as Battersea Hospital The Real Clinic has rebranded as Battersea Hospital as it continues to grow its multi-specialty elective care business. The new identity went live in August and reflects the hospital’s provision of services to self-pay, privately insured and NHS-funded patients. Self-pay is the hospital’s largest area of growth and it said the rebrand is intended in part to strengthen its positioning with patients funding

their own treatment. Battersea Hospital provides elective surgical and diagnostic care across ophthalmology, ENT, vascular surgery, plastics and reconstructive surgery, alongside a wider range of daycase procedures. The hospital operates two general anaesthetic theatres and a dedicated minor operations and procedures suite. It also runs Battersea Aesthetics, a separate service providing non-surgical and

cosmetic treatments. Alongside self-pay activity, the hospital is recognised by all major UK private medical insurers and holds multiple NHS contracts for elective and daycase referrals. Hospital director Greg Thorpe said: ‘This isn’t just a new look, it’s a reflection of where the hospital is now. We treat patients across selfpay, insured and NHS routes, and across a genuinely broad specialty base. ‘The rebrand gives that a

clearer, more coherent identity, but the clinical offering underneath it. Our consultants, our offering and the quality at which we operate haven’t changed, our brand is merely catching up with where we’ve been providing patients with exceptional quality healthcare for several years.’ The hospital has also launched a new website under the Battersea Hospital name.

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Cost pressures forcing patients to delay care More than one in five UK adults have needed urgent medical attention after ignoring early symptoms, according to new research from Bupa. The findings, based on a survey of 8,002 UK adults for the 2026 Bupa Wellbeing Index, showed that 51% had found it harder to prioritise their health and wellbeing due to the rising cost of living. At the same time, 24% of respondents said delaying treatment because of financial pressures had made their condition worse. Work pressures are also causing people to put off seeking care, with 56% of employed respondents saying they had delayed getting help for a physical or mental health concern because they did not want to take time off work. The survey found 57% of employed respondents continued working when exhausted and 41% had worked through illness rather than taking sick leave. More than seven in ten (71%) said they had gone to work while struggling with their mental health and

Dr Jennifer Dixon, chief executive, Health Foundation

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a third were worried that taking time off for health reasons could affect their career. Poor health is also affecting people’s ability to remain in work. Among those who had been employed during the previous 12 months, 24% said their mental health had been a key factor in leaving a job, compared with 18% who cited their physical health. Dr Jennifer Dixon, chief executive of the Health Foundation, said: ‘The pressures people face in their daily lives can make it harder to prioritise their health, seek support early and stay well. ‘This year’s Bupa Wellbeing Index report highlights the close links between health, work and financial security, and the importance of creating conditions that make it easier for people to stay healthy.’ She added that prevention and early intervention, alongside healthier working lives, should be part of the response, supported by public services and employers. The findings come as employers place increasing

focus on workplace health amid concerns over sickness absence, staff retention and economic inactivity. Half of the business leaders surveyed by Bupa said employees were citing wellbeing as a primary reason for leaving, and 42% said this had increased over the past 12 months. Almost nine in ten (86%) agreed that delaying healthcare ultimately affected workplace productivity. The findings follow Bupa’s Healthy Workforce, Healthy Economy report, published in April, which estimated private healthcare provision reduces demand on NHS services by around £4.2bn a year. Bupa Global, India & UK CEO Chris Carroll said financial pressures and competing demands were causing people to put their health on hold, resulting in delays to diagnosis and treatment. ‘The consequences are felt not only by individuals, but

‘The pressures people face in their daily lives can make it harder to prioritise their health, seek support early and stay well.’

also across workplaces and the wider economy, as health issues become more complex to treat, recovery takes longer and people struggle to stay well and in work,’ he said. Carroll said employers were increasingly investing in workplace health to support employee wellbeing as well as staff retention and productivity. He called for government, employers and healthcare providers to work together to improve access to care and increase the focus on prevention and earlier intervention.

Icon Group takes over three former Rutherford Health facilities Icon Group is to reopen three former Rutherford Health cancer centres in Bedlington, Newport and Reading as part of a multi-million-pound investment in its UK oncology business. The purpose-built facilities will provide radiotherapy, systemic anti-cancer therapy (SACT), imaging and consulting services, with combined capacity to treat more than 1,500 patients a year. Icon said the centres would serve private patients and have capacity to support NHS services. The expansion will increase its presence in the North East, South Wales and Thames Valley and is intended to reduce the distance patients in those areas need to travel for cancer treatment. The sites were previously operated by Rutherford Health, which went into liquidation in 2022. Icon’s investment will bring the existing healthcare infrastructure back into use as dedicated cancer centres. Services will include chemotherapy, immunotherapy and targeted therapies

alongside radiotherapy. Icon expects to employ multidisciplinary teams of up to 100 staff across the three centres, spanning radiotherapy, radiography, medical physics, oncology nursing, pharmacy and administration. The facilities will also use advanced radiotherapy technology and AI-enabled workflows to support treatment planning and delivery. Icon said the technology could improve the speed and accuracy of treatment planning and, where clinically appropriate, enable patients to complete radiotherapy in fewer sessions. Mark Middleton, group chief executive of Icon Group, said the investment would restore cancer treatment capacity in areas where patients could otherwise face limited local provision or lengthy journeys for care. ‘Healthcare infrastructure is a valuable community asset, and our focus is on ensuring that important cancer care facilities continue to serve the people who rely on them,’ he said. ‘These three centres

represent an opportunity to restore critical cancer infrastructure and ensure it delivers sustainable, high-quality care for the communities that depend on it.’ Dr Penny Kechagioglou, chief medical officer of Icon UK, said: ‘Every patient is different, so our emphasis is on delivering care that is carefully coordinated, clinically led and centred on the individual. ‘Radiotherapy is a vital part of cancer treatment but underutilised in the UK. Bringing these assets back online creates more access for cancer patients needing life-saving therapy. ‘Every patient with cancer should have access to the

right treatment at the right time and as close to home as possible. Bringing these centres back into use will help make that a reality for more people.’ The three sites form part of a wider expansion by Icon in the UK. The Australian-headquartered cancer care group acquired Cancer Centre London, which now operates as Icon Cancer Centre London, and is developing additional centres in Brighton, Derbyshire and Warwickshire. It is also proposing a cancer centre in Leeds as part of a wider healthcare development at AMT Headingley Stadium. CBRE advised on the transaction.

Livi rebrands as Kry Digital healthcare provider Livi has rebranded as Kry in the UK, bringing the business under the same brand as its parent group’s operations across Europe. The Swedish-founded company has operated in the UK under the Livi name since 2018. The change means its businesses in the UK, Sweden, Norway and France will now all operate under the Kry name. The rebrand follows the group’s expansion from

its origins as a digital healthcare provider into a business combining online consultations with physical healthcare services. Across Europe, Kry has completed more than 14 million patient consultations since 2015 and operates approximately 60 physical care sites. Group chief executive Dr Kalle Conneryd Lundgren said operating under a shared brand would make it easier for the group to build trust and work across

borders. ‘We have gone from being a Swedish digital challenger to being a major, established healthcare player across several European markets. When you operate at this scale, it is not enough simply to provide excellent care locally. It is just as important to be clear about who we are,’ he said. In the UK, Kry provides digital primary care through NHS partnerships as well as services for employers,

insurers and private patients. The company said demand for its remote consultations had increased by almost 39% over the past three years. Kry is also seeking to expand its hybrid model in the UK, combining digital consultations with physical care. The approach has been developed over several years in Sweden, where the company operates digital and physical services as part of an integrated model. laingbuissonnews.com

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Prime Health invests £2m in Queen Anne Street centre Prime Health is investing £2m in its Queen Anne Street centre in London to expand its diagnostic imaging and preventative healthcare services. The investment includes the installation of a Siemens Healthineers MAGNETOM Lumina 3T MRI scanner and extensive refurbishment of the facility at the site in the Harley Street Health District. The new scanner will expand the range of diagnostic examinations available and support additional clinical pathways. It incorporates enhanced imaging software, AI-powered reconstruction and BioMatrix technology. Prime Health is also developing health assessment and screening pathways

combining medical assessment with diagnostic testing. The services will be delivered by a team of GPs, consultants and other healthcare professionals. CEO Steve Bird said: ‘The Queen Anne Street centre is an important part of our growth strategy with our ambition to establish this centre as a leading destination for advanced diagnostics along with a proactive approach to wellbeing. ‘The transformed centre will support both self-pay and referred patients and Prime Health will continue to develop relationships with consultants, GPs, physiotherapists and other healthcare professionals across London.’ Centre manager Vanessa

Robinson said the expanded offer would aim to give patients greater support in navigating any further investigation or treatment following their assessment. ‘We want patients to feel that they have a team around them, helping them understand their health and where necessary, connecting them quickly with the right clinical expertise and next steps,’ she said. Alistair Piggot, business area lead for MR at Siemens Healthineers Great Britain and Ireland, said the new scanner was designed to improve the speed and consistency of imaging as well as patient comfort. ‘Its advanced imaging software, AI-powered

reconstruction and BioMatrix technology will help Prime Health deliver efficient, high-quality examinations, supporting its ambition to provide more personalised care while equipping clinicians with the information they need to make confident decisions,’ he said.

Benenden Health partners with Forth on at-home diagnostics Benenden Health has added at-home blood testing to its preventative healthcare services through a new partnership with diagnostics provider Forth. Under the deal, Benenden members will have discounted access to a range of home testing kits covering up to 32 health markers, allowing them to assess aspects of their health without visiting a clinic. Prices start from £80 after the member discount. Members can choose from three general wellness tests, which provide insights into areas including hormone balance, metabolic health and liver and kidney function. Four additional tests are available for specific health concerns, covering hormone health for men and women aged over 40, metabolic monitoring and advanced 10

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cholesterol analysis. Results are delivered through a secure online account, enabling members to track changes over time, identify health trends and receive personalised insights and guidance to support their health and wellbeing. Benenden Health said the new service forms part of its wider strategy to strengthen its preventative health offering by helping members identify potential health issues earlier and make informed decisions before conditions become more serious. David Winter, head of innovation at Benenden Health, said: ‘We know our members are increasingly looking for simple, practical ways to understand their health and take action earlier. Through our partnership with Forth, we’re giving

members convenient at-home access to clinically informed testing, personalised insights and clear next steps that can help them make more informed decisions about their wellbeing.’ Sarah Bolt, chief executive of Forth, said: ‘We’re delighted to be partnering with Benenden Health to provide accessible at-home health testing for its members. Our tests are designed to give people clear, actionable

information about their health, helping them make positive lifestyle choices and seek support when needed.’ The launch expands Benenden Health’s range of preventative and healthcare services, which also includes a 24/7 GP helpline, mental health support, physiotherapy, diagnostic tests and scans, and digital health resources through the Benenden Health app.

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Healix launches integrated cancer care pathway for corporate clients Healix Health has launched an integrated cancer care pathway for corporate clients, bringing prevention, screening, treatment support and post-cancer care together within its healthcare trust offering. The Cancer Care Performance Pathway has been developed with digital cancer care provider Perci Health and healthcare performance intelligence specialist Health Value Alliance (HVA), alongside other partners. The launch reflects the growing impact of cancer on employers and corporate healthcare schemes as more people are diagnosed during their working lives and survive for longer following treatment. An estimated 1.15 million people of working age are expected to be living with cancer in the UK by 2030. Healix said the trend has implications for healthcare costs, sickness absence and workforce management, as well as increasing the need for employers to consider cancer prevention and longer-term support alongside treatment. The new pathway is intended to move the focus of corporate cancer benefits further upstream, rather than concentrating support predominantly on employees once cancer has been diagnosed. Employees entering the pathway will be offered a personalised health risk assessment covering cancer and metabolic risk, which will be linked to appropriate risk reduction measures and screening. Where screening produces an abnormal result, members will be offered nurse support

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to understand the findings and determine the next steps. Following a cancer diagnosis, each member will be assigned a cancer nurse specialist to help coordinate their care, regardless of whether treatment is being provided through the NHS, privately or across a combination of providers. Nurses from Healix and Perci Health will work together to support patients through the pathway, including signposting and appointment booking. Employees will also have access to cancer-specific services including prehabilitation and psychological support. Support will continue after active treatment, including an annual review with a cancer nurse specialist and help with the longer-term physical, psychological and practical consequences of cancer. The pathway also incorporates remain-in-work and return-to-work planning, while support will be available to family members and carers. Line managers will be given guidance on supporting employees affected by cancer.

For employers, Healix is combining information generated through health risk assessments and claims with data from HVA to provide a broader picture of cancer risk, healthcare use and outcomes across their workforce. HVA’s platform brings together clinical, operational, patient-reported, financial and risk information, which Healix intends to use to identify trends and inform decisions about healthcare benefit design and prevention programmes. Employers will receive regular reporting on use of the pathway and emerging workforce risks, with the data intended to help HR and benefits teams identify where further intervention or employee engagement may be required. Sarah Taylor, director of corporate healthcare proposition at Healix Health, said the changing profile of cancer was creating a growing challenge for employers. ‘Cancer is one of the biggest health challenges facing UK employers, and it’s a challenge that’s only

building, with more people diagnosed at a younger age and more living, and working, with cancer for longer,’ she said. Taylor said prevention was a central element of the new model, with earlier identification of risk offering an opportunity to improve health outcomes while potentially reducing subsequent costs for employers. Perci Health co-founder and CEO Kelly McCabe said: ‘For the first time, risk assessment, screening, navigation, supportive care and return to work are brought together into one connected pathway, tightly integrated into Healix Health’s clinical and claims workflow so people are identified and offered the right support at the right moment, rather than having to find it themselves.’ HVA co-founder and CEO Matt Hickey said the partnership would provide organisations with a shared view of healthcare performance, enabling them to identify opportunities to intervene earlier and make decisions about how healthcare funding is allocated.

One Harley Street partners with Medtronic ahead of 2027 opening One Harley Street has partnered with Medtronic Integrated Health Solutions (IHS) to provide supply chain, equipment, digital and operational support for its new ambulatory surgery centre in London. IHS will provide project management and supply chain support to help establish the centre’s clinical infrastructure and services ahead of its planned opening early next year. Its clinical specialists will also work with One Harley Street to develop digitally enabled clinical pathways. Once operational, a dedicated onsite IHS team will manage inventory and suppliers, coordinate equipment support and monitor operational performance. The partnership will also cover equipment lifecycle management, digital inventory and procurement. IHS will work with other medical technology suppliers to coordinate equipment and

services across the centre and provide access to new technologies as its clinical services develop. One Harley Street CEO Ken Anderson said: ‘One Harley Street is being built to provide a level of personalised care that requires the very best operational partners. ‘Medtronic IHS brings deep expertise across healthcare technology, supply chains and hospital operations, making them a key player as we build the infrastructure that will support our clinicians and patients.’ Medtronic IHS works with healthcare organisations on clinical service delivery, development and operations, drawing on expertise in healthcare technology, clinical pathways and hospital operations. Matthew Williams-Gray, senior director of Integrated Health Solutions and UK & Ireland country lead at Medtronic, said: ‘This

partnership demonstrates how IHS with One Harley Street can combine advanced medical technology with clinical service development to help design and establish innovative, patient-centred pathways of care. ‘Drawing on our

experience supporting healthcare organisations across Europe, we can share insights and best practice from diverse care settings to create a clinically robust, scalable and efficient service from day one.’

Grosvenor Orthopaedic Partners joins The London Clinic The London Clinic has partnered with Grosvenor Orthopaedic Partners in a deal expected to significantly increase orthopaedic activity. The agreement will see 25 surgeons and consultants from the London-based group work in partnership with the hospital as it seeks to expand its orthopaedic services. The London Clinic has refurbished its 20 Devonshire Place site to create a dedicated outpatient facility for the group, including ten consulting rooms and a treatment area. Grosvenor Orthopaedic

Partners comprises specialist orthopaedic surgeons and musculoskeletal consultants working across hip, knee, shoulder, elbow, hand and wrist, spine, foot and ankle, sports injuries, trauma, paediatrics and sarcoma care. The organisations said the partnership would combine the group’s consultant-led services with The London Clinic’s facilities, multidisciplinary teams and support services, with the aim of developing patient pathways across treatment, rehabilitation and recovery. Mark Webb, chief commercial officer at Grosvenor

Orthopaedic Partners, said: ‘By working together, we have an exciting opportunity to further develop specialist orthopaedic services, share expertise, and ensure patients benefit from the highest standards of treatment, rehabilitation and recovery.’ The deal forms part of a wider strategy at The London Clinic to develop closer partnerships with consultants and clinical groups and increase clinician involvement in the development of its services. The hospital has recently launched similar partnerships in haematology and oncology

and said further agreements are planned before the end of 2026 and into 2027. It said the changes are intended to align the interests of the hospital and its consultants more closely as it approaches its centenary in 2032, supporting its longterm clinical and financial sustainability. Chief operating officer Emma Spellman said: ‘Our consultants are at the heart of everything we do, and this partnership demonstrates our commitment to working closely with clinical leaders to further enhance patient care.

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Danish IT company secures £215m NHS screening technology contract NHS England has awarded Danish IT business Netcompany a five-year contract worth more than £215m to support and overhaul the technology underpinning its national adult screening programmes. The contract covers all seven programmes, including breast, cervical and bowel cancer screening, which together generate around 15 million invitations a year. Netcompany will operate and enhance existing screening technology while developing new NHS-owned digital services as part of the NHS Digital Prevention Services Programme. The new systems will be built in the UK and controlled by the NHS, with the programme intended to support earlier diagnosis, improve access to screening and reduce the time between invitations and results. Planned developments include a new national breast

screening service and an enhanced cervical screening service offering digital invitations and HPV self-testing kits for use at home. The programme will also seek to make screening more personalised, moving away from approaches based primarily on broad population groups towards more targeted services. Increasing uptake among communities that have historically been underserved by screening programmes will be another focus. Richard Davies, UK country managing partner at Netcompany, said: ‘Screening saves lives, and this is one of the most important and ambitious digital programmes anywhere in government. ‘Replacing national systems at this scale while keeping screening running without interruption is a serious engineering challenge.’ He said the company would

build ‘modern, secure, data-driven platforms’ designed to enable the NHS to target screening more precisely. Netcompany will deliver the contract with a group of UK technology companies, with at least 33% of contract revenue committed to small and medium-sized businesses. Partners include dxw, Create Change and Adroc, with Softwire acting as a scaling partner. A Screening Innovation Fund will also support SME-led proofs of concept, including projects from

companies new to public sector work. Netcompany is targeting one in five businesses in the supply chain to be led by people from underrepresented groups. The contract forms part of the government’s wider drive to use public procurement to increase opportunities for smaller UK suppliers. Netcompany, which was founded in Copenhagen in 2000, employs more than 9,000 people and provides digital services to public and private sector organisations across Europe.

