瑞士医院与诊所2025年状况及2026年展望

Swiss Hospitals and Clinics:Snapshot 2025 and Outlook 2026 KPMG Clarity on Healthcare 2025 Management summary:Financial developments Recovery ofoperatingearnings EBITDA margins in 2024 have increased more thanexpected and now stand at 3.4%, slightly above the five-year average.65% of surveyed CFOs believe marginswill continue to climb slightly in 2025 and 2026. How did Swiss hospitals, rehabilitation centersand psychiatric clinics develop in 2024? Revenue growth >50% losses Compared to previous years, 2024 saw significantcumulative revenue growth (+4.9%) alongside a roughly1.5% average increase in inpatient rates. At the sametime, costs continued to rise, especially for medicalsupplies and services (+4.9%). Despite significant growth in bothrevenue and rates compared tolast year, more than half ofinstitutions surveyed reportednegative operating results afterdepreciation. Financial instability Ongoing investment needs and the pressure to refinanceexisting debts with new loans or equity, alongside tightfinancial ratios, continue to undermine financial stabilityfor many providers. …of healthcare providersimproved their EBITDAmargin -750 million CHF Among hospitals, rehabcenters and psychiatric clinicscovered by the study, over 80%achieved a positive operatingresult. Reduced access to capitalmarkets KPMG estimates thatcumulative deficitsamongSwiss providers operating at aloss could reach up to CHF750 million in 2024. Market sentiment toward hospital bonds has worsened,mainly because of increased expectations of credit risk.This has further reduced hospitals’ ability to accesscapital markets. Managementsummary:Focustopics TARDOC &outpatientflatrates Providerturnarounds The rollout of the new outpatientreimbursement system is reshapinghow providers earn revenue. We layout the financial shifts institutionsexpect and the main challenges theysee ahead as they prepare for thesechanges. Our analysis of current financialmetrics and survey results points toan urgent need for comprehensiveimprovement plans and diligentimplementation of turnaroundmeasures. In today’s economic and political climate,the followingkey areasshould be high-priority forboards and leadership teams: Procurementmodernization Risingtechnologyspending Procurement in hospitals is often seenas purely operational rather than asource of value. To make purchasingmore strategic, hospitals should movetoward an industry-informedprocurement model. Ongoing digitalization means that ITcosts, and what drives them, areincreasingly important for hospitaloperators. We provide insights intocost structures and key factors, soleaders can make informed decisionsabout technology investments. Sample: At a glance 50Institutions 32 acute care hospitals9 psychiatric hospitals5 rehabilitation clinics4 specialized clinics Notes•Not all providers publish complete financials, so some data points may deviate from the overall sample.•Changes to figures from previous years may reflect later adjustments to annual reports or updates to the sample. Table of contents 01Management summaryFinancial developmentsFocus topicsSample: At a glance020304 02Facts and figuresEBITDA marginsRevenue and costsCapital structure & refinancing06071013 03Topics and trendsTARDOC & Outpatient flat ratesProvider turnaroundsRising technology spendingProcurement modernization1921263136 04Annex41 Facts and figures EBITDA marginsincreased morethan expected… An EBITDA margin of around10%isconsidered necessary to refinancerequired investments.The 2024EBITDA margin was 3.4%–above thefive-year average, but still well belowthe target 3.4% …and are expectedto continuerecovering over thenext years Main reasons for this development: 1.Rates2.Personnel expenses For2025 & 2026,65%of CFOs thinkEBITDA margins will rise. Across thesector, a further modestincrease inEBITDA margin of up to 0.75%isexpected. 0.75% KPMG’s assessment:Despite this optimism, uncertainty around outpatient rate reforms continuesto put pressure on margin improvements. EBITDA margintrends–Breakdown All provider types except specialized clinics sawEBITDA margin growth. While last year’s margins dropped to alarmingly low levels, most providers–especially thoseoffering basic medical care–have since recovered. Even with someimprovement, EBITDA margins still fallwell short of the10% industrybenchmark. Revenue continues to grow… Revenue continued to growin 2024, outpacing previous years’ rates. Outpatient services are making up a growing share of overall earnings, signaling thetrendtoward ambulatory care. KPMG’s assessment:The shift toward outpatient care is particularly clear in central hospitals(BFS K112), which have the highest proportion of ambulatory earnings (about 35%) and havegrown faster than others in recent years. …and keeps up with cost growth After a sharp rise inpersonnel costsin 2023, this trend eased in 2024, whilespending on medical supplieskept climbing as a share of revenue. KPMG’s ass