THE Medical City (TMC) said it was on track to hit a record P6 billion in revenues for 2019 amid a shakeup in the company’s ownership and administration.
In a statement over the weekend, TMC said its main hospital has grown “four times faster than the previous administration” in 2019.
“The excellent results of our collective work in the past year show how empowered teamwork and focus can do wonders for our institution… The increased revenue is yet another sign that re-booting The Medical City has worked,” TMC Chief Executive Officer Eugenio Jose F. Ramos was quoted in the statement as saying.
TMC elected last year a new board of directors after it shifted its management to welcome investors led by Viva Healthcare Ltd.; Viva Holdings (Philippines) Pre. Ltd.; Felicitas Antoinette, Inc. and Fountel Corp.
Among the newly-appointed officials are Mr. Ramos, chairman Jose Xavier B. Gonzales and chairman emeritus Augusto P. Sarmiento.
“I was optimistic that we could, with better management, achieve the full potential of TMC. Seeing the results further gives us confidence that we are on the right track when it comes to not just financial performance but operational excellence across the network,” Mr. Gonzales said in the statement.
Aside from the main TMC branch in Pasig City, the company said its units in Clark, Iloilo, South Luzon and Pangasinan also showed robust growth last year, with revenues growing by an annual 8%.
“We are seeing revenues up more than 8% over the previous year for all our hospitals. Meanwhile, TMC Main’s increased focus on managing costs and driving productivity resulted in improved operating margins,” TMC Chief Financial Officer Michael Pineda said in the statement.
The Securities and Exchange Commission last year fined TMC’s majority shareholders at least P50.25 million for what it called a surreptitious takeover of the company. The camp of Mr. Gonzales has since appealed the case.
Aside from its five hospitals, TMC also operates a tertiary hospital in Guam and more than 50 clinics all over the Philippines. It employs 3,000 physicians and more than 7,000 support staff across its network. — Denise A. Valdez