HCA UK invests £15m in MR-guided radiotherapy HCA Healthcare UK has invested £15m in a new MR-guided radiotherapy system at The Harley Street Clinic in London. Installation of an Elekta Unity MR-Linac, which combines high-resolution MRI with a linear accelerator to allow clinicians to visualise tumours while radiotherapy is being delivered, expands HCA’s capacity to treat complex cancers. The system enables clinicians to adapt a patient’s radiotherapy plan during a treatment session in response to changes in the position or shape of a tumour and surrounding organs.

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HCA UK said the technology could be particularly useful in treating cancers affected by movement within the body, including prostate and central lung tumours. More precise targeting can allow higher radiation doses to be delivered while limiting exposure to surrounding healthy tissue, with the potential to reduce the number of treatment sessions required for some patients. This is HCA UK’s first MR-Linac installation globally and makes The Harley Street Clinic one of a small number of providers in London offering MR-guided adaptive radiotherapy.

Treatment will be provided by a multidisciplinary team of clinical oncologists, physicists, dosimetrists and radiographers. The service will be led by consultant Dr Elena Moreno Olmedo, a specialist in MR-guided radiotherapy, who will oversee treatment sessions and real-time adaptation of patients’ radiotherapy plans. HCA UK has also joined the international Elekta MRLinac Consortium, through which participating centres collaborate on research and the development of clinical approaches to MR-guided radiotherapy. Dr John Conibear, clinical

oncologist and radiotherapy lead clinician at HCA UK, said the ability to monitor and respond to tumour movement in real time allowed clinicians to treat patients ‘with greater accuracy and confidence’, particularly where tumours have traditionally been difficult to target.

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21 October 2026

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| OCTOBER 2026 | 15

Information In the latest column from the Private Healthcare Information Network (PHIN), Alistair Moses, communications manager, and Ashwani Sharma, healthcare data analyst, take a longerterm view of the activity data PHIN holds on the UK home nations. Can they offer insights into patient behaviour that could help hospitals and others better understand their potential customer base?

Does a UK nation breakdown of market activity tell the whole story ? Every quarter PHIN publishes its market update using its unique national dataset to provide a comprehensive view of the key trends in the UK’s independent healthcare sector. The data covers private healthcare inpatient/daycase market activity and includes breakdowns by year for insured cases, ‘self-pay’, nation/English region, Top 10 procedures, demographics and proportion of healthcare admissions compared to NHS England.

Highlights from the latest quarter Changes from Q1 2025 to Q1 2026: • Reported private hospital/clinic admissions were up less than 1% across the UK • PMI admissions decreased by 2.6% • Self-pay admissions increased by 7.7% • Funding for admissions was 69% insurance and 31% self-pay

National views A few years ago, we started publishing market updates for Northern Ireland, Scotland and Wales alongside the UK

| OCTOBER 2026 | HM - LaingBuisson

version. We did this to help providers plan for future activity in a more localised way, and to show patients information that felt more like it was about people like them. Using this approach, we’ve been able to highlight some interesting disparities between the nations: • Wales has been the only nation to predominantly use self-pay rather than insurance for admissions since the Covid pandemic. In 2025, 56% of admissions in Wales were funded by self-pay. • Despite there being a record 953,000 reported admissions across the UK’s private hospitals in 2025, the total in Northern Ireland declined. There were 23,000 admissions reported by Northern Ireland’s 10 private hospitals in 2025, which was a 5% drop on the number in 2024.

How common is it to travel to another UK nation? Facilitating a patient’s right to choose is a key aspect of the private sector offering. Alongside our expanded view of the nations, we thought it would be interesting to look at how many patients take the opportunity to cross to a neighbouring nation for their treatment, and

whether this has a significant impact on a nation’s admission figures. On the whole, the answer is no, it’s not very common for people to make this journey. A maximum of 1.2% of admissions come each year from patients who have chosen to cross the border for a procedure. Does a UK nation breakdown tell a different story? Our data shows that since 2018, of a total 6.4 million admissions, 72,000 of them were for procedures outside the patient’s home nation, with 12,000 doing so in 2025. However, although small, the number of cross-border patients appears to be increasing and nearly doubled between 2018 and 2025 (see Figure One). The increase in Wales is more dramatic, with an 85% increase between 2018 and 2025. It should be noted that this apparent growth could also be related to improvements in data quality. The attraction of hospitals in another nation is not necessarily a reflection of healthcare in the home nation. People may just be opting to go to their ‘local’ hospital, even if it means crossing the border. The most common cross-border journey was from Wales to England, with 48,660 admissions since 2018. Most of these admissions were to hospitals in the North West (24,035, 50%) or West Midlands (9,180, 19%), suggesting

FIGURE ONE ADMISSIONS FOR PATIENTS TREATED OUTSIDE OF THEIR HOME NATION that many Welsh patients were accessing their nearest private hospital, even when it was located across the border. A further 6,905 admissions (14%) were to hospitals in London, which may reflect patients travelling longer distances to access specialist services. It is worth noting that it is not entirely one-way traffic as 7,555 admissions in Wales came from patients with English addresses. A further 30 admissions from people resident in Wales took place in Scotland, and 55 went from Scotland to Wales. There were more than 10,000 admissions in England from patients who are resident in Scotland. Of these 6,150 (58%) were in London. Just under 2,000 made the journey from England to Scotland. Nearly 3,000 Northern Ireland residents were admitted in England, of these 1,845 (64%) were in London. Scotland saw 135 admissions, and 10 admissions took place in Wales. More than 50,000 of the admissions in England from 2018–2025 came from patients who were resident in the devolved nations, making it the only country with a net gain in admissions. Wales ‘lost’ the largest number of admissions with more than 40,000 Welsh resident admissions taking place in the other nations.

How are people paying for crossborder admissions? Between 2018 and 2025, across the UK there were 37,775 (52%) cross-border admissions paid for with PMI and 32,965 were self-pay. The majority of overall UK admissions during this period have been at 65% insured, so cross-border admissions are more evenly balanced.

Do age and sex make a difference in cross-border traffic? Older patients from Wales were the most likely to leave the country for a private procedure. About 9,000 admissions in each of the age groups from 50–79 occurred in the other nations. In Northern Ireland, younger people (aged 20‒39) were more likely to be admitted outside their resident country. In England and Scotland, the age groups displayed similar patterns and no

England

Northern Ireland

Scotland

Wales

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2018

2019

2020

2021

2022

2023

2024

2025

SOURCE PHIN

TABLE ONE GAINS AND LOSSES BY NATION, 2018‒2025 Home country

Total admissions

Admissions from elsewhere in UK

Admissions to elsewhere in UK

Net gain/loss

England

5,028,340

62,160

9,500

52,660

Northern Ireland

51,865

3,030

-2,995

Scotland

295,495

7,620

10,680

-3,060

Wales

232,280

7,620

48,690

-41,070

SOURCE PHIN

FIGURE TWO CROSS-BORDER ADMISSIONS BY AGE GROUP England

Northern Ireland

Scotland

Wales

12,000 10,000 8,000 6,000 4,000 2,000 0 0-9

10-19 20-29 30-39 40-49 50-59 60-69 70-79 80-89 90-99

SOURCE PHIN

laingbuissonnews.com

| OCTOBER 2026 | 17

Information

FIGURE THREE ADMISSIONS MISSING PATIENT COUNTRY INFORMATION Missing patient country code

Non-UK patient

200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 2018

2019

2020

2021

2022

2023

2024

2025

SOURCE PHIN

strong preference appears (see Figure Two).

Improving data quality As well as working on increasing the amount of data it collects, PHIN has been working with the UK’s hospitals on the quality of that data. Although there is still some way to go, patient home location is definitely a success story in this area. In 2018, there were 170,000 admitted patient care (APC) records without the patient’s residence information.

| OCTOBER 2026 | HM - LaingBuisson

In 2025, this had reduced to 67,000. This is a reduction of 62% in files with missing information which shows what is possible. The improvement is even better when you consider that admission volumes have been increasing over the same period. Residency information was missing on 28% of 2018 APCs, but in 2025 it had dropped to 7% (see Figure Three).

What does all this mean? Cross-border admissions do not make up a large proportion of UK admissions

and so may not have a large impact on the market. However, national figures may hide major differences between nations, particularly Wales, where patient behaviour and funding patterns look different from the rest of the UK. Therefore, perhaps the most important lesson from this analysis is confirmation that healthcare markets are rarely defined by administrative boundaries alone. Geography, access to specialist services, patient choice and funding preferences all influence where people choose to receive treatment. Understanding these nuances can help providers, insurers and policymakers better anticipate demand and ensure services are aligned with the needs of the populations they serve. As PHIN continues to improve the quality and completeness of its data, the picture will become even clearer. The substantial reduction in missing residency information over recent years means we can have greater confidence in the trends we observe today and opens the door to even deeper analysis in the future. For providers looking to understand their potential customer base, a nation-by-nation view may not tell the whole story, but it undoubtedly helps us ask better questions.

laingbuissonnews.com

| OCTOBER 2026 | 19

Inpartnership

Moving mainstream New research shows a continued shift in attitudes towards private healthcare, driven not only by pressures on the NHS but by convenience, choice and quality. IHPN CEO David Hare explores the findings of Going Private 2026

nyone working in the sector will know that the private healthcare industry is a customer-driven sector – seeking to constantly evolve and innovate to meet patients’ ever-changing needs. And to help support our members in this area, over the summer IHPN was pleased to publish our 2026 Going Private report – our fourth annual look at the general public’s attitudes and behaviours around all aspects of private healthcare. Kindly supported by Burges Salmon, with research carried out by Public First, this year’s report continues to show a growing openness among all parts of society to using private healthcare. Overall, more than seven in 10 people (71%) now say they would consider going private, up from 63% three years ago. At a time when the country feels increasingly divided, one of the most striking findings from our research is that openness to private healthcare cuts across traditional political divides. People of all political persuasions are becoming more pragmatic about how healthcare is delivered, with timely access and high-quality care increasingly taking precedence over old ideological distinctions between public and private provision. Almost eight in 10 (78%) of Labour and Conservative voters now say they would be open to using private healthcare,

| OCTOBER 2026 | HM - LaingBuisson

along with 75% of Reform voters, 71% of Lib Dem voters and 69% of Green voters. The polling shows that one-third of people (34%) in the UK have at some point in their lives accessed private healthcare, including 42% of Labour voters and 40% of Green voters.

MORE THAN SEVEN IN 10 PEOPLE (71%) NOW SAY THEY WOULD CONSIDER GOING PRIVATE, UP FROM 63% THREE YEARS AGO

Overall, four in 10 people say they expect to access private care in the next 12 months – an increase of a third since 2023. And once again, it is younger adults who continue to lead the generational shift in attitudes towards accessing private healthcare. Asked whether

they would consider ‘going private’ for their healthcare, 85% of 25 to 34-yearolds now say yes, with more than half (56%) saying they expect to use private healthcare in the next 12 months and just under half reporting that they have already used it. With waits for NHS care across the board still at historically high levels, it is not surprising that challenges in accessing NHS care continue to be the most common reason for people going private for care. But equally, the research points to a growing number of ‘pull factors’ towards private healthcare. These include the high quality of care provided, cited by almost one in four people who have used private healthcare as their main reason for going private, as well as the flexibility and convenience the sector offers. Almost three in 10 (28%) said they went private because it was easier to book appointments, while more than one in five (22%) cited the ability to receive more personalised care. With access to PMI at record levels, it is unsurprising that almost one in four people (23%) reported going private because they had health cover. And since 2023, there has been a 77% increase in young people accessing treatment through PMI. A metric that IHPN, on behalf of the industry, takes particular pride in is that

GOING PRIVATE WOULD YOU PERSONALLY CONSIDER USING PRIVATE HEALTHCARE IF YOU NEEDED TREATMENT IN THE FUTURE?

SOURCE 2026 GOING PRIVATE, IHPN

patient satisfaction with going private remains at a very high level. Almost nine in 10 people who have accessed private healthcare through both self-pay (86%) and insurance (89%) said it provided value for money. A key area, however, where there’s scope for the sector, and indeed IHPN, to further support patients is around providing more accessible information on how private healthcare works and how to access it. Just 49% of people say they would know where to go for more information on private healthcare, with personal recommendations from friends and family continuing to be the most significant source of information. Increasing awareness is particularly important when it comes to the costs of private healthcare. Almost half of people (48%) say they would be more likely to

THERE’S CLEARLY SPACE FOR THE SECTOR TO DO MUCH MORE TO INFORM PEOPLE ABOUT HOW PRIVATE HEALTHCARE WORKS

go private if they knew providers offered payment plans to help manage the cost of treatment and allowed them to stagger payments. There’s clearly space for the sector to do much more to inform people about how private healthcare works, and this is something we’ll be working on in the coming year. Overall, the research makes clear that traditional ideological distinctions between NHS and private healthcare are breaking down, with a growing recognition that both can play a role in ensuring access to timely, high-quality treatment. We, therefore, want to see the debate around healthcare better reflect the way people are actually choosing to access care, with a strong NHS at its heart, but greater recognition that independent healthcare can and does play an increasingly significant role alongside it.

laingbuissonnews.com

| OCTOBER 2026 | 21

Intech Specialist consultant in healthcare technology Alex Fairweather explores a different approach to evaluating systemwide benefits of AI adoption

Is healthcare AI creating value or creating costs? ‘Our technological powers increase, but the side effects and potential hazards also escalate’. Alvin Toffler

I in healthcare is demonstrating credible task-level and local workflow benefits, notably in point solutions such as imaging and ambient scribing, but robust evidence of net system-level value measures such as additional capacity, reduced total workload, cash-releasing savings, revenue or profitability remains limited. Even less clear is analysis of economic consequences of error rates. Current evaluations still overemphasise individual accuracy and time savings, frequently neglecting substantial costs such as implementation, training, workflow and process redesign, assurance, risk management, governance and downstream costs.

Performance vs value Evaluations often compare an AI licence or per-use charge against staff time or an avoided clinical event. In systems context, that is too narrow. Organisations must also account for indirect costs such as integration, data preparation, workflow redesign, staff training, clinical-safety assurance, information governance, cybersecurity, technical support, error rate costs and ongoing human oversight to name a few. Furthermore, costs continue after deployment. Models require performance & safety monitoring, incident investigation,

| OCTOBER 2026 | HM - LaingBuisson

updates, on-going staff training, and revalidation. Errors create additional direct costs and psychological costs to patients – often resulting in patients taking more time than necessary in the system.

ERRORS CREATE ADDITIONAL DIRECT COSTS AND PSYCHOLOGICAL COSTS TO PATIENTS – OFTEN RESULTING IN PATIENTS TAKING MORE TIME THAN NECESSARY IN THE SYSTEM The AmbIGeM falls-prevention study is one of the better healthcare examples.

Its economic evaluation included sensors, installation, servers, connectivity, training, technical support, staff responses to alerts and treatment following falls. Yet it still did not comprehensively value AI development, cybersecurity, governance, model drift, revalidation, liability or decommissioning. The study concluded positively for use in specialist wards, but not for general hospital use. At the time of writing and from current research, no study appears to produce a definitive evaluation of AI in the UK market that shows a positive or negative economic output across a healthcare system. Only in siloed use cases.

Learning from other industries The strongest cross-industry methodological example is Florian, Sgarbossa and Zennaro, ‘Machine learning-based predictive maintenance: a cost-oriented model for implementation’, International Journal of Production Economics (2021). Rather than treating model accuracy as value, the study connects the AI model’s errors, implementation cost and operational consequences in one economic model. It compares machine-learning predictive maintenance with scheduled preventive maintenance using a unit expected cost model, incorporating a broad range of aspects, answering the

question: ‘At the observed error rate, how frequently does the system generate costly actions or miss costly events, and is the resulting operational value sufficient to repay its complete technology investment?’ The study found that machine-learning predictive maintenance is cost-saving only when its investment cost and error-related consequences - unnecessary interventions from false alarms and breakdowns from missed faults - are outweighed by avoided failure costs. However, it could be argued even this study fails to consider all associated system-wide costs.

Saving tasks vs saving the system UK healthcare is moving towards a more connected pathway, with strong emphasis on digitally connecting community health and social care with acute and primary care. Proposed benefits realisation plans must therefore consider benefits across the system from new technologies. Benefit evaluations should

UNTIL EVALUATIONS COUNT THE NEW WORK AI CREATES AND SHOW THAT RELEASED CAPACITY IS ACTUALLY CONVERTED, THE SECTOR IS MEASURING POTENTIAL, NOT BENEFITS REALISATION

use real-world comparative designs, track whether released time is actually converted into capacity, identify bottlenecks or work transferred downstream, and deduct the full costs of implementation, integration, governance, training, monitoring and AI-related errors from the benefits achieved. This is not an easy task, but based on promising benefits shown by AI applications to date, joining up the pieces could see sizeable gains in economic and patient-centric benefits.

Conclusion The next phase of healthcare AI should be judged by what disappears because of them: waiting, rework, avoidable harm, after-hours administration and unnecessary cost, as well as more human-centric metrics such as patient and staff satisfaction, and overall time in treatment. Until evaluations count the new work AI creates and show that released capacity is actually converted, the sector is measuring potential, not benefits realisation.

laingbuissonnews.com

| OCTOBER 2026 | 23

Insurance Healthcode’s invoice data reveals an increase in insurer-funded oncology. Director of strategic partnerships and external affairs Richard Aris looks at the possible reasons and what this means for patients

Keeping up with advances in cancer care

rom AI-driven advances in the research and diagnosis of cancer to the development of new personalised, targeted treatments, this is an exciting moment in the battle against one of medicine’s biggest adversaries. The government wants to capitalise on these breakthroughs and improve outcomes with its ambitious new National Cancer Plan although it acknowledges the UK has fallen behind other countries in recent years. However, with the prevalence of cancer rising in the UK, this is an important area for private-NHS partnership as IHPN’s latest report into Improving Cancer Outcomes makes clear. Healthcode’s invoice data is a useful way to show private healthcare activity trends so we thought it was the right time to look a little closer at oncology-related care. Before that, here’s an overview of our PMI invoice data for July and August.

