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The country's top private medical institution is appealing to government for relief on business license fees and tax breaks on supplies.
Doctors Hospital, listed on the Bahamas International Securities Exchange (BISX), is reporting receivables north of 30 percent and a considerable decline in net income. According to its latest report, covering the first nine months of 2012, net income came in at $64,000 compared to more than $1.4 million in the previous year.
Charles Sealy, the CEO of Doctors Hospital, told Guardian Business that he has a "fantastic team" on the receivables side of the business.
"But it has been frustrating for them," he said.
"There continue to be even more challenges to get persons to meet their needs.
So it has increased. We are working with the team and the customers."
Net income over the nine month period decreased $406,000 compared to the same period in 2011, while total inpatient days declined 12 percent.
Stays in the critical care area fell by nearly 30 percent.
The loss of medical insurance, high unemployment and a generally tough economy have placed a major strain on the BISX-listed firm.
The CEO noted that 2013 is an opportunity to push more "cost improvement and reducing them to the greatest extent". That included more lobbying on the part of executives and medical professionals to receive tax breaks.
"We want to see how we can work with the government," he explained.
Like so many businesses, the cost of energy is especially hurtful to the bottom line. Sealy explained that the hospital has started putting in solar water heaters and plans to continuously introduce more efficiency to drive costs down, such as motion-sensitive services and modern lightbulbs.
But while times might be challenging for Doctors Hospital, there is plenty of reason for optimism.
Medical tourism has been a buzz word on the lips of both the private and public sector of late, particularly with the rise of stem cell therapy in The Bahamas.
Sealy revealed that a delegation of healthcare representatives from the U.S. will arrive in Nassau next month to discuss "contractual opportunities". The meeting was originally scheduled for last summer, but had to be delayed on account of Hurricane Sandy.
The delegates are planning to visit the main campus, as well as the new Bahamas Medical Center on Blake Road. Sealy noted that the clinic, specializing in niche, outpatient care, is still two years out before it starts to have a positive impact on the bottom line.
"But we should see some recognition of the business towards the end of the year," he added.
Rehabilitation services, elective surgery and stem cell procedures are all being seen as growth markets for Doctors Hospital going forward.
While inpatient revenue has declined, outpatient visits continue to growth. Diagnostic imaging, for example, saw a seven percent improvement.
Mr. Speaker, I am thankful to the fine people ofBamboo Town for the confidence that they have shown in me by electing me to this place.
Mr. Speaker, it is during times like these thatone is even more humbled to be among the few Bahamians to occupy this honourable place because one need not go far to hear Bahamians vocalize their expectation that somehow we in this place can and will find a way to emerge victorious from these economic challenges
The developer behind Schooner Bay says the community has "without a doubt" emerged as the greenest community in the country. Strategic construction and a number of alternative energy initiatives have reduced average household power consumption by 50 percent, according to Orjan Lindroth, the head of Lindroth Development Company Limited.