Private healthcare providers are expecting stronger growth from private medical insurance (PMI) than self-pay in the upcoming year.
This is according to a survey carried out among 52 providers across England including all the main hospital groups and diagnostic companies by the Independent Healthcare Providers Network (IHPN).
It found that three quarters of providers (74%) were positive or very positive about the private medical insurance (PMI) market, with almost two thirds (62%) feeling positive or very positive about the self-pay market.
When it comes to international self-pay, providers in the sector were also found to be feeling increasingly confident, with more than half (53%) feeling positive or very positive about this market, up from just 10% last year.
This is an area IHPN said it had been prioritising in the last year, particularly through its Healthcare London network which has been working closely with partners in government and embassies across the world to promote the capital as a destination for international patients.
The survey also found that independent providers were taking an increasingly proactive approach to tackling recruitment and retention issues, with 83% stating they would be resolving these challenges through growing their own workforce, including through apprenticeships, training and development and widening participation, up from 63% last year.
David Hare, chief executive of the Independent Healthcare Providers Network, said: “This year’s Industry Barometer shows the real sense of optimism within the independent healthcare sector, with demand for the high-quality services it provides expected to continue to rise in the coming year – particularly in the private market where the growing normalisation of paying for treatment is becoming ever more apparent.
“While there’s no doubt that independent providers – along with others in the health system and wider business community – are facing key challenges around the state of public finances and wider economic climate, our survey makes absolutely clear the desire in the sector to meet the needs of growing numbers of patients, including through taking proactive steps to grow their own workforce and increase training and development opportunities for their clinicians, something that will stand them in good stead in the years ahead.”
Andrew Vaux, head of independent health at Practicus, said: “In 2024, the independent health sector not only bolstered the NHS but also pushed the boundaries of innovation, particularly in digital healthcare, self-pay and PMI.
“In this environment, commercial acumen has emerged as a key driver, and an increasing consideration for all leaders.
“The extraordinary journey through 2024 has been a testament to IHPN members’ adaptability and resilience, but it is also a clear indicator that we are forging a path towards a more optimistic and innovative future, echoing the remarkable transformation that we have already seen.”