Total PMI invoice volume and value Private healthcare activity traditionally slows down over the summer months and 2026 followed that pattern but with a twist. We processed 1.09 million invoices in July and 947,000 in August but even though this was the first month of the year to see fewer than one million invoices, annual growth remained buoyant. In marked contrast to last year when volumes were down, this July was up 7.7% year-on-year and August was up 8.6% which was higher year-on-year growth than the first five months of 2026. For the year to date, invoice volumes are up by 7.6% at 8.38 million whereas at this

| OCTOBER 2026 | HM - LaingBuisson

point in 2025, the total volume (7.79 million) was up by only 2.7%. July and August invoices were worth £518m and £452m respectively, bringing the total for the year to date to just below £4bn, which is up 11.1% year-on-year.

For admitted care invoices, volumes increased by 2.3% in July (95,000) and 4.9% in August (85,000) when compared with 2025. For the year to date, admitted volumes are up 2.5% at 756,000 with day cases accounting for the lion’s share.

Specialties

PRIVATE HEALTHCARE ACTIVITY TRADITIONALLY SLOWS DOWN OVER THE SUMMER MONTHS AND 2026 FOLLOWED THAT PATTERN BUT WITH A TWIST

Hospitals Radiology has been the fastest growing specialty throughout 2026 and this continued in July and August with volumes up 24.4% and 27.8%, respectively. The only other two hospital specialties in the top ten to record year-on-year growth over the last two months were oncology (up 11.1% and 20%) and cardiology (up 7.7% and 9.1%). Radiology is the second to orthopaedics & trauma in terms of invoice volumes, but the latter saw no significant change in the two months. Meanwhile, physiotherapy volumes were unchanged in July and fell by 8% in August. We recorded the biggest fall in pathology/ haematology (-16.7% in July and -10.5% in August).

Non-hospital

Episode settings The holiday season had only a moderate impact on PMI-funded outpatient activity compared with 2025. At 999,000, July volumes were up 8.2% year-on-year, while August (862,000) was up by 9%. The volume of outpatient invoices for the year to date is 7.62 million which is 8% above the same point in 2025.

As the largest non-hospital specialty, physiotherapy saw growth of 11.7% in July and 6.2% in August. In second place, orthopaedics & trauma also grew in both months (+6.3% in July and +9% in August). The other specialties to see growth in July and August were general surgery, dermatology, obstetrics & gynaecology and gastroenterology. On the other hand, two specialties recorded year-on-year falls in both months:

FIGURE ONE VOLUMES COMPARISON, YEAR-ON-YEAR FOR TWELVE MONTHS TO AUGUST 2026

956,319

998,247

1,081,582

1,005,240

946,877

871,653

1,093,955

1,015,734

1,117,566

999,097

1,030,116

994,533

1,024,491

1,154,261

1,043,592

945,566

1,000,000

966,867

1,200,000

950,569

1,400,000

1,009,340

2026 1,001,745

2025

800,000 600,000 400,000 200,000 0 Jan

Feb

March

April

May

June

July

August

September

October

November

December

SOURCE HEALTHCODE

radiology (-45.7% in July and -46.4% in August) and psychotherapy (-4% in July and -8.7% in August).

Trends in oncologyrelated care Our analysis shows that activity across hospital and non-hospital settings has increased compared with 2025, but the value of PMI invoices is increasing more steeply. For the year to date, we’ve processed 373,000 oncology-related invoices, which is up 9.7% year-on-year (as we said earlier, invoice volumes are up 7.6% across the board). Meanwhile, oncology-related PMI spend for the year to date is £627.6m which is up 17.2% on 2025. Going back a little further, we can see that oncology-related invoices accounted for 4.4% of the total volume by this point

in 2023 but for 4.5% of the volume in 2026. Although 14% of the total invoice value was oncology-related in 2023, that has risen to 15.7% this year. Episode setting is likely to be one factor in the cost as oncology seems to buck the trend towards non-hospital settings which we see across other areas of care. Instead, an increasing proportion of oncology-related invoices relate to hospital episodes which tend to be more expensive and may also involve more advanced treatment. In 2023, the proportion of hospital to non-hospital in oncology was 56.6% to 43.4% but by 2026, this has changed to 59.5% to 40.5%. Meanwhile, the proportion of PMI spend increased over the same period from 82% in hospitals in 2023 to 86% in 2026. Another trend to keep an eye on is that while cancer risk increases with

age, patients under 50 are increasingly represented in the invoice data. In 2023, 23.5% of oncology-related invoices involved patients aged 18–49 but this has risen to 26.1% in 2026. This may reflect growing take-up of insurance among younger adults although a 2025 study also suggests that some early onset cancers are on the rise with implications for the PMI and private healthcare sector, as well as NHS planners. The increase in PMI’s oincology spend reflects private providers’ important role in providing timely investigations and high-quality care for those facing a life-changing diagnosis. As the IHPN says, ‘cancer doesn’t recognise organisational boundaries’ and there are many ways the private sector and the NHS can work more effectively together to improve patients’ experience and achieve better outcomes.

FIGURE TWO EPISODE SETTING VOLUMES, YEAR-ON-YEAR FOR TWELVE MONTHS TO AUGUST 2026

800,000

867,303

908,979

980,115

910,717

790,687 861,948

923,145 999,254

901,935 937,903

906,521 1,018,930

Outpatient 2026

856,993 934,088

1,000,000

Outpatient 2025 943,278 1,048,296

860,151 909,033

1,200,000

Admitted 2026

872,987 913,139

Admitted 2025

89,268

89,016

101,467

94,523

80,966 84,929

92,589 94,701

92,576 98,636

92,598 92,213

88,573 90,403

93,880 96,201

200,000

90,418 92,712

400,000

100,314 105,965

600,000

November

December

0 Jan

Feb

March

April

May

June

July

August

September

October

SOURCE HEALTHCODE

laingbuissonnews.com

| OCTOBER 2026 | 25

Intelligence Major providers of UK mental health1 October 2026 Operator

Sector

MH hospitals

MH beds

Year end

Revenues £m

EBITDAR 2 £m

EBITDAR margin %

Priory Group

2,154

2025

794

123

15.4%

Cygnet

2,100

2024

681

13.1%

Elysium Healthcare

1,350

2025

542

6.2%

Active Care Group

262

2025

182

6.0%

Royal Hospital for Neuro-disability

237

2023

4.1

7.75%

St Andrew's Healthcare

203

2025

236

5.4%

Barchester

171

2024

967

290

29.9%

Inmind Healthcare Group

157

2024

14.6%

St Matthews Limited

155

2025

-1

-5.5%

Alternative Futures Group Ltd

104

2025

6.6%

Bramley Health

2025

21.4%

Nightingale Hospital London

2025

9.5%

Livewell Southwest

2025

159

2.4%

Brainkind

2025

-4

-4.7%

Krinvest Care Group

2024

26.5%

Ellern Mede

‒

0.0%

Rushcliffe Care Group

2024

22.6%

CareTech

2025

549

17.4%

Options for Care

‒

0.0%

Equilibrium Healthcare

2025

11.1%

NAViGO Health & Social Care CIC

2025

0.8%

Shaw Healthcare

2025

151

18.6

12.33%

Optima Care Group

2024

4.3%

Mental Health Care (UK) Ltd

2025

13.7%

Making Space

2025

-0.1%

NOTES P PRIVATE V VOLUNTARY 1 NUMBER OF REGISTERED MENTAL HEALTH HOSPITALS OWNED/LEASED BY INDEPENDENT OPERATORS, RANKED BY BEDS 2 EBITDAR(M) PRE-EXCEPTIONAL EARNINGS BEFORE INTEREST, TAX, DEPRECIATION, AMORTISATION, RENT (AND CENTRAL COSTS) 3 REVENUE ALSO INCLUDES CARE HOMES SOURCE LAINGBUISSON DATA DATA CORRECT AS OF 28 SEPTEMBER 2026

| OCTOBER 2026 | HM - LaingBuisson

INFOCUS DEMAND RESPONSE This month, PHIN CEO Dr Ian Gargan talks about where the organisation might be heading now it has met the CMA Order while Bupa’s Professor Melvin Samsom looks at how health systems can develop new care models to help meet rising demand. Plus, the team at Candesic examines investment opportunities in the European diagnostic imaging market and Louise Kane from DAC Beachcroft explores the growing potential of NHS PPUs.

laingbuissonnews.com

| OCTOBER 2026 | 27

Inconversation

meets... Dr Ian Gargan As PHIN enters a new chapter following the completion of the CMA Order, CEO Dr Ian Gargan talks to HM about improving transparency and how technology and AI could shape the information body’s future

fter more than a decade of work, PHIN has reached a major milestone: completing the requirements of the CMA’s 2014 Private Healthcare Market Investigation Order. The question now is what comes next. With ever-increasing demands from consumers and technology rapidly changing both how care is delivered and how people access information, PHIN is looking to broaden its role. CEO Dr Ian Gargan discusses the challenges of getting the sector to this point, the remaining gaps and his ambitions for PHIN’s next chapter. HM PHIN has now completed the requirements of the CMA’s 2014 Order after more than a decade of work. What changes for PHIN now that you have reached that milestone? IG PHIN’s focus now is on ‘delivery excellence’ (DE). This supports the maintenance of ongoing compliance with the CMA Order. We’re working to help all hospitals and consultants to keep up the excellent standards that they have reached so far in order for the sector to deliver the Order. We’re also trying to use our existing technology to innovate so that we can create efficiencies to make our information more accessible to patients, and provide value for money (VFM) for our providers. We are continuing our work to increase the quality of the data that we store, aggregate and report as well. In summary, it’s all about doing what we do even better, while utilising new mechanisms, such as AI, to increase our offering. The PHIN website now contains information on 690 hospitals and 12,600 consultants. How much of a challenge was it to get the sector to this point, and where were the biggest

| OCTOBER 2026 | HM - LaingBuisson

difficulties in achieving compliance? IG It was incredibly challenging given the specificity of the Order, but also the needs and wants of various providers. I, as the CEO, along with the team, was responsible for presenting and reporting to a number of agencies and also for gaining their agreement on a consistent basis. That allowed us to always improve what we were doing and ensure that we were getting optimum compliance, as well as delivering for the CMA. Every month we report to the CMA and to a representation of our members who were comprised of hospitals and consultants, as well as to our board (which has members representing, patients, surgeons, providers, insurers and the CMA) to demonstrate that we were delivering. Aligning all these parties to ensure that we were meeting the expectation of their requirements, while maintaining patient focus was probably the biggest challenge. The CMA Order was designed to give patients comparable information on the quality and cost of private healthcare. Ten years on, do you think it has genuinely changed the way patients choose hospitals and consultants? IG This is a never-ending journey. We have definitely improved access. My thinking has always been that if there is more transparency within the independent sector marketplace, married with public sector medicine, then providers and consultants will continue to work harder. They’re so proud of their work and they want it to be presented on a grand scale so that patients can make good choices. Providing patients with the ability to choose, and giving them access to information that helps with that choice, creates more competition, which is, in essence, what the CMA wants to achieve. Ultimately this will foster ever improving

healthcare provision. We hope that this in turn will result in a healthier nation. The more competition there is, the better the intervention, therefore the better the patient output. I think there’s still much to do with patients requiring more education as they don’t have all of the knowledge about medical terms that are required. So, improving medical literacy is also a goal for PHIN with ever increasing comfort for patients to choose where and from whom they want to have their care. It’s important to help more people know about our website too. A lot of patients say that they find PHIN incredibly useful when they access our service, but not enough of them know that it actually exists. We need to constantly promote our brand and let people know that we’re free to use, not-for-profit, independent, government mandated and here to help them. Your latest research found that 77% of people would consider using private healthcare, but only 26% feel very confident about organising and accessing it. Why is there still such a large confidence gap? IG This is largely to do with the plethora of information that’s available. Patients see so much information and get confused about it because they don’t have the medical literacy that’s required to understand it or the ability to assess whether it is trustworthy or not. General literacy is very low on average within the UK and medical literacy even more so. Also, the process of contacting a private organisation can be better. For example, if the patient is using PMI, then receiving the proper codes for it to work is crucial, but not always straightforward. Then they constantly have to ensure that they have the cover involved for their healthcare. Finding out the exact pay-

HM meets... Dr Ian Gargan Chief executive, PHIN

Career Chief executive, PHIN (2022– ) Trustee, The British Association of Urological Surgeons (2026–) Founder/Chief medical officer, Imagine Health (2009‒) Chief executive officer, Imagine Health

(2019‒2023) Consultant medical practitioner and consultant psychologist. Mater Private Hospital (1997‒2022) Consulting commercial and clinical director Ireland, Doctor Care Anywhere (2021‒2022)

Education Trinity College Dublin, MB BCh BA BAO, Medicine MBA, Business, University College Dublin linkedin.com/in/iangargan/

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| OCTOBER 2026 | 29

Inconversation

ments that are required if you’re self-paying is also often still an onerous challenging process. Effectively, the customer journey is still not clearly laid out and this needs to improve for patients. More than a quarter of people who would research private healthcare say they wouldn’t know where to start. Is the sector doing enough to help patients navigate what can be a complicated market? IG The sector has much more to do here. There are two things that really require addressing. One, the process of accessing healthcare for patients needs to be made simpler, and two, education about what they will be paying for and what outcomes they can expect needs to all more clearly be documented. There is an opportunity for PHIN to act as a hub for reliable information across the sector. PHIN was established in response to a specific regulatory requirement, but the private healthcare market has changed significantly since 2014. What should PHIN’s role be in the next decade? IG It should be to continue to evolve with the innovation in medical science as it changes day-to-day and the outcomes from patients and expectations become higher. We as a nation are becoming very savvy in terms of consumer expectation and that isn’t any different for medicine. Patients are the most important customer and should be treated with the absolute respect they deserve so that they enjoy their customer journey, get the care that they want and the outcome that they expect. Treating patients as ‘customers’ means that a slicker customer journey is required. The delivery of medicine, especially in relation to outpatients or daycases compared to staying overnight, will change even more over the next 10 years, as will access to further PMI and even new medicine. PHIN needs to be mindful of all these changes, as well as the opportunities and threats from AI, and adapt with them. The way patients receive private healthcare is also changing, with more care moving into outpatient, community and digital settings. How does PHIN need to adapt to ensure the information it provides continues to reflect where and how patients are actually being treated? IG We continue to work closely with

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hospitals and hospital groups as well as consultants to better understand the way in which medicine is delivered. The surgery that I carried out years ago used to involve many hours in the operating theatre and the patient being admitted for weeks. Those same procedures are often now carried out with robotics assisting the surgeon and the patient is discharged that day or stays one night at the most. So, our information needs to be up to date in relation to those changing times, as well as the economics of the cost of living of the nation. We’ve all been extra mindful of costs and expenses for the past few years. So, in the light of the CMA expectations, PHIN needs to be mindful to make the cost of what medical care is as transparent as possible for patients. There’s potentially a role PHIN could play a role in helping to gather information about social care. Often social care is not given the same priority or transparency as physical care and this needs to change. As PHIN looks beyond the original CMA programme, where do you see the biggest gaps in private healthcare information today, and what new data would you like to make available to patients? IG For me, the biggest gaps currently involve information in relation to the validity of data, the transparency of cost packages for care. The fees information provided by consultants is very useful, but potential patients want to know more about the hospital costs beyond one specific procedure, especially when the specifics of that procedure to their individual needs can mean the cost varies. So, a general package cost would certainly be useful for further transparency and welcomed by patients. The workings of the private medical insurer needs to be clearer to the patients so that they understand how to access this product and realise how affordable it actually is. And I’d also like to be able to have various information which is accessible but easily controlled by the patient as AI becomes more useful. This will allow patients to get the exact information that is required, not just wholesale generic data. I’d also like to be able to achieve the presentation of real-time data gathered from the hospitals seamlessly on a day-today basis. At the moment, we receive large packs of data on a frequency that isn’t urgent enough, in my opinion.

You have described completion of the CMA programme as ‘just the beginning’. How much further should PHIN’s remit extend, and are there areas where you believe it could provide greater value to the wider independent healthcare sector as well as patients? IG PHIN wants to make itself as useful to the sector and patients as it can. We are in the enviable position that we address the whole sector. Very few organisations get to do this, whereby we meet with the private medical insurers, the hospitals, the provider groups, the consultants and their representative bodies, the CMA, the NHS and many, many, more stakeholders. PHIN could help improve communication and alignment between all of those groups to help harness the power of collaborative working. I also think that PHIN’s capability and existing infrastructure would be very useful to gather information on other health care provisions such as social care, as I’ve mentioned, dentistry, veterinary medicine and potentially other paramedical services such as psychology and physiotherapy. We know the PHIN model is also of interest in other countries which do not yet have an equivalent body. What are your priorities for the next 12 months? IG Excelling in the delivery excellence that we’ve instilled since fulfilling the terms of the Order in June 2026. We also aim to increase the utilisation of innovative technology, including AI, to improve our efficiencies and productivity. We are currently consulting on how our work could support Paterson recommendation 1 (for a single repository of the whole practice of consultants across England) and working towards that within the bounds of the Order. Importantly we also want to allow our staff to grow professionally and personally so that they can be satisfied intellectually. This would mean that they’ll be able to do more of the same, but actually much more too with an increasing amount of innovative new work. So, focus is on delivery excellence, company and personnel culture, as well as realising the potential of technology, such as AI to improve the service we provide. This includes enhancing the search on our website through natural language learning to help patients find the information they need more easily. I’ll be talking more about our plans for AI at our Quality Forum in October.

