Copyright thenassauguardian
Doctors Hospital Chief Financial Officer Dennis Deveaux told Guardian Business yesterday that there is no extraordinary impairment in the company’s latest 2025 financial report, adding that the hospital’s financials are stable and it is completing its projects as normal. Deveaux was speaking out and clarifying misconceptions about the company’s reported $55,501,388 in trade receivables, and $17,967,234 in expected credit losses. “First of all, there’s no extraordinary impairment. This is a regular line item in our financial statements. As you know, all companies in our business have what’s called a provision for credit losses, and the technocrats would say it’s an expected credit loss. So, it’s a standard line in the financial statements for every company like ours. Nothing is extraordinary about it,” he said. “In fact, if anything is extraordinary, it is that our expected credit losses or provision for losses, actually fell year over year by about 50 percent, 49.9 percent to be exact, from about $13.6 million last year to just under $6.6 million in 2025,” he added. “So that actually is pretty extraordinary. But except for that, it’s an issue that we continue to struggle with. We know that people need health care. We know that paying for health care is very, very difficult and challenging, and so we’re going to continue trying to figure out a solution to that. But there is no extraordinary financial item released in the financial statements for fiscal 2025. In fