Ramsay Health Care Group (ASX: RHC) has released unaudited earnings for the nine months to 31st March 2023, with total revenue reaching AU$11.2 billion, an increase of 10.9% from the same period in 2022. The growth in revenue was attributed to growth in surgical admissions and a recovery in non-surgical admissions, along with contributions from recent acquisitions including Elysium Healthcare and GHP. Additionally, the momentum in surgical volumes has returned following a slower December and January period, productivity is improving, and workforce pressures are starting to ease.
However, Ramsay continues to face inflationary pressures, and payor discussions are ongoing. For the Asia Pacific region, the momentum in surgical admissions per work-day continues to improve after a slowdown in activity, while the recovery in non-surgical admissions continues to be mixed. The workforce vacancies are reducing, but access to certain skill sets remains a challenge, particularly in theatre nursing. The business is investing in training to develop and build internal capability in areas where there are industry-wide skill shortages.
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