Grow with Compucare

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| OCTOBER 2026 | 31

Infocus Against a backdrop of financial pressure and service transformation, NHS organisations are placing greater emphasis on commercial opportunities. Louise Kane, a senior associate at international law firm DAC Beachcroft, explores how NHS PPUs fit into this evolving landscape and the key considerations for providers looking to develop their commercial strategies

PPUs and the new NHS commercial agenda opportunity under scrutiny

s NHS providers face continued financial pressure, growing demand and ageing infrastructure, many are looking more closely at how they can generate income, maximise the value of their assets and create additional capacity. Private patient activity is not new, but the way NHS providers are approaching it is evolving. Some NHS providers are exploring more ambitious models that use private activity to unlock investment and support long-term transformation. A good example is Private Patient Units (PPUs) which are viewed as a source of additional revenue and a means of delivering strategic outcomes and supporting the NHS commercial agenda. These outcomes may be achieved by exploring models under which private patient revenues could support the development of a new facility delivering both private and NHS capacity. The objective is to increase private activity as well as use commercial revenues to attract investment and bring forward additional infrastructure that may otherwise be difficult to fund. As NHS providers seek to expand private activity, they must navigate a

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complex landscape of legal requirements, governance expectations and public scrutiny.

Procurement: choosing the right partner There are many issues to consider when setting up a PPU, including establishing an operational partnership with the selected partner (and the form this partnership will take), long-term management and property arrangements, and external investment structures. Selecting the right partner is therefore critical. The Procurement Act 2023 gives contracting authorities greater flexibility to design procurement processes for complex and long-term arrangements, including those involving dialogue and negotiation with bidders. Where providers are seeking a strategic partner rather than a traditional supplier, careful procurement design from the outset is essential. Decisions made before a procurement process begins often shape the legal options available later and can materially affect project deliverability.

Governance, conflicts and transparency Commercial activity inevitably creates additional governance challenges. PPUs frequently involve interaction between NHS organisations (including clinicians and executives employed or engaged by the NHS provider(s)) and private sector partners. This can create actual or perceived conflicts of interest, particularly where individuals have connections to private practice or commercial organisations involved in a proposed transaction. Robust governance arrangements are therefore essential. Potential conflicts should be identified, declared, managed and regularly reviewed. NHS providers must be able to demonstrate that decisions are being taken objectively, transparently and in the best interests of patients and the NHS provider(s). Transparency also matters. Even where a proposed arrangement is legally sound, public confidence can be undermined if stakeholders perceive commercial interests are influencing NHS decision-making or receiving preferential treatment. For NHS providers operating in an

increasingly commercial environment, governance is often the difference between a successful project and one that attracts challenge.

Balancing private activity with NHS responsibilities Another sensitive issue is the allocation of NHS resources. While NHS providers can undertake private patient activity, commercial objectives must not undermine the delivery of NHS services. Providers must demonstrate that private activity remains consistent with their broader statutory responsibilities and commitment to patient care. Common questions arise around access to beds, theatres and diagnostic services, workforce availability, potential impacts on waiting lists, and prioritisation of NHS and private patients. As waiting times and capacity pressures remain under scrutiny, these questions are unlikely to go away. NHS providers should ensure any decisions made are supported by clear operational evidence demonstrating that private activity is creating value without adversely affecting NHS services.

Realising best value from data While PPUs often attract the headlines, data may prove to be one of the NHS’s most valuable commercial assets. NHS providers continue to collect and hold vast quantities of data, increasingly in more of a structured and consistent fashion which, in principle, enhances its potential commercial value. That potential is not new as the NHS has been trying to derive best value from its data assets for many years. However, we are now seeing more innovative collaborations and partnerships which have forward-thinking commercial approaches beyond the initial access to data. We are seeing NHS providers and medtech providers agreeing to equity-based arrangements so that the NHS can receive ongoing benefits from a successful collaboration (for instance, as data is used to develop further innovation). The spectre of legal compliance – notably the UK GDPR and patient confidentiality – continues to loom large but experience shows this need not frustrate innovation. Successful collaborations tend to arise from an acceptance that public trust is paramount and adopting

a bolder approach to openness with patients about how their data could be used (potentially to their benefit but also to the NHS more broadly). NHS providers are therefore placing increasing emphasis on governance, transparency and ensuring value generated from NHS data is shared appropriately with the health system. For many, this represents the most significant commercial opportunity over the next decade.

PPUS ARE JUST ONE PART OF A NHS COMMERCIALISATION AGENDA ENCOMPASSING INVESTMENT, ESTATES, DATA, IP, INNOVATION AND INTERNATIONAL EXPANSION Commercialising intellectual property and innovation Alongside data, clinicians, researchers and operational teams are routinely developing innovations, ranging from the development and deployment of digital health technologies, including AI and software as a medical device, to support treatment pathways and service redesign models. As these technologies mature and become increasingly subject to regulatory oversight, NHS providers are often playing a key role in their validation, adoption and commercial development. NHS providers are exploring a wider range of commercial models, including licensing arrangements, spin-out companies, joint ventures, revenue-sharing mechanisms and, in some cases, equity participation. The aim is to move beyond a traditional customer-supplier

relationship and create partnerships that deliver mutual benefit. These arrangements reflect a broader evolution of NHS collaboration, with greater emphasis on shared risk, shared expertise and shared reward. Accordingly, questions around intellectual property (IP) ownership, commercial returns, governance, regulatory responsibility and risk allocation are becoming increasingly important.

Looking beyond UK borders Commercial opportunities are not confined to the domestic market. NHS providers are increasingly exploring international activity through consultancy, clinical training, digital products and healthcare management support. While the NHS remains a globally recognised brand, international healthcare markets are changing. Countries that have historically sent patients to the UK, including those in the Middle East, have invested heavily in their own healthcare infrastructure, creating new opportunities and increased competition for NHS organisations. Patient flows are also becoming more international. Alongside inbound medical tourism, many UK patients have travelled overseas for elective treatment, attracted by shorter waiting times and lower costs. Key questions with such opportunities remain: how does the activity support the organisation’s NHS mission, and do such arrangements fall within the remit of the NHS provider’s statutory powers?

Balancing opportunity and risk PPUs are just one part of a NHS commercialisation agenda encompassing investment, estates, data, IP, innovation and international expansion. The opportunities are significant. Done well, these activities can generate income, attract investment, accelerate innovation and create additional NHS capacity. Done badly, they can expose organisations to legal challenges, governance concerns and reputational risk. The most successful NHS providers are likely to be those that approach commercialisation as a strategic tool rather than a financial objective, ensuring procurement, governance, transparency and public benefit remain at the centre of every decision.

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Infocus As ageing populations and chronic ill health put growing pressure on health systems, Professor Melvin Samsom, group chief medical and sustainability officer at Bupa, explores how more preventive, personalised and connected models of care can improve outcomes, meet rising need and strengthen the human connection at the heart of healthcare

Meeting rising need the opportunity to build a better model of care

sustainable model of healthcare must help us understand each person better, act earlier and connect care around their needs. Advances in genomics, data and digital health are making this increasingly possible, creating new ways to help people stay well and making care more personal and easier to access. This matters because more people are living longer, chronic conditions are becoming more common, expectations are evolving and more people need access to healthcare. Increasing the availability of appointments and expanding clinical capacity will remain essential, but capacity alone cannot keep pace with growing need. We also need a more proactive model that delivers better outcomes and experiences, helps healthcare systems use resources more effectively and gives clinical teams more time to focus on patients. For private healthcare, this creates both an opportunity and a responsibility: to continue investing in high-quality care while finding better ways to anticipate need, intervene earlier and make the best use of clinical capacity. Better health starts with everyday health. To make that a reality, healthcare providers should focus on three shifts. First, moving beyond one-size-fits-all approaches and tailoring care to the individual. Second, acting earlier and placing greater emphasis on prevention. Third, using digital health, data and AI to connect care and strengthen the relationship between patients and clinicians. Together, these shifts can help people live longer, healthier, happier lives.

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Personalise care around the individual Every patient brings a different combination of biology, behaviour, medical history, circumstances and priorities. Personalised care means bringing those factors together to create a fuller picture of the individual, so that decisions reflect their needs rather than assuming the same pathway will work for everyone with similar symptoms.

EXPANDING CLINICAL CAPACITY WILL REMAIN ESSENTIAL, BUT CAPACITY ALONE CANNOT KEEP PACE WITH GROWING NEED The good news is that we are becoming better able to do this. Medical histories, health data and connected digital services can help clinicians understand the person in front of them more completely. Genomics can add another important layer, helping people understand how their genes may influence

their risk of developing certain conditions and their response to some medicines. The value of genetic testing is not simply in giving people more information. It is in helping them understand what they can do with it, whether that means making lifestyle changes to stay well, accessing additional screening or having a more informed conversation about their treatment. For example, if someone is found to have a higher genetic risk of breast cancer, the next step might be a conversation with a genetic counsellor and a specialist about how that risk could be managed. Depending on their circumstances, the options could include preventive medication or risk-reducing surgery. Pharmacogenomic testing also helps people understand how their genes may affect their response to certain medicines, supporting more informed decisions about their medication and dosage. Connecting people with the right support earlier can give them greater clarity and more opportunities to protect their health. This is where personalisation has real value: turning a deeper understanding of each person into practical steps towards better health.

Make prevention part of everyday care Personalised insight is most valuable when it leads to action. Healthcare has often been geared towards treating problems once they become visible, but we can now do so much more to help people stay well, understand their risks and access support before their needs

become more complex. Mental health offers a clear example. Support should not begin only when someone is approaching crisis or be limited to people with a diagnosed condition. Bupa’s Big Life Moments research with the Centre for Economics and Business Research found that seven in 10 people in the UK wished they had taken earlier steps to support their mental and physical wellbeing around major life events such as becoming a parent, going through divorce or losing a loved one. Those who took proactive steps reported taking an average of two fewer days off work. The modelling suggests that acting sooner could also recover 1.7 billion working days and create $42bn in economic benefits globally each year. What stands out is how often people prepare financially and practically for life’s biggest moments while giving far less attention to their mental health. Earlier support, of course, cannot remove the difficulty of loss, caring responsibilities or relationship breakdown. It can, however, help people meet those moments with greater resilience and reach appropriate care sooner. Healthcare providers can help people take a more proactive approach and make support easier to access. The same principle applies across healthcare. Acting earlier gives people a better chance of staying well or recovering sooner and can prevent problems from

escalating or requiring more complex care. By reducing avoidable pressure on services and helping preserve clinical capacity for those who need treatment, prevention is also critical to building a more sustainable model of healthcare.

This principle is important. Technology should create more time for connection, not replace it. Used well, it can also improve productivity and help healthcare providers support more people without compromising the quality of care.

Use technology to protect the human touch

A better model for the future

Delivering personalised and preventive care at scale depends on better-connected health data. Bringing together relevant records and insights from across a person’s healthcare journey can support better-informed clinical decisions, create a more seamless experience and reduce the need for patients to repeat their story. Used responsibly, with strong safeguards for privacy and data protection, data and AI can make that insight easier for clinicians to access, reduce administration and support clinical decisions. Digital services can also guide people towards the care best suited to their needs. At Sanitas, our business in Spain, AI is helping doctors view a patient’s medical history and documents in one place before a consultation. With the patient’s consent, it can also organise the content of the conversation for the doctor to review afterwards. This means less time searching for information or completing notes and more time focused on the patient.

Taken together, these shifts point towards a more sustainable model of care: one that understands people better, supports them earlier, and connects their care more effectively. Private healthcare is well placed to contribute to this change. Providers can use their clinical expertise, data, technology and ability to innovate to develop new approaches, connect different parts of the healthcare journey, and deliver models that can support a stronger health system overall. As more people need care, sustainability will depend not only on how much additional capacity health systems can provide, but on how intelligently that capacity is used and how well people are supported before, during and after treatment. By personalising care, acting earlier and using technology with a clear clinical purpose, we can help more people get the right support at the right time, improve outcomes and build a better model of care for the future.

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Investing Demand for diagnostic imaging is accelerating across Europe and investors are racing to consolidate the market. As the investment thesis evolves beyond simply acquiring imaging centres, Dr Kristoffer Kenttä, senior engagement manager, and Dr Leonid Shapiro, managing partner and radiologist, at Candesic look at the strategies deployed by the most successful platforms

Beyond consolidation

The next phase of value creation in European diagnostic imaging

adiology and its adjacent markets have become one of the most sought-after healthcare subsectors for investors across Europe. Private equity firms and infrastructure funds such as iCON Infrastructure and EQT are increasingly investing in diagnostic imaging, attracted by structural demand growth, resilient 36

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cash flows, and significant opportunities for operational improvement. The market also remains fragmented in large countries such as Germany and France, where larger groups account for only 20–30% of the market, creating an attractive environment for buy-andbuild strategies that can generate value through consolidation.

While the first generation of investments focused on acquiring imaging centres and expanding geographic coverage, today’s leading investors are building integrated diagnostic platforms that leverage technology, artificial intelligence, and operational excellence to drive productivity and improve patient care.

FIGURE ONE SPECIALIST SCAN, VOLUMES BY COUNTRY, 2019‒2024 CT SCANS Millions of scans

CAGR, % (2019-24)

3.8 5.9

3.4 5.4

6.0 12.6

33 4.4 6.4

5.6 12.5

36 4.9 6.8

38 5.4 7.3

1.6 4.7

22 1.5 4.0

7.7 14.0

14.7

2.0 5.2

2.2 5.4

2.6 6.1

2.7 6.4

3.8

3.0

3.8

4.1

4.4

4.9

12.5

13.1

13.0

13.5

13.9

761

814

69 256

80 284

658

667

58 216

62 220

882 91

5.7 23 3.7 9.1 5.2 7.0 3.2

Total

5.0

5.9 7.5

7.1 13.6

PET-CT SCANS Thousands of scans

Total

8.3

6.7 13.3

MRI SCANS Millions of scans 24

967

31 10 11 6.4 5.0 2.2

Total

20 21 9.4 11 8.5 (2.2)

306

356 301

200 154

200 151

239

255

275

154

143

141

137

2019

2020

2021

2022

2023

2024

8.0

SOURCE OECD; EUROSTAT; NHS ENGLAND

Imaging demand will continue to outpace capacity The long-term demand outlook for diagnostic imaging remains exceptionally strong. Across Europe, imaging volumes are expected to increase by approximately 5–8% annually, while some emerging radiology markets such as Poland, Greece and Romania are seeing double-digit growth (see Figure One), driven by several structural trends: • Ageing populations, resulting in greater healthcare utilisation and imaging needs. • Rising prevalence of chronic diseases, including cardiovascular, neurological, and musculoskeletal conditions that rely heavily on imaging for diagnosis and monitoring. • Increasing cancer incidence, driving demand for complex imaging such as PET-CT, and image-guided interventions. • Expansion of national screening programmes, including breast

cancer, lung cancer, and abdominal aortic aneurysm screening, alongside initiatives to diagnose disease earlier. • More complex treatment pathways, where imaging plays a central role in diagnosis, treatment planning, intervention and follow-up. However, growing demand is increasingly constrained by radiologist shortages and limited scanning capacity, particularly in MRI and PET-CT. The binding constraint is no longer the willingness of payors to fund imaging, but the ability of providers to deliver it.

Investors seeking to optimise operations The investment thesis has also evolved significantly over the past decade. Success is no longer defined by simply acquiring imaging centres and expanding geographically. Instead, leading investors like Groupe Bruxelles Lambert (GBL) are building integrated diagnostic platforms that leverage scale, digital technology, AI, and operational excellence to improve productivity, enhance patient access, and deliver higher-quality care. Scale

also enables investments in enterprise imaging systems, AI-assisted workflows, centralised reporting, and teleradiology capabilities, strengthening efficiency and helping providers meet growing demand despite persistent workforce shortages. The evidence that this improves throughput is now becoming measurable rather than theoretical. One third of all chest x-rays in the NHS are currently augmented by AI, around 200,000 per month, and average turnaround time across all cases has fallen from 5.1 days to 4.1 days1 (see Figure Two). The figures show that significant improvements can be achieved across the entire diagnostic imaging pathway through the use of AI tools.

Technology investments and radiologist shortages increase the value of scale Scale has evolved from a purely financial argument about multiple arbitrage into an increasingly operational one. Across Europe, shortages of radiologists are becoming more acute as retirements outpace the training of new specialists. Larger imaging groups are better posi-

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| OCTOBER 2026 | 37

Investing

FIGURE TWO DIAGNOSTIC IMAGING PATHWAY Patient visits doctor

Clinical review

Images taken

AI implementation

Sc he dul i ng Smart facility booking and patient scheduling

c.10% improvement in accuracy

10-20% more capacity 3-7% reduction of no-shows

Images reported

Image analysis and interpretation

Workflow management

Patient pathway Order of imaging according to patient needs

Scan reviewed

Im a g e a c q ui s i t i o n Optimised protocoling and personalised image acquisition

30-50% scan time reduction

Clinical outcome

Workflow management

Im a g e a na l ys i s Smart patient triaging, work assignment, and workflow planning

Int e rp re t a t i o n Segmentation, abnormality detection, and quantification

40% reduction in time to diagnose and start stroke treatment

30-70% reduction in measurement time

R e p o rt i ng Automatic quantitative study report generation

C o m m uni c a t i o n Sharing results with physicians and patients

10-20% improved documentation efficiency

5-10% faster turnarounds

SOURCE RSNA RADIOLOGY, PUBMED; SPRINGER

tioned to address this constraint through teleradiology, balancing workloads across their networks so that scans acquired in underserved regions can be reported wherever capacity is available. Scale also supports greater subspecialisation, allowing radiologists to focus on areas such as neuro, cardiac and musculoskeletal imaging, which improves both reporting efficiency and quality. At the same time, diagnostic imaging is becoming increasingly capital- and technology-intensive. The latest MRI and PET-CT scanners can cost well over £1m per unit, while investment in AI, cloud PACS (Picture Archiving and Communication System), patient portals and reporting platforms adds a further layer of significant fixed costs. Larger platforms can spread these investments across a much greater volume of scans and centres, reducing the cost per examination and making technologies that may be difficult to justify for a single-site operator economically viable.

