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The Warsaw Voice » Business » October 8, 2008
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Healthy Profit for Electus
October 8, 2008   
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Polish financial services firm Electus, which was the first company in this country to start a fund based on the restructuring of hospital debt, reported a net profit of zl.7.6 million on revenue of zl.19.2 million in the first half of this year. Electus thus became the local market leader in terms of revenue earned from providing financial services to health care centers.

Electus reported a revenue of more than zl.123 million from its own asset portfolio, in what was the best result in the sector. Last year, Electus' total revenue came to zl.34.4 million. The company's revenue in the first six months of this year accounted for more than 55 percent of its total revenue last year.

Even though the market for financing hospitals and other health care centers has only begun to develop in Poland, companies that provide such services are reporting excellent performance. According to the TNS OBOP polling center, hospital debts in Poland will keep rising because the country's health sector needs to carry out many modernization projects to adapt itself to EU standards. Moreover, health service centers need to increase the salaries of medical personnel. This is expected to boost the popularity of financial institutions other than banks, whose services will be increasingly in demand. The largest such institutions financing the health care sector in Poland are Electus, Magellan, and MW Trade.

Last year, 11 percent of Poland's hospitals used the assistance of companies dealing with the financing of health care centers, and another 10 percent were interested in doing so in the future. Apart from the obvious shortage of funds, the main reason is the absence of long-term management strategies and the resulting inability of many health care centers to meet various payment deadlines. Professional management of hospital debt may become a natural and convenient option for hospitals in Poland.

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