The market is consolidated to very different degrees Consolidation is not a single European story but a set of national ones, and the starting point differs sharply by country. In the UK, only around 15% of CT, MRI and PET-CT volumes are delivered by the

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independent sector, with the majority still provided within the NHS. In Germany, the position is close to the opposite, with roughly 80% of volumes delivered outside the public hospital system through the outpatient independent sector.

LARGER PLATFORMS CAN SPREAD THESE INVESTMENTS ACROSS A MUCH GREATER VOLUME OF SCANS The degree of provider concentration diverges just as much. In the UK, Alliance Medical and InHealth together account for approximately 60% of independent-sector supply, so the remaining opportunity lies less in buying scale than in winning volume from the public sector. Germany, by contrast, remains highly fragmented, with investor-backed

groups accounting for only around 20% of supply, leaving a long runway of practice-level acquisitions but also a harder integration task and a regulatory framework that requires specific ownership structures. Investors should therefore be wary of applying a single European playbook, the same capital deployed in Manchester and in Munich is buying two different things.

Major consolidators Over the past decade, consolidation has been led by multiple groups with local champions in each country. Figure Three shows the major players in Europe and their service offerings, including geographic presence. Affidea, backed by GBL since 2022, is the largest by footprint, operating 420+ centres across 14 countries. Its strategy has been acquisition-led breadth, expanding from diagnostic imaging into polyclinics, specialist care and oncology in order to capture a greater share of the patient pathway. Affidea also has a significant share of revenues in emerging radiology markets such as Poland, Greece, and Romania. Alliance Medical, backed by iCON Infrastructure since 2023, has taken the opposite route, choosing depth in fewer markets. It operates in seven countries with 220+ sites. Its strategy is built around public-sector outsourcing, sup-

FIGURE THREE OVERVIEW OF KEY RADIOLOGY PROVIDERS IN EUROPE Offered

Company

Not offered Offered

Ownership

Employees (#) Sites (#)

PET/CT

Outpatient clinics

14 geographies served 15 geographies served

400

130 140 65

2 ,2 0 0

Publicly listed Publicly listed

CT/MRI

Labs

2 ,7 0 0

1 ,8 0 0

X-Ray (1)

Geographies Served Radio therapy

220

3 ,0 0 0

1 ,6 0 0

Complex

420

4 ,4 0 0

2 ,4 0 0

Non complex

350

4 ,5 0 0

3 ,5 0 0

Other offerings

Imaging

1 8 ,0 0 0 1 2 ,6 0 0

Doctor owned Damask Trust

NON-EXHAUSTIVE

Not offered

389 59 119

1 ,0 0 0

700

356

NOTE 1 INCLUDES MAMMOGRAPHY SOURCE MERGERMARKET; ABLE INSIGHTS; PITCHBOOK; LINKEDIN; COMPANY WEBSITES; CANDESIC ANALYSIS

ported by market-leading mobile imaging and an integrated PET-CT and radiopharmacy platform including a cyclotron network. Owning radiotracer production alongside the scanners is a genuine barrier to entry in PET-CT and underpins long-dated NHS contracts, but it also concentrates the platform’s fortunes in public tender cycles. Evidia, backed by EQT, was formed in 2021 by combining Meine Radiologie and Blikk into a single German platform. It now operates in four countries with more than 140 sites, focused on Northern Europe. Alongside imaging and radiotherapy, it acquired the UK teleradiology business 4Ways and teleradiology operator Teleconsult. The result is greater flexibility in reporting across the organisation, given the shortage of radiologists in the market, as well as the opportunity to benefit from the growing teleradiology market. Affidea, Alliance Medical, and Evidia show that multiple growth strategies are available. What is evident is that you need a clear strategy aligned with the market conditions in each country. In the UK, the focus is more on winning outsourced NHS and private medical

insurance (PMI) volumes, whereas in Germany, acquisitions play a more significant role. Furthermore, three overall themes are also emerging.

WHAT IS EVIDENT IS THAT YOU NEED A CLEAR STRATEGY ALIGNED WITH THE MARKET CONDITIONS IN EACH COUNTRY The first is to build a platform that has standardised on a single Radiology Information System (RIS), cloud PACS and one reporting workflow that can allow for flexibility and deployment of the latest technology, including AI.

The second is scanner utilisation. The gap between a well-run and a poorly run CT/MRI/PET-CT site is measured in hours per day and number of scans per hour. This flows straight to EBITDA. Extended operating hours, protocol standardisation, AI-assisted triage, scheduling, and scanning workflows add significant margin improvements without any additional capital. The third is workforce. The platforms that will still be growing in five years are those that have made themselves the employer of choice for radiologists, through great leadership, flexible working conditions, home reporting and subspecialty work, because in a market short of clinicians the constraint on growth is recruitment rather than capital. Consolidation created the first generation of returns in European imaging. The next generation will go to the platforms that can prove they report faster, scan more per machine, and retain radiologists better than the assets they are buying. NOTE 1 NHS England presentation at Global AI Conference 2026

laingbuissonnews.com

| OCTOBER 2026 | 39

Inlaw Legal experts from Mills & Reeve continue their focus on neighbourhood health, with partner Rob Day examining the new contractual models and the opportunities for private healthcare providers to work with the NHS

Understanding the new routes to market in neighbourhood health Most health and care providers are now familiar with the term ‘neighbourhood health’. However, a key question remains: what does it mean for commissioning, contracting and market access for independent sector providers?

together around defined populations and shared objectives. End-to-end pathways, outcomes, prevention and system performance are becoming more prominent considerations than organisational silos.

Neighbourhood health aims to shift care from hospitals into communities, organise services around populations in defined geographical areas, and bring together multidisciplinary teams across primary care, community services, social care and the voluntary sector. Its ambition goes beyond service integration. It seeks fundamentally to reshape how care is commissioned and delivered. For independent providers, understanding the emerging contractual models that aim to deliver this shift matters just as much as understanding the policy itself. The providers that recognise early how neighbourhood models are likely to be commissioned, funded and governed will be better placed to participate in future delivery arrangements and avoid finding themselves on the outside of increasingly integrated local systems.

END-TO-END PATHWAYS, OUTCOMES, PREVENTION AND SYSTEM PERFORMANCE ARE BECOMING MORE PROMINENT CONSIDERATIONS

Emerging contracting approach The direction of travel is away from activity-driven commissioning and towards population-based, place-based models that focus on outcomes, prevention and collaboration between organisations. The neighbourhood health framework envisages neighbourhoods becoming the primary unit of delivery, supported by integrated teams working across organisational boundaries. This shift has significant implications for providers. Rather than commissioning individual episodes of care from separate organisations, commissioners are increasingly exploring arrangements that bring multiple services

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Implications for the independent sector Independent and voluntary sector organisations often possess the local presence, specialist expertise and flexibility that will support the delivery of the emerging neighbourhood health service. However, participation is likely to depend on providers showing how these strengths advance wider neighbourhood objectives. They may also need to develop broader capabilities that support a more holistic model of care and extend beyond direct service delivery. Partnership working, shared gov-

ernance structures, workforce integration, data sharing and collaborative decision-making are likely to become increasingly important commercial differentiators. Together, these arrangements will ensure that independent sector providers work seamlessly with other organisations to deliver integrated services. Providers will also need to adjust their commercial approach to arrangements involving shared financial risk and reward, longer planning horizons and greater accountability for population-level outcomes.

Contracting models A particularly important development for independent providers is the current consultation by NHS England over the types of contracts that will support the delivery of neighbourhood health.1 The consultation proposes the creation of: • Integrated Health Organisation (IHO) contracts, under which designated advanced foundation trusts would coordinate care and capitated budgets across defined populations. • Multi-Neighbourhood Provider (MNP) contracts, held by a trust, GP organisation or other capable provider to coordinate services across several neighbourhoods. • Single Neighbourhood Provider (SNP) contracts, potentially held by a GP practice, Primary Care Network vehicle, federation or other provider to deliver additional services for a neighbourhood of around 50,000 people, alongside existing core NHS GP contracts. In all cases, and while there may be restrictions on who can and can’t hold

the relevant contracts, there appears to be no proposed restrictions on how service will be delivered. Consequently, to the extent that independent sector providers are unable to hold these contracts directly, there will seemingly be no prohibition on them supporting in the delivery of services.

What are the opportunities? There is a genuine desire for collaborative working, and the neighbourhood health model requires a multifaceted approach to service delivery and closer integration with the independent sector. Opportunities include: • new population-based contracts. • greater local commissioning flexibility. • potential for outcomes-based incentives. • a stronger role for primary care-led providers in the wider health and care system. • a greater role for independent providers in delivering services and end-to-end pathways, including diagnostics and preventive care.

What are the challenges? Four issues are likely to be particularly significant:

• Lack of detail on funding, governance and accountability. • Procurement processes could favour larger providers. • The relationships between MNPs, SNPs, GP practices and providers in the wider health system are likely to be complex, and contractual arrangements alone will not be enough to realise the necessary collaborations. • Existing contractual arrangements may limit efforts to deliver on the ambitions of the MNP and SNP models. For independent providers, access to neighbourhood opportunities may increasingly depend on local relationships, established partnerships and the ability to demonstrate strategic value within an integrated delivery model. The risk is that providers that have not developed the capabilities needed for collaborative working and partnership arrangements may be excluded from holding emerging contracts.

Collaborative pathways One of the clearest themes emerging from neighbourhood health policy is that collaboration is becoming a key delivery mechanism. Integrated pathways, provider collaboratives, alliance arrangements,

lead-provider models and neighbourhood partnerships are all likely to play an increasingly prominent role in organising services. The objective is to create structures capable of coordinating care across primary, community, social care and specialist services while supporting the broader shift from treatment to prevention. For independent providers, this creates both challenges and opportunities. Success may depend less on securing an individual contract and more on becoming an indispensable participant within a wider delivery ecosystem. Providers that can demonstrate specialist expertise, innovation, strong community reach, digital capability or support for prevention may become valuable partners within neighbourhood arrangements The independent sector has a particularly important role to play in areas such as community diagnostics, primary care support, digital health, preventative services, social care integration and pathway redesign. While the contractual landscape continues to evolve, providers that understand emerging commissioning models, embrace collaboration and position themselves within local partnerships are likely to be best placed to benefit from the opportunities ahead.

NOTE 1 https://www.engage.england.nhs.uk/consultation/mnp-snp-neighbourhood-provider-models/

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| OCTOBER 2026 | 41

Intelligence Major UK acute hospitals providers1 October 2026 Operator

Hospitals

Beds

Operating theatres

Year end

Revenue £m

Circle Health Group

2,194

153

2024

1,205

Spire Healthcare

1,570

138

2025

1,580

Nuffield Health

1,332

117

2025

1,481

Ramsay Health Care UK

836

2025

739

HCA Healthcare UK

769

2023

1,200(e)

Practice Plus Group (Hospitals)

239

2025

250

Bupa Hospitals and Clinics

218

‒

Cleveland Clinic London

184

2025

215

The London Clinic

175

2024

188

Imperial College Healthcare NHS Trust

107

‒

KIMS Hospital

2025

Ulster Independent Clinic Ltd

2023

Frimley Health NHS FT

‒

Horder Healthcare

2025

Kingsbridge Healthcare Group

2025

103

Phoenix Hospital Group

2024

Guy's and St Thomas' NHS FT

‒

The Royal Marsden NHS FT (Private Care)

‒

Fortius Clinic

2024

Healthcare Management Trust

2024

St John & St Elizabeth Hospital

2024

London North West University Healthcare NHS Trust

‒

Royal Free London NHS FT

‒

St Joseph’s Independent Hospital Ltd

2024

Spencer Private Hospitals

2025

Benenden Hospital Trust

2024

Great Ormond Street Hospital for Children NHS FT

‒

Maidstone & Tunbridge Wells NHS Trust

‒

University Hospitals Sussex NHS FT

‒

University College London Hospitals NHS FT

‒

Bespoke Healthcare Limited

‒

Hampshire Hospitals NHS FT

‒

Royal National Orthopaedic Hospital NHS Trust

‒

Norfolk and Norwich University Hospitals NHS FT

‒

United Lincolnshire Hospitals NHS Trust

‒

Oxford University Hospitals Private Healthcare

‒

Papworth Hospital NHS Foundation Trust

2025

336

Robert Jones & Agnes Hunt Orthopaedic Hospital NHS FT

‒

Mid and South Essex NHS FT

‒

Brighton & Sussex University Hospitals NHS Trust

‒

Moorfields Eye Hospital NHS FT

2024

342

NOTES 1 MAJOR ACUTE/SURGICAL HOSPITAL OPERATORS RANKED BY BED NUMBER. MAJOR ACUTE/SURGICAL HOSPITALS ARE DEFINED AS THOSE HAVING AT LEAST ONE OPERATING THEATRE EQUIPPED TO CARRY OUT SURGERY UNDER FULL ANAESTHESIA (DAYCASE AND OVERNIGHT)) 2 COMBINED REVENUE FOR HOSPITAL AND WELLNESS BUSINESSES e ESTIMATE SOURCE LAINGBUISSON DATABASE DATA CORRECT AS OF 28 SEPTEMBER 2026

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INBUSINESS

AS SPIRE’S SECOND-LARGEST SHAREHOLDER, WE KNOW THE BUSINESS WELL AND BELIEVE STRONGLY IN ITS FUTURE Martin Hughes, chief executive, Toscafund p44

laingbuissonnews.com

| OCTOBER 2026 | 43

INBUSINESS Ash steps down as Spire agrees £1.03bn takeover

pire Healthcare has agreed a £1.03bn takeover bid by Tulip UK Bidco, the acquisition vehicle backed by its largest shareholder Toscafund Asset Management, alongside private equity firm Three Hills and US investment manager Ares Management. Long-time CEO Justin Ash is stepping down in the wake of the announcement. Vice chair and former NHS England chief operating officer Sir David Sloman will take on the role on an interim basis. Tulip UK Bidco has also announced that it intends to appoint former Circle Health CEO Paolo Pieri as chair following completion of the acquisition. The recommended 250p-a-share cash offer is a 28.7% premium to Spire’s 12-month volume-weighted average share price of 194.3p to 13 May and implies an enterprise value of £2.3bn – 8.6 times adjusted EBITDA for FY25. Spire’s board said the offer gave shareholders an opportunity to cash out at a ‘significant premium’ to recent trading levels, against a backdrop of historically limited trading liquidity. More than 60 potential buyers expressed interest in Spire after it appointed Rothschild & Co to run a sale process in September last year. But Spire said the Toscafund consortium was the only bidder to make a formal proposal attractive enough to merit further talks. Oak North Group-owned Toscafund and other investors rejected a 240p-a-share takeover offer from rival Ramsay Health Care in 2021, despite the board’s unanimous backing, arguing that it materially undervalued the business. However, the hedge fund along with Harwood Capital and its activist trust Achilles, is reported to have continued pushing for a sale as Spire’s share price continued to lag. ‘Having conducted a comprehensive strategic review, the Board is satisfied that the acquisition represents the best available outcome for Spire Shareholders,’ said Spire’s chair-designate Debbie White. Spire said it had also weighed the interests of patients and employees, pointing to Bidco’s commitments to preserve hospitals’ clinical and operational autonomy, maintain Spire’s role as a trusted NHS partner, uphold standards of patient care and protect employees’ existing rights.

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‘Spire has made significant progress in executing its strategy to strengthen care quality, diversify revenue streams and drive efficiencies across the UK’s largest independent integrated healthcare network. This has been reflected in a CAGR of 32% in adjusted free cash flow and an improvement in ROCE from 6.2% to 8% between FY22 and FY25. The Spire directors remain confident in the long-term prospects of the business,’ added White. ‘Notwithstanding this progress, there are further steps required to deliver the company’s standalone plan and uncertainty and execution risk to doing so. The long-term prospects for independent healthcare in the UK are strong, but the trajectory has demonstrated much volatility in recent years and the ongoing cost pressures have been material, including from increases in national insurance contributions and the national minimum wage. ‘As an experienced healthcare investor and the Company’s second largest shareholder, Toscafund has deep knowledge and experience of the business and its operations, and Toscafund has assured the Board of Spire that it is committed to providing the highest standards of care to patients.’ Commenting on the acquisition, Martin Hughes, chief executive of Toscafund, said: ‘As Spire’s second-largest shareholder, we know the business well and believe strongly in its future. Our offer reflects our

confidence in the care Spire’s hospitals provide, the people who deliver it and an ambition to achieve even more. ‘Toscafund has a track record of backing successful healthcare businesses to grow and improve. As a private company, Spire would have the freedom to plan for the long term and the agility to move faster: investing in its hospitals and people, putting the latest technology to work and setting new standards in patient care.’ The team at Candesic led by senior partner Michelle Tempest, supported by principal Jack Zeng, provided commercial due diligence to Tulip UK Bidco. ‘Taking Spire private creates an opportunity to take a longer-term view of the business and invest behind its strengths, from its hospital estate and clinical capabilities to technology and new growth opportunities,’ said Tempest. Darblay Capital is acting as financial adviser to Tulip UK Bidco and Toscafund, with Christina Robinson serving as communications adviser to Bidco. Rothschild & Co is lead financial adviser to Spire, alongside joint financial advisers Perella Weinberg, J.P. Morgan Cazenove and Lazard. J.P. Morgan Cazenove is also joint corporate broker to Spire alongside Berenberg, while Brunswick is advising Spire on communications. Dickson Minto is legal adviser to Bidco and Toscafund, Proskauer Rose is advising Three Hills and Ares, and Freshfields is acting as legal adviser to Spire.

OCTOBER 2026

Spire Healthcare; Ramsay Health Care UK

Ramsay UK profits rise despite 8% fall in NHS volumes Ramsay Health Care’s UK operations increased underlying EBIT by almost 15% to £97.3m in FY26, as higher margin activity in its hospital business and continued turnaround at mental health provider Elysium offset declining NHS work. Underperformance at Elysium forced Ramsay to write down the value of its UK business by £151m in FY25, resulting in Ramsay’s UK division reporting an EBIT loss of £70.4m for the year. With no comparable impairment this year, reported EBIT returned to a profit of £89.6m. Revenue across the UK division fell by 1.1% to £1.32bn in the 12 months to 30 June 2026 on the back of a 5.4% drop in total acute hospital admissions and bed reductions at Elysium. However, underlying EBIT increased 14.7% from £84.8m, while EBITDA rose 10.7% to £175.9m. The improvement came as Ramsay’s acute hospitals shifted towards higher-acuity and private work amid a sharp decline in NHS volumes. At Elysium, cost reductions, lower agency use and estate rationalisation lifted earnings despite weaker demand. Revenue for the acute business increased by just 0.9% to A$1.57bn as continued NHS funding constraints pushed NHS volumes down by 8.2%. The decline was partially offset by a 2.9% rise in private volumes, including a 4% rise in insured admissions and 0.7% growth in self-pay. Private patients accounted for 27.4% of total admissions, up from 25.2% the previous year. The shift in case and payor mix lifted average revenue

per admission by 6.7%. Together with lower agency staffing and other operational efficiencies, this drove a 10.3% constant-currency increase in underlying EBIT to A$160.5m and lifted the acute hospital business’s underlying EBIT margin by 90 basis points to 10.2%. The NHS tariff for the year beginning April 2025 was increased from an initially announced net 2.15% to 2.83% to reflect healthcare pay increases. However, Ramsay said staff inflation of around 3.5% and an estimated £4m increase in National Insurance costs offset the benefit of higher indexation. The NHS tariff for the year from April 2026 has subsequently been revised to 1.24%, with the retrospective adjustment relating to April to June 2026 due to be recognised in Ramsay’s FY27 accounts. Elysium also delivered a significant improvement in underlying profitability during the year despite lower revenue, reduced bed capacity and continued pressure on demand. Revenue declined 4.2% to A$1.04bn at constant currency, reflecting the reduction in paid beds as well as changing NHS referral patterns. The mental health business cut available beds at underperforming sites by 9.8%, closing 239 beds during the year. Average paid beds fell 6.8%, but the smaller bed base helped lift average occupancy by 50 basis points to 86.1%. Higher fees partly offset the decline in activity, with Elysium’s average daily fee increasing 4.4% through a combination of national tariff awards, individual fee

negotiations and changes in patient and resident mix. Despite the revenue decline, Elysium’s underlying EBIT increased 43.5% to A$31.1m at constant currency as its turnaround programme gained traction. Joe O’Connor took over as Elysium CEO in January 2026 and Ramsay said turnaround measures accelerated during the second half, particularly through reductions in central costs and agency staffing. A third phase of central cost reductions is under way, involving a further 34 full-time equivalent posts following 127 reductions in earlier phases. Seven sites were closed during FY26 and another five were being marketed for sale at the year-end as the business sought to release capital from permanently closed facilities. Reported EBIT included A$13.2m of net costs associated with the restructuring. These reflected a A$10.1m gain from the restructuring of its property portfolio, including sale-and-leaseback transactions and the sale of one site, offset by A$8.4m of impairments on three sites and A$14.7m of restructuring costs, including redundancies. Capital expenditure across Ramsay’s two UK businesses also fell during the year. The group invested £40m

in its acute hospital operation, down from £54.3m, including spending on facility improvements and refurbishments. Elysium capital expenditure declined from £33.4m to £21.3m and was focused on maintenance, site refurbishments and ward conversions. Both Ramsay’s UK acute hospital business and Elysium were free cashflow positive after capital expenditure in FY26. Looking ahead, Ramsay expects further EBIT growth from its acute hospital business in FY27, driven by higher-acuity work, growth in private volumes and further operational efficiencies. It also expects further EBIT growth at Elysium as its turnaround progresses, although it is planning for weak market demand to continue through FY27. CEO and managing director Natalie Davis said: ‘Our UK Hospitals business delivered EBIT growth despite lower NHS admissions volumes, with a focus on higher complexity NHS work, private activity growth and disciplined cost management. The turnaround of Elysium gained traction in the second half, with earnings benefiting from site and ward closures, reduced corporate costs and improved rostering, further reducing the use of agency staff.’

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| OCTOBER 2026 | 45

INBUSINESS Circle Health acquires Unilabs UK business in pre-pack sale PureHealth-owned Circle Health Group has acquired Unilabs UK’s pathology and blood science businesses in a pre-pack sale for a consideration of £1.12m. Grant Thornton was engaged to review options for the UK labs business in May after its Switzerland-based owner advised it was no longer prepared to continue funding trading losses amounting to c.£500,000 a month. The company was placed in administration on 31 July and the business sold to Circle – its largest customer and a material creditor – immediately afterwards. Under the deal, Circle has taken on Unilabs sites in north London and New Cavendish Street. Its third site, the Harley Street Breast Clinic, had already ceased trading and was not part of the transaction. All existing laboratory operations have now transitioned to Circle and continue to provide pathology,

histopathology, blood sciences, microbiology and specialist diagnostic services, serving an established base of more than 90 external healthcare clients. PureHealth already operates PureLab, a 150-laboratory strong business, which processes over 25 million tests annually. It will leverage its experience to help Circle further develop the UK business and build an integrated diagnostics model across its UK operations. PureHealth Group CEO Shaista Asif said: ‘By combining Circle Health Group’s leading UK hospital network with PureHealth’s global diagnostics expertise, we are building a more connected model of care that will benefit patients and healthcare partners across the UK.’ Alongside supporting Circle’s hospitals, the laboratory network will continue to provide diagnostic services to existing external healthcare clients across the UK, while seeking to expand its client

Paul Manning, CEO, Circle Health Group

base. The expansion forms part of Circle Health Group’s multi-year growth strategy to increase access to healthcare and diagnostic services. Circle Health Group CEO Paul Manning said its ambition was to build a worldclass diagnostics network for the UK by investing in next generation technology, equipment and AI as well as scientific talent. ‘Integrating diagnostics more closely with our hospitals allows us to deliver a more connected model of care. It strengthens collaboration between clinicians and laboratory specialists,

improves operational responsiveness and provides a strong foundation to support our continued growth while maintaining high-quality services for our external healthcare partners,’ he said. ‘At the heart of this integration, our key priority is to ensure patients can access high-quality diagnostics swiftly, seamlessly and closer to where they receive their care. By bringing these capabilities together across our UK network, we can expand access, accelerate diagnostic pathways and enable better, more timely clinical decisions for patients.’

Benenden Hospital NHS income rises 14% Benenden Hospital grew NHS and private patient revenues in 2025, but a sharp fall in income from Benenden Healthcare Society members pulled overall clinical income down 6.6% to £44.4m. NHS income rose 14.2% to £9.9m, while PMI revenue increased 7.4% to £1.3m and self-pay income edged up 0.8% to £9.8m. By contrast, income from Society members – the hospital’s largest source of revenue – fell 16.2% from

| OCTOBER 2026 | HM - LaingBuisson

£28m to £23.5m. The decline followed changes to the treatments funded by the Society for its members, which enable those in its ‘outer catchment area’ to receive treatment locally rather than being referred to the hospital. The accounts cover 11 months of hospital trading, compared with 12 months in 2024. On 1 December 2025, The Benenden Hospital Trust transferred the hospital’s business and assets to The Benenden Healthcare

Society, which immediately transferred them to its wholly owned subsidiary, Benenden Hospital Limited. Total income fell 6.7% to £45m from £48.2m, while expenditure decreased 6.3% to £45.6m from £48.7m, widening the hospital’s deficit to £668,000 from £490,000 the previous year. Benenden said NHS, self-pay and PMI income had all been growing before the December transfer, in contrast with the decline in Society-funded income.

Society members accounted for around 53% of clinical income in 2025, down from 59% the previous year. The NHS share increased from around 18% to 22%. Total admissions fell 14.7% to 7,851, while outpatient appointments declined 7.1% to 65,499 and referrals were down 6% to 34,003. However, Benenden said the reduction reflected the 11-month reporting period and that average monthly referrals and appointments were broadly unchanged year-on-year.

OCTOBER 2026

Circle health; Benenden; Cleveland Clinic

Cleveland Clinic London cuts losses as patient activity drives revenue above £215m Cleveland Clinic London narrowed its losses in 2025 as rising inpatient, day case and outpatient activity pushed revenue up 16% to £215.1m. The US-owned hospital operator reported a loss after tax of £106.5m for the year ended 31 December 2025, down from £131m in 2024. The company said the improvement reflected higher revenue and continued growth in patient services as it progressed the phased ramp-up of its London operations. Activity increased across all three of its main patient settings. Inpatient admissions rose 10% to 6,031 from 5,476, while day cases increased 16% from 7,228 to 8,411. Outpatient visits were up 14% at 135,713 compared with 119,185 in the previous year. Cleveland Clinic London opened its 184-bed hospital at 33 Grosvenor Place in March 2022 and also operates outpatient facilities at Portland Place and Moorgate. The company has gradually brought services on stream since opening, saying the phased approach is intended to maintain quality and safety as volumes increase. Revenue from patient services rose 17% from

‘The company described the continuing losses as consistent with its business plan for the start-up phase. The 2025 figures nevertheless show a marked improvement in the underlying trading trajectory.’

£177.7m to £207.7m and accounted for the vast majority of turnover. Other revenue, primarily grant funding and programme service income, increased from £6.8m to £7.4m. The previous year also included £675,000 of insurance proceeds relating to claims over delays in the construction and completion of the hospital. Despite the increase in activity, the business remained loss-making as the cost base associated with its hospital and outpatient operations continued to outweigh revenue. Cost of sales increased 5% to £224.8m from £213.3m, but revenue growth significantly outpaced the rise. As a result, gross losses narrowed from £28.1m to £9.7m. Administrative expenses also fell 5% from £103.4m to £98.1m, reducing the operating loss from £131.5m to £107.8m. Interest income of £1.3m, up from £481,000, brought the pre- and post-tax loss to £106.5m. Personnel remains one of the largest elements of the cost base. Total staff costs increased 4% to £148.6m,

including £120.8m of wages and salaries, £16.2m of social security costs and £11.5m of pension contributions. The increase came despite the average workforce remaining broadly flat at 1,682 compared with 1,687 in 2024. Clinical headcount increased from 1,046 to 1,087, while non-clinical employees fell from 635 to 590. Depreciation on tangible fixed assets remained a significant expense at £22.6m, although this was down from £23.7m, while amortisation fell from £14.2m to £11.8m. Operating lease costs were broadly unchanged at £20.7m. The accounts point to continued pressure from the wider operating environment. Cleveland Clinic London said inflation in labour and supplies, alongside healthcare workforce shortages, was putting pressure on its cost structure. It said it was pursuing cost-containment initiatives to improve operational efficiency while retaining capacity to invest in strategic projects. That investment is set to continue as the group

expands its London footprint. Construction began in November 2025 on a new cancer centre at 40 Grosvenor Place, close to its main hospital, with completion expected by the end of 2027. Construction and other capital commitments stood at £32.6m at the end of 2025, up sharply from £7.6m a year earlier. The company also had £672.4m of future minimum operating lease commitments, compared with £442.3m at the end of 2024, including £365.9m relating to its longterm lease with fellow group company 33 Grosvenor Place Ltd. The company described the continuing losses as consistent with its business plan for the start-up phase. The 2025 figures nevertheless show a marked improvement in the underlying trading trajectory, with double-digit growth in patient activity and revenue substantially reducing both gross and operating losses as Cleveland Clinic London moves further through its post-opening ramp-up.

laingbuissonnews.com

| OCTOBER 2026 | 47

Intelligence Company results round up

A summary of the latest results available in the healthcare sector Year end

Revenue £m

%Δ

EBITDAR £m

%Δ

EBITDAR Margin

Assura Ltd

2025

167.10

17%

153.00

17%

92%

BHSF Group Ltd

2025

41.28

‒

Birmingham And District General Practitioner Emergency Room Ltd

2026

13.71

0.02

0.95

-0.56

0.07

Bourn Hall Ltd

2025

15.80

15%

2.06

59%

13%

Caretrust UK Ltd

2025

50.04

-0.08

58.36

0.04

1.17

Diagnostic Healthcare Ltd

2025

23.12

-10%

3.68

-46%

16%

Ergea UK And Ireland Ltd

2025

161.93

25.66

121%

16%

Fresenius Medical Care Renal Services Ltd

2025

56.48

11%

7.69

-39%

14%

Goodshape UK Ltd

2024

5.73

-8%

-0.67

63%

-12%

Horder Healthcare

2025

37.91

-2%

-0.52

35%

-1%

Kims Kent Holdings Ltd

2025

52.21

0.06

-1.04

-9.50

-0.02

London Women'S Clinic Ltd

2025

37.90

0.05

5.09

-0.26

0.13

Nhs Professionals Ltd

2025

1202.54

27.54

30%

Northumbria Primary Care Ltd

2025

30.04

98%

1.85

236%

Nuffield Health

2025

1480.60

208.80

18%

14%

One Health Group Plc

2025

28.38

22%

1.62

-3%

Primary Health Properties Plc

2025

259.00

43%

212.00

59%

81.9%

Sanctuary Personnel Ltd

2025

84.38

-15%

-8.66

-20,187%

-10%

Tempest Resourcing Ltd

2025

59.36

-2%

0.93

-39%

Total Assist Holdings Ltd

2025

11.69

-40%

0.04

117%

Tunstall Group Holdings Ltd

2025

221.15

-12%

21.57

-38%

10%

United Medical Enterprises Group Llp

2025

12.03

3.62

90%

30%

Organisation

NOTES: Δ CHANGE FROM PREVIOUS YEAR N/A NOT AVAILABLE 1 THE %Δ DIFFERENCE IS DUE TO A CHANGE IN THE ACCOUNTING MONTH-END PERIOD. nfp NON-PROFIT ORGANISATIONS, WHERE REVENUE INCLUDES INCOME FROM TRADING ACTIVITIES ONLY ins INSURANCE COMPANIES DO NOT HAVE EBITDAR METRIC

| OCTOBER 2026 | HM - LaingBuisson

INBUSINESS

OCTOBER 2026

Radiology Partners; Everlight Radiology

Radiology Partners to acquire Everlight Radiology from Livingbridge US radiology group Radiology Partners has agreed to acquire teleradiology provider Everlight Radiology from private equity firm Livingbridge. Financial terms have not been disclosed. The transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to complete in the coming months. The deal will bring together Everlight’s international teleradiology operation, which serves healthcare providers across the UK, Ireland, Australia, New Zealand and South Africa, with one of the largest radiology businesses in the US. Everlight, which provides remote radiology reporting using a global network of consultant radiologists, will retain its headquarters in London and Sydney following the acquisition, with no planned changes to its management team, strategy, operational workforce or network of radiologists. The acquisition comes as healthcare systems internationally face rising diagnostic imaging volumes alongside shortages of radiologists, increasing demand for outsourced and remote reporting services. The acquisition gives Everlight access to the technology and clinical infrastructure developed by Radiology Partners in the considerably larger US market. Through its RP Clinical Services division, Radiology Partners serves more than 3,400 hospitals and other healthcare facilities in the US and provides services to tens of millions of patients each year. Its teleradiology business,

vRad, has operated since 2001 and has served almost 120 million individual patients. Radiology Partners said the business is supported by 25 patents and more than 25 proprietary clinical AI models. Rob Anderson, global CEO of Everlight Radiology, said growing demand for radiology reporting meant the business needed additional investment to expand its clinical capacity and technology. ‘Drawing on their deep expertise in the radiology sector, RP will support Everlight’s next chapter of growth, enabling faster innovation, further embedding of AI and technology into critical clinical workflows, and broader reach of Everlight’s differentiated offering to even more patients globally,’ he said. Radiology Partners chairman and CEO Rich Whitney said workforce constraints were central to the strategic rationale for the deal. ‘For 20 years, Everlight has been solving a problem every health system now recognises: imaging demand is growing much faster than the radiologist workforce,’ he said. ‘Rob Anderson and his team have built a uniquely scaled organisation with a global network of consultant radiologists, and the technology and clinical governance to support them. We are not here to change that. Everlight will be led by the same team, from London and Sydney, serving the same customers to the same standards. What we can add is investment, clinical depth and the advanced technology we have spent years building in teleradiology, so that Everlight’s next 20 years are even more globally

impactful than its first.’ The transaction represents an exit for Livingbridge following five years of investment in Everlight, during which the teleradiology provider expanded geographically and developed its technology platform. Rob Roger, chair of Livingbridge, said: ‘It has been a privilege to work alongside the Livingbridge and Everlight teams and to have played a part in building a truly globally successful teleradiology provider over

the past five years.’ Morgan Stanley & Co International was lead financial adviser to Everlight and Livingbridge, alongside Allier Capital, with Allens and Linklaters serving as joint legal advisers. Candesic provided AI vendor commercial due diligence. Rothschild & Co and Barclays are advising Radiology Partners on the transaction, with Jones Day and Kirkland & Ellis acting as legal counsel.

Rob Alexander, global CEO, Everlight Radiology

laingbuissonnews.com

| OCTOBER 2026 | 49

INBUSINESS ‘Another challenging year’ for Horder Healthcare Horder Healthcare reported a £9.5m deficit for 2024/25 as healthcare income declined and an £8m impairment charge contributed to a sharp increase in expenditure. The charitable hospital operator, which runs The Horder Centre in East Sussex and The McIndoe Centre in West Sussex, reported total income of £40m for the year ended 30 June 2025, down 2.5% on the previous year. Income from the provision of healthcare services, which accounts for the vast majority of Horder’s revenue, fell 1.7% from £38.6m to £37.9m as private patient volumes fell across both sites. Private patient activity at The McIndoe Centre was below plan at 1,487 vs 1,619 due to a drop in ophthalmology daycase activity. However, including outpatients, the centre achieved 103% of its private patient income budget. At the Horder Centre, private patient activity fell by 12% year-on-year while income dropped by 6%. Overall, it achieved 90% of its private patient income budget. This was partly offset by stronger NHS work. Horder said NHS income at The Horder Centre came in £1.5m ahead of plan as it supported elective recovery

‘...tight budgets management and cost controls mean Horder’s underlying performance is ahead of plans.’

| OCTOBER 2026 | HM - LaingBuisson

and waiting-list initiatives. At The McIndoe Centre, NHS procedure income was 24% ahead of plan, although its Queen Victoria Hospital contract was running at lower levels than in previous years. The charity also successfully launched the East Sussex MSK contract in December 2024. Other trading income increased from £753,000 to £837,000, while other income fell from £1.1m to £971,000. Investment income reduced from £313,000 to £211,000 and donations and legacies fell sharply from £312,000 to £69,000. At the same time, total expenditure increased 14% from £43.6m to £49.7m. The result was net expenditure of £9.7m, compared with £2.5m in 2024. A £220,000 gain on the disposal of an investment in a joint venture reduced the overall net movement in funds to a £9.5m deficit. Across the organisation, total staff costs increased 4.6% from £18.2m to £19.1m. Horder said its

focus on recruitment and retention had helped reduce agency expenditure. Clinical vacancies stood at 1.8%, significantly below its target ceiling of 5%, although clinical staff turnover remained above target at between 16% and 18.4%. Temporary staffing represented 18.8% of the clinical establishment. Horder described 2024/25 as ‘another financially challenging year’, saying it had achieved its forecast income but recorded an EBITDA deficit as well as a net loss following depreciation and an £8m impairment of fixed assets. Cash reserves also reduced during the year, with funds transferred from deposit accounts to current accounts to support operations. Despite the deficit, Horder said tight budget management and cost controls meant its underlying performance was ahead of plan. Excluding the impairment charge, the organisation finished the year £1.03m ahead of budget, while its cost improvement programme delivered approxi-

mately £750,000 of savings. The directors said they are considering a number of strategies to secure the organisation’s future and have stress-tested its forecasts. Their modelling indicated that annual income would have to fall by 10% before Horder would cease to forecast a positive cash balance, before taking account of potential mitigating actions. The board said it did not regard such a reduction as plausible and concluded that the charity had sufficient resources to meet its liabilities for at least 12 months from signing the accounts. Looking ahead, Horder said it would continue to focus on NHS work, including elective orthopaedics and waiting-list initiatives, while seeking to grow private patient activity and improve its longer-term financial sustainability. It expects overseas nurse recruitment and improved retention to continue reducing temporary staffing costs, while lower energy consumption should help mitigate inflationary pressure.

OCTOBER 2026

Horder Healthcare; Fresenius; Axo Longevity

Fresenius swings to £6.3m loss as costs rise Dialysis clinic operator Fresenius Medical Care Renal Services swung to a £6.3m loss in 2025 as rising costs and a £5.5m deferred tax charge outweighed double-digit revenue growth. Turnover increased 11.4% to £56.5m in the year ended 31 December 2025, driven by new clinic openings, the full-year impact of previously opened clinics and organic patient growth. However, gross profit fell almost 10% to £11.6m as cost of sales increased 18.6% to £44.8m. Administrative expenses increased 39.7% to £14m during the year, contributing to the deterioration in operating profit. Staff costs were up

sharply, rising 18.5% to £11.6m despite a reduction in average employee numbers from 188 to 157. Average administration headcount fell from 49 to 17, while the number of employees working in nursing services edged up from 139 to 140. The result was an operating loss of £2.4m, reversing a £2.9m profit in 2024, while EBITDA fell from £7.4m to £2m. Gross margins contracted from 25.5% to 20.6%. Fresenius said the deterioration in operating performance reflected the transfer of clinical manager salaries from another group entity for disclosure purposes,

bringing their treatment into line with other non-nursing staff costs across the group. The company builds and operates dialysis clinics and provides treatment services under contracts with local NHS organisations. It said customer tender pricing remained under pressure as a result of NHS funding constraints. After finance costs, Fresenius booked a pre-tax loss of £3.3m, compared with a £2.4m profit in 2024. Intra-group interest payable increased from £700,000 to £900,000. The bottom-line loss was increased by a £3m net tax charge. Fresenius recorded a £2.5m current tax credit,

including £2.3m relating to the current year, but this was more than offset by a £5.5m deferred tax charge. The result was a £6.3m post-tax loss, against a £3.2m profit in 2024. Looking ahead the directors said they were confident the company’s strategy would continue to meet shareholders’ expectations in the years to come. ‘Based on the company’s forecasts, this trading position provides access to sufficient working capital via continued funding support from its immediate parent company for the company to trade on an orderly basis for the foreseeable future,’ they added.

Membership-based longevity business raises $5m in seed funding Axo Longevity has secured $5m in seed funding to accelerate its European expansion, just months after launching its preventive health membership business. The company, which operates a subscription service combining blood testing with personalised health monitoring, is already live in five European markets and Peru and says it has built a waiting list of more than 19,000 people. The oversubscribed round was backed by MS&AD Ventures, Izou Partners, LifeX Ventures, Everywhere Ventures, UNQ, 51 Ventures, Cistern Capital and NIAN Sports & Entertainment. Angel investors included Dr Jorge Planas of Clinica Planas Barcelona and Daniel Kulle, the former president of H&M and former chief executive of Forever 21. Axo will use the capital to

expand its network of partner laboratories, develop its AIpowered health platform and move into the Nordics, Italy and Portugal. Founded in 2025 by Andrew McCarthy, Sergio Tang and Octavia Seymour, the London- and Madridbased company is targeting growing consumer demand for preventive health services that identify potential health risks before symptoms develop. Its business model is built around recurring memberships and repeat blood testing rather than one-off diagnostic tests. Axo’s main €490-a-year membership includes two blood panels a year, each measuring more than 100 biomarkers, alongside a health score, biological-age assessment and personalised health plan. Lower-priced memberships start at €190 a year. The company has

expanded rapidly since launch, moving from development to live operations within 12 weeks. It now operates in the UK, Ireland, Spain, Germany, the Netherlands and Peru, with access to more than 1,400 laboratory locations through partners including Randox, Sussex Pathology, Eurofins, MDI Limbach and Multilab. ‘Europe has exceptional clinical infrastructure, but for consumers it is fragmented, and they might only be able to access it when they are sick,’ said Tang, Axo Longevity co-founder and chief product and growth officer. ‘We are delivering a single membership experience that works seamlessly and equips people with a data-driven understanding of their health – and a clear action plan of exactly what to do next.’ Jon Soberg, CEO and

managing partner of MS&AD Ventures, added: ‘Consumer health companies usually fail on operations, not on science. Axo Longevity is live in six countries with Europe’s largest working laboratory network and members returning for repeat testing. That kind of infrastructure and engagement is much harder than launching a single market – and that’s exactly the kind of execution we look for.’

Sergio Tang, co-founder, Axo Longevity

laingbuissonnews.com

| OCTOBER 2026 | 51

INBUSINESS Bourn Hall profits surge Fertility provider Bourn Hall more than quadrupled its bottom-line profit in 2025, boosted by double-digit revenue growth and improved margins. The Cambridgeheadquartered company, which provides both self-funded and NHScontracted fertility services, reported turnover of £15.8m for the year ended 31 December 2025 – up 14.9% on 2024. Gross profit increased 26.2% from £4.9m to £6.1m as revenue growth outstripped an 8.7% increase in cost of sales to £9.7m. This lifted the gross margin from 35.4% to 38.8%. Operating profit more than tripled from £272,000 to £860,000, taking the operating margin from 2% to 5.4%. EBITDA increased 112% from £695,000 to £1.47m. The directors said

the improvements reflected the ‘underlying strength of the trading business’ following a period of strategic realignment and operational improvement. Pre-tax profit increased from £184,000 to £822,000. The results mark a significant strengthening in trading at Bourn Hall, whose directors said revenue performance had been strong across both NHS and self-funded treatment streams, while greater cost discipline had improved margins and cash generation. Cash strengthened considerably during the year. Cash at bank and in hand rose 69.8% from £1.3m to £2.3m, with positive operating cash flow. According to the directors, the stronger cash position enabled investment in clinical equipment and infrastructure. Net current assets almost

doubled from £1m to £2.1m. Net assets increased 8% from £10.2m to £11m, reflecting the profit generated during the year. Shareholders’ funds stood at £11m at year end, including £4.7m in retained profit and loss reserves. The improvement came despite rising employment costs as Bourn Hall expanded its workforce. Total staff costs increased 13.4% from £5.8m to £6.6m, including a rise in wages and salaries from £5.1m to £5.7m. Social security costs increased from £508,000 to £654,000 and pension contributions rose from £221,000 to £248,000. Average headcount increased from 128 to 137 and average full-time equivalent employees rose from 108 to 118. Medical FTEs increased from 46 to 49, scientific staff from 18 to 21 and administration from 44 to 48. Looking ahead, the

directors said the company was well-positioned to build on the success of the past year and continue its recovery and growth. Priorities include further operational efficiencies and streamlining administrative processes, greater use of digital tools in the patient journey, expansion of fertility treatments and patient support services, alongside further investment in technology and equipment. The directors cautioned, however, that the fertility market remains competitive and identified changes in NHS funding policy and wider economic weakness as potential threats to patient volumes, particularly among private patients. Regulatory change and the need to keep pace with advances in fertility technology were also identified as principal risks.

Turnaround continues at BHSF BHSF Group Limited has reported ‘meaningful improvement’ in profitability in FY25 following continued action to reshape the business and place it on a more sustainable footing. Total revenue from continuing operations increased by 3.8% to £43.6m for the year ended 31 December 2025 after the Group sold its occupational health subsidiary to Optima Health 11 months earlier. Chief executive Stuart Hayhurst said 2025 marked a pivotal year in which BHSF launched its new Health and Wellbeing Plan, began migrating policyholders to a new administration platform, and took steps towards digitalisation. Hayhurst said divestment

| OCTOBER 2026 | HM - LaingBuisson

of the occupational health business had enabled the company to concentrate on its core insurance proposition and areas where it can deliver the greatest long-term value. Total premium income increased by just shy of 5% to £41.3m despite a 0.5% decrease in policies underwritten as BHSF increased premiums by more than 4% as part of its continued repricing strategy. At the same time claims incurred fell by 2% to £31.6m with an improved claims ratio of 76.7% against 81.2% in 2024. ‘In 2026 we will continue to increase prices on insurance products where required to adjust to significant increases in claims experience observed in recent years,’ said the company. ‘We also expect

to see benefits from a number of cost-reducing measures taken during 2025 in the form of lower administrative cost ratio.’ After net operating expenses of £12.5m (2024: £11.9m), the deficit on the technical account reduced from £4.5m to £2.9m. On the non-technical account, investment income and unrealised gains totalled £1m (2024: £834,000). Other income of £2.4m was largely offset by charges and investment expenses, resulting in an overall pre-tax deficit of £2m against a total deficit of £3.4m the previous year. The Group ended the year with total assets of £20.8m and accumulated funds of £14.6m. Hayhurst said that

although the business remains in ‘a recovery phase’, the actions taken during the year have improved its underlying performance and its trajectory. ‘Overall, these results demonstrate clear progress, although further improvement is required to reach a sustainable breakeven position. The focus remains on continuing to improve claims performance, manage costs, and drive sustainable growth,’ he said. Looking ahead, Hayhurst said the priority for the business was to build on its progress by accelerating operational improvements, completing the next phase of system migration and further strengthening its financial position.

OCTOBER 2026

Bourn Hall; BHSF; Doctor Care Anywhere; Radar Healthcare

Doctor Care Anywhere books profit rise Australian-listed telehealth provider Doctor Care Anywhere (DCA) has announced higher profit and cash generation in the first half of 2026 as tighter cost control and improved margins offset modest underlying revenue growth. Revenue was up 6.3% to £20.4m in the six months to 30 June, including a £0.9m contribution from weight management business DCA Medicspot, which was acquired in May as an immediate route into the growing UK GLP-1 market. Excluding the acquisition, revenue increased 1.7%. Non-insurance revenue increased to 11% of total revenue from 7% a year earlier, driven by corporate and direct-to-consumer subscriptions. Based on Medicspot’s current monthly run rate of around £0.5m, DCA said this could rise to approximately 19% on an annualised basis,

assuming current trading levels continue. Activity in DCA’s core telehealth business was broadly stable. Consultation volumes increased 1.4% to 354,900, while repeat patients accounted for 74% of consultations, up from 72.9% a year earlier. EBITDA jumped by 27.1% to £2.6m while the EBITDA margin widened by 2.1 percentage points to 12.8%. Operating profit rose 18.6% to £1.1m and net profit was up 28.5% to £0.6m. The improvement came as total staff costs fell 4.9%. DCA attributed the reduction to tighter control of labour hours and workforce mix following changes to its operating model last year. Contribution, which the company now reports on the same basis as gross profit, increased 8.8% to £8.6m, while the contribution margin improved from 41% to 42%.

Cash generation also strengthened during the period. Free cash flow more than doubled to £1.5m and cash at the end of June increased 60.3% year-on-year to £7.7m, despite DCA funding the £0.9m acquisition of Medicspot from existing resources. The group has also expanded its routes into the self-pay market through a partnership with Ramsay Health Care UK. Under the deal, Ramsay patients can access self-pay virtual GP consultations through DCA, with onward referrals into Ramsay’s hospitals and consultant network where secondary care is required. Chief executive Laura O’Riordan said the results demonstrated the progress made in improving the group’s cash position and diversifying its operations. ‘Free cash flow more than

doubled to £1.5m, and we completed the acquisition of our new weight management business, which was funded out of existing cash reserves rather than raising new capital,’ she said. ‘The weight management business gives us a position in one of the fastest growing areas of private healthcare, our partnership with Ramsay Health Care UK connects our primary care service into a secondary care pathway, and three quarters of our consultations are now delivered to patients who have used us before.’ DCA’s improved cash generation has also resulted in a change to its reporting requirements. In July, the Australian Securities Exchange granted the company relief from quarterly reporting requirements following its sustained cash generation.

Radar Healthcare expands with Cemplicity acquisition Radar Healthcare has acquired patient experience and outcomes platform Cemplicity as it continues to expand its healthcare quality and safety technology offering. Financial terms of the transaction have not been disclosed. Cemplicity provides technology for collecting and analysing patient-reported experience measures (PREMs), patient-reported outcome measures (PROMs) and real-time patient feedback. Its platform also covers shared decision-making, surgical site surveillance, service recovery and post-treatment outcomes. The acquisition will enable Radar Healthcare to combine these capabilities with its existing technology for quality,

risk, compliance, incident, audit and action management. The company said the aim is to give healthcare organisations greater ability to link patient experience and outcomes data with their clinical governance and improvement processes. The deal follows Radar Healthcare’s acquisition of EIDO Healthcare, which provides digital consent and patient information technology. Together, the acquisitions extend Radar’s offering across patient engagement and consent as well as quality, safety and risk management. Radar Healthcare said Cemplicity customers would continue to have access to their existing products and support following the acquisition. The two businesses will

subsequently explore ways of connecting their platforms and data across patient experience, outcomes, quality, safety and risk. Edward Bellamy at Radar Healthcare said: ‘Cemplicity brings deep expertise in patient experience, patient-reported outcomes and real-time patient insight, which strongly complements Radar Healthcare’s quality, risk, compliance and improvement platform. ‘Together, we can help customers connect what patients are experiencing with the workflows needed to act on that insight and drive meaningful improvement.’ Blaik Wilson at Cemplicity said: ‘Cemplicity has always focused on helping healthcare teams understand experi-

(L-to-R) Edward Bellamy, Radar Healthcare Group and Nick MacDonald, Cemplicity

ence and outcomes from the patient perspective,’ he said. ‘Joining Radar Healthcare gives us an exciting opportunity to build on that work, extend our impact and support more organisations in using patient-reported insight to improve care.’ Radar Healthcare is backed by private equity firm Marlin Equity Partners, which is supporting continued investment in the company’s technology platform, workforce and customer operations.

laingbuissonnews.com

| OCTOBER 2026 | 53

Intelligence Major transactions in UK healthcare October 2026 Target (owner)

Date

Acquirer (owner/country)

Sub sector

Deal value (£m)

EV (£m)

Transaction type

Significant transactions Jul-26

Portfolio of 12 hospitals operated by Spire Healthcare

Hospitals

Blue Owl Capital and Moor Park Capital Partners

1,300

M&A

Jul-26

Ramsay Diagnostics UK Ltd’s mobile MRI and CT fleet

Diagnostic services

Medneo

M&A

May-26

TFP Fertility Group

IVF

Amulet Capital Partners

M&A

Mar-26

Gleamer

Diagnostic services

RadNet (via DeepHealth)

200

M&A

Feb-26

Axon Diagnostics

Diagnostic services

Medica Group

M&A

Nov-25

Practice Plus Group

Hospitals

Narayana Health

188.8

M&A

Oct-25

Hologic

Technology

Blackstone & TPG

13,700

M&A

Oct-25

King Edward VII’s Hospital (KEVII)

Hospitals

Bupa

M&A

Aug-25

Assura Plc

REIT

Primary Health Properties (PHP)

1,800

M&A

Jul-25

ART Fertility Clinics

IVF

IVI-RMA Global

400

M&A

Jul-25

Amethyst Healthcare

Cancer care

Fremman Capital

M&A

Jun-25

Optegra Group

Ophthalmology

EssilorLuxottica

M&A

Smaller/other transactions Aug-26

Three former Rutherford Health cancer centres in Bedlington, Newport and Reading

Oncology

Icon Group

M&A

Aug-26

Cemplicity

Technology

Radar Healthcare

M&A

Jul-26

Mindstep

Digital Health

Onebright Group Ltd

M&A

Jun-26

Eucalyptus

Digital health

Hims & Hers Health

M&A

May-26

Medicated weight-loss business of Outcome Diagnostics Ltd and MedicSpot

Telehealth

Doctor Care Anywhere

M&A

Apr-26

St Matthews Healthcare

Specialist hospitals

CGEN Care Group

M&A

Mar-26

Tidal Training

Health and social care training

Realise Training Group

M&A

Mar-26

Apollo Home Healthcare

Complex care

Sovereign Capital Partners

M&A

Mar-26

Herts & Essex Fertility Centre

IVF

FutureLife

M&A

Feb-26

Alvie Health

Digital health

Reframe Cancer

M&A

Feb-26

The Daley Care Centre

Social care

Cygnet Social Care

M&A

Jan-26

Care Quality Pharmacy

Medicines management services

Pharmacy2U

M&A

Dec-25

Swift Surgical

Medical devices

Electiva Healthcare

M&A

NOTES INCLUDES TRANSACTIONS OVER £10M. UD UNDISCLOSED

| OCTOBER 2026 | HM - LaingBuisson

OCTOBER 2026

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OCTOBER 2026

Intelligence Health Search, Hospitals ‒ England October 2026 CQC ratings of acute hospital providers Rank

Provider

No. of hospitals

% good or outstanding

% not yet inspected

Spire Healthcare

100

Nuffield Health

100

Optegra

100

Phoenix Hospital Group

100

Bupa Hospitals and Clinics

100

Horder Healthcare

100

Epsomedical Ltd

100

Fortius Clinic

100

Bespoke Healthcare Limited

100

Ramsay Health Care UK

CQC ratings of mental health hospital providers Rank Provider

No. of hospitals

% good or outstanding

% not yet inspected

Alternative Futures Group Ltd

100

Ellern Mede

100

Priory Group

Barchester

Cygnet

Elysium Healthcare

Inmind Healthcare Group

St Matthews Limited

Options for Care

Active Care Group

SOURCE LAINGBUISSON’S HEALTH SEARCH

DATA CORRECT AS OF 28 SEPTEMBER 2026

A major refresh of LaingBuisson’s care quality portal tool...

| OCTOBER 2026 | HM - LaingBuisson

Hospitals

Mental Health

Staffing

Vet

IHH Healthcare

Fresenius

Life Healthcare

Medical Park Hospitals

Medicover1

Pihlajalinna

Ramsay Health Care

Rhön-Klinikum

Spire Healthcare

Acadia Healthcare

Universal Health Services

Dedicare2

CVS Group

laingbuissonnews.com

£901

SEK 436.45

$9,086

$2,624

£984

€ 971

$12,396

€ 237

SEK 17,751

44,423 ₺

R 1,725,786

€ 25,160

RM69,717

€ 972.71

£453

^FTSE

10,655

24,057

£0.9

Share price

£2,398

Market cap (m)

Local Currency

£12.8

SEK 57.80

$175.8

$28.2

£2.5

€ 14.5

$53.7

€ 10.5

SEK 238.50

435.0 ₺

R 1,206.0

€ 44.7

RM7.9

€ 7.68

£13.2

$320

€ 10,581

78%

97%

71%

79%

96%

93%

100%

61%

81%

85%

86%

84%

75%

72%

50%

70%

81%

97%

96%

84%

% of 52-week high

7.4%

-5.8%

YTD (%)

Technical

8.3%

0.8%

36%

-20.1%

97%

45%

13.3%

55%

-27%

13%

14%

-6%

-8%

-20%

-31%

-23%

-4%

YTD (%)

2,398

Market cap

144,509

8,501

984

901

6,706

1,937

984

834

6,606

203

1,366

676

79,408

21,605

12,640

835

453

236

9,086

Market cap

3,288

Net debt

1,414

263

165

Cash

3,406

1,747

332

Cash

2,533

685

Cash

7,913

2,137

263

Cash

4,884

Net debt

4,434

1,370

639

112

12,816

2,445

1,580

1,370

9,419

560

2,042

838

1,155

19,642

4,668

1,098

152

16,761

Sales

454

117

1,568

-684

122

233

139

227

-13

2,261

804

117

2,719

EBITDA

5,686

224

Sales

6.6%

Yield

TTM Fundamentals (GBP £m)

168,549

9,915

1,316

1,066

10,112

3,684

1,316

716

9,138

267

2,052

749

79,383

29,519

14,777

1,098

454

223

13,970

TTM Fundamentals (GBP £m)

42%

EBITDA margin

10%

2.8%

12%

-28%

3.7%

8.2%

27%

-1%

12%

17%

11%

30%

28%

16%

EBITDA margin

35.3x

Net debt/ EBITDA

1.8x

2.0x

3.5x

Cash

2.2x

Cash

10.9x

1.4x

4.9x

0.3x

2.0x

3.5x

2.7x

2.2x

0.0x

Cash

1.8x

Net debt/ EBITDA

£1.15

EPRA NTA per share

5.3x

1.0x

1.7x

0.2x

0.8x

1.5x

0.8x

0.5x

1.0x

0.5x

1.0x

0.9x

68.7x

1.5x

1.0x

2.7x

0.8x

EV/Sales

N/M

17x

56x

17x

N/M

61.4x

43x

15x

N/M

16x

33x

‒

29x

18x

PE ratio

-20%

Premium or Discount to NTA

Valuation

-358x

10x

23x

8.7x

6.4x

-5x

11x

14.0x

39x

5.8x

15x

3.3x

-6274x

13.1x

18x

10x

5.1x

EV/EBITDA

Valuation

LOCAL CURRENCY REFERS TO THE CURRENCY THAT THE STOCK IS LISTED IN

DATA CORRECT AS OF 14 SEPTEMBER 2026

NOTES 1 MEDICOVER’S MARKET CAP INCLUDES ALL OUTSTANDING SHARES AND NOT ONLY THE ONES LISTED ON THE NASDAQ NORDIC 2 DEDICARE’S MARKET CAP INCLUDES ALL OUTSTANDING SHARES AND NOT ONLY THE ONES LISTED ON THE NASDAQ STOCKHOLM 1 PRIMARY HEALTH PROPERTIES’ EBITDA DOES NOT INCLUDE EXCEPTIONAL REVALUATION LOSS ARISING FROM MERGER WITH MEDICX TTM TRAILING TWELVE MONTHS EBITDA EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTISATION YTD YIELD-TO-DATE PE CURRENT SHARE PRICE DIVIDED BY NON-FULLY DILUTED EARNINGS PER-SHARE EPRA EARNINGS IS THE IFRS PROFIT AFTER TAXATION ATTRIBUTABLE TO SHAREHOLDERS OF THE COMPANY EXCLUDING INVESTMENT AND DEVELOPMENT PROPERTY REVALUATIONS, GAINS/LOSSES ON INVESTING AND TRADING PROPERTY DISPOSALS, CHANGES IN THE FAIR VALUE OF FINANCIAL INSTRUMENTS AND ASSOCIATED CLOSE-OUT COSTS AND THEIR RELATED TAXATION. EPRA IS THE EUROPEAN PUBLIC REAL ESTATE ASSOCIATION, THE INDUSTRY BODY FOR EUROPEAN REITS. EPRA NTA (EPRA NET TANGIBLE ASSETS) IS A PROPORTIONALLY CONSOLIDATED MEASURE, REPRESENTING THE IFRS NET ASSETS EXCLUDING THE MARK-TO-MARKET ON DERIVATIVES AND RELATED DEBT ADJUSTMENTS, THE MARK-TO-MARKET ON THE CONVERTIBLE BONDS AS WELL AS DEFERRED TAXATION ON PROPERTY AND DERIVATIVE VALUATIONS. IT INCLUDES THE VALUATION SURPLUS ON TRADING PROPERTIES AND IS ADJUSTED FOR THE DILUTIVE IMPACT OF SHARE OPTIONS. A RECONCILIATION BETWEEN IFRS NET ASSETS AND EPRA NAV IS INCLUDED IN TABLE B WITHIN THE SUPPLEMENTARY DISCLOSURES.

^FTmc

FTSE 100

Primary Care Real Estate

Sweden

USA

Germany

Australia

Finland

Sweden

Turkey

South Africa

Germany

Malaysian

Finland

FTSE 250

MARKET INDEX

Primary Health Properties

REITS

TOTAL

Sub sector

Hospitals

Terveystalo

$0.55

€ 38.7

% of 52-week high

80%

HCIT

Craneware

Germany

Market cap (m)

Technical

81%

Diagnostics

Integrated Diagnostics

Share price

Local Currency

MEAN

Ambulatory Clinics

Fresenius Medical Care

MEDIAN

Sub sector

Company

HealthcareMarkets Index October 2026

| OCTOBER 2026 | 57

Inpost

IHPN appoints new director of regulation The Independent Healthcare Providers Network (IHPN) has appointed Vicky McNally as director of regulation. McNally will replace Dawn Hodgkins, who is leaving in the autumn. She joins after 29 years at Cygnet Health Care, where she held senior executive and board-level roles covering regulation, governance, quality and risk. During her time at Cygnet, the mental health provider grew from five to 147 services across England, Scotland and Wales. McNally was responsible for regulatory compliance, corporate governance, quality assurance and risk management across its mental health, social care and specialist services. She also developed Cygnet’s corporate governance framework and played a role in acquisition programmes worth more than £800m, including overseeing the regulatory and governance integration of acquired services.

McNally has served a six-year term as an elected independent sector representative on the NHS Confederation’s Mental Health Network Board and has been involved in government-backed initiatives and national improvement programmes. In her new role, she will lead IHPN’s work on regulation, quality and patient safety, working with members and national regulators. IHPN chief executive David Hare said: ‘Vicky brings an exceptional depth of experience and understanding of the regulatory environment in which independent healthcare providers operate. ‘Her knowledge of regulation, governance and quality, combined with her strong relationships across the sector, will be a real asset to IHPN and our members.’ McNally said: ‘I’m particularly looking forward to working with IHPN members, regulators and partners across the

Emily Miles

health and care system to help ensure that regulation supports high standards of care, while recognising the diversity and changing nature of independent healthcare provision.’

MPs endorse Baroness Neuberger as chair of CQC The health and social care committee has endorsed the government’s plan to hire Baroness Julia Neuberger as chair of the Care Quality Commission (CQC). The endorsement from MPs follows a pre-appointment hearing with Baroness Neuberger in September.

She was questioned on her experience and suitability for the role, and how she would help the CQC, which inspects and regulates health and social care services, regain credibility and trust. In her candidate questionnaire, Baroness Neuberger

identified a lack of trust and respect in the CQC as one of the key challenges facing the organisation, which she felt was caused by the organisation becoming demoralised after a series of changes to its senior leadership and recent poor organisational performance.

Baroness Julia Neuberger

Cygnet appoints Salim Matta as group clinical director Cygnet has appointed Dr Salim Matta as group clinical director. Matta, who previously held the role on an interim basis, has worked for the mental health and social care provider for nine years and has extensive experience in clinical leadership, service development and quality improvement. A consultant psychiatrist

| OCTOBER 2026 | HM - LaingBuisson

and experienced medical director, he has led clinical, operational and digital transformation programmes across mental health services in England, Wales and Scotland. He has also been instrumental in opening new services, developing innovative models of care and promoting co-production. Alongside his clinical leadership responsibilities, he has

championed workforce development, helping to strengthen psychiatric recruitment, training and professional development opportunities. As group clinical director, Matta will provide strategic clinical leadership across Cygnet’s nationwide network of services, with responsibility for supporting clinical standards, quality improvement and patient safety.

Salim Matta

Bupa makes three senior appointments Bupa has made three senior appointments to its UK executive team, including new leaders for Bupa Global and Bupa Dental Care. Siobhan Moynihan has been appointed general manager of Bupa Global, Jesús Bonilla will become general manager of Bupa Dental Care and Clare Binmore has been named chief financial officer for Bupa Global, India & UK (BGIUK). All three will take up their roles in October, subject to regulatory approval, and will report to BGIUK CEO Chris Carroll. Moynihan succeeds Anthony Cabrelli, who is retiring after a 40-year career in the international private medical insurance sector. She moves into the role from her current position as CFO for BGIUK, which she has held since rejoining Bupa in February 2022. Moynihan previously worked as finance director at Resolution Life and has held finance director roles within Bupa’s UK Insurance and Bupa Global businesses. Prior to that, she held senior finance positions at Coventry Building Society, London Capital Group Holdings and Deloitte. Cabrelli rejoined Bupa in 2021 as managing director of Bupa Global, having previously spent 21 years with the healthcare group in international leadership positions spanning general management, commercial operations,

business transformation and new business development. He also spent five years at UnitedHealth Group, where he was CEO of Global Solutions and worked on new market development and global benefits. Cabrelli will continue to work with Bupa in board and advisory roles following his retirement. Bonilla, meanwhile, will succeed Mark Allan as general manager of Bupa Dental Care. He joins the UK dental business following a 17-year career with Bupa’s Sanitas operation in Spain and has been managing director of Sanitas Dental since 2020. Bonilla was previously general manager of Sanitas Hospitals and Medical Centres and has held a number of other roles within the Spanish healthcare business. Allan is leaving Bupa to pursue other opportunities after leading Bupa Dental Care’s strategy and transformation since 2022. Binmore will replace Moynihan as CFO for BGIUK and join its executive team. She joined Bupa in 2022 as group performance and finance transformation director, having previously served as group strategy director at Aviva. She has also held senior finance roles at Friends Life UK, Swiss Re and PwC.

Vanguard Healthcare Solutions appoints CEO Vanguard Healthcare Solutions has appointed Rebecca Lythe as CEO. Lythe was previously managing director of Newmedica, where she oversaw the company’s expansion from ten to 34 sites. Prior to that, she held senior strategy and transformation roles across the wider Specsavers Group. Her earlier career included vice president of business transformation and chief compliance officer and executive board member at ASDA, following 14 years at KPMG.

Her appointment coincides with Vanguard’s expansion into the life sciences sector through Vanguard Life Sciences, launched in 2026 to provide modular cleanroom and containment infrastructure for pharmaceutical, biotechnology and research organisations. Lythe said there were significant opportunities across all three areas, where Vanguard’s existing presence provided the opportunities to apply its expertise to an adjacent and attractive market.

Siobhan Moynihan

Clare Binmore

Jesús Bonilla

Reset Health appoints Joanne Hackett to board Reset Health has appointed Dr Joanne Hackett to its board of directors. Hackett is vice president and global head of health system services at IQVIA and previously served as chief commercial officer at Genomics England, where she developed commercial and industry partnerships around its genomic medicine programme. A clinical academic, entrepreneur and investor, she has experience spanning health systems, life sciences,

health data and precision medicine. Reset provides personalised management of chronic conditions using continuous clinical care, real-world data, behavioural insights and AI to adapt treatment according to individual patient response. Its model is currently used in pharmaceutical patient support programmes, NHS clinical care and private treatment delivered through pharmacy partners.

laingbuissonnews.com

| OCTOBER 2026 | 59

Inpost

AXA Health International appoints Melissa Castro as head medical advisor AXA Health International has appointed Dr Melissa Castro as head medical advisor. Castro joins from Allianz Partners, where she spent almost nine years in roles spanning clinical practice, medical assistance, health insurance and operational leadership. In her new role, she will provide senior clinical leadership across AXA Health International and help shape the development of its international healthcare products and services. Her responsibilities will include advising on complex medical cases,

strengthening clinical governance and working with healthcare partners on new services. Originally from Mexico and now based in the UK, Castro has lived and worked in a number of countries and brings experience of different healthcare systems and the needs of internationally mobile customers. The appointment comes as AXA Health International, part of AXA Health Business, looks to expand its international health proposition and strengthen its position in the global health and employee benefits market.

Bevan Brittan appoints Amrish Sharma Bevan Brittan has appointed Amrish Sharma as banking and finance partner to support the law firm’s work across both the health and care and financial services sectors. Sharma, who joins from DWF, has more than 18 years of experience in advising lenders, private

Amrish Sharma

credit funds, private equity sponsors and borrowers on acquisition finance, leveraged finance and healthcare transactions across the UK mid-market. This includes acting on sponsor-backed buyouts, refinancings, bolt-ons and portfolio transactions across sectors, with an emphasis on healthcare, professional services and mid-market private equity. Based in Bevan Brittan’s London office, he will take on a dual role. In addition to supporting borrowers as part of the firm’s independent health and care team, he will also advise lenders connected to its insurance and financial services offering.

Melissa Castro

Broadstone appoints Josh Clark Financial services consultancy Broadstone has appointed Josh Clark as senior employee benefits consultant in its Risk & Health team. Clark joins from Aon and brings more than 15 years’ experience in the employee benefits and insurance sector. He has held roles at a number of insurance and employee benefits brokers, including Lockton and Towergate, having begun his career as a business administration apprentice before moving into consulting. At Broadstone, Clark will work within the firm’s Employee Benefits Consulting division, advising employers on risk, health and employee benefits

Josh Clark

strategies. His appointment comes as Broadstone expands its employee benefits business in response to growing employer demand for advice around workforce health, wellbeing and protection.

Henry Elphick joins Oliver Wyman Henry Elphick has joined Oliver Wyman as a partner in its healthcare & life sciences and private capital practices. Oliver Wyman, which is a Marsh business, works across risk, reinsurance and capital, people and investments, and management consulting. It has more than 7,000 employees across 70 offices worldwide.

| OCTOBER 2026 | HM - LaingBuisson

Elphick will support the firm to build out its healthcare private capital offering, supporting clients across the investment lifecycle while contributing to the growth of its healthcare & life sciences franchise. He joins from Mansfield Advisors, where he served as executive chair, helping grow the healthcare strategy consultancy firm.

He is founder and deputy chair of the European Healthcare Investor Association and has worked in healthcare throughout his career as a lawyer at Linklaters, investment banker at Rothschild, UBS, and Jefferies, and as a strategy consultant. He was also chief executive officer of LaingBuisson. He is a non-executive chair of Compass Recruitment Solutions.

Browne Jacobson appoints Vicky Tomlinson as head of health and care Browne Jacobson has appointed corporate partner Vicky Tomlinson as head of independent health and care, as the firm strengthens its offering to organisations operating across the sector. The UK and Ireland law firm’s independent health and care team of 200-plus lawyers works with clients including private hospitals and clinics, later living, specialist and complex care operators and children’s services organisations, as well as developers, investors and funders. With almost two decades’ legal experience, Tomlinson has focused solely on health and care transactions, advising providers, operators, shareholders, investors and funders on M&A and other

strategic transactions. She will be supported by senior members of the practice, including Emma Hinton, joint head of Browne Jacobson’s banking and finance team and a specialist in health and social care funding transactions; Victoria Thourgood, who leads the firm’s health, social care and life sciences real estate practice; and Carly Caton, who leads the firm’s international health and life sciences strategy. In 2023, Tomlinson founded Health and Care Connect, Browne Jacobson’s networking and thought leadership community for the independent health and care sector. It now has more than 1,000 members and brings together

Vicky Tomlinson

providers, operators, investors and advisers to share insight and discuss the issues shaping health and care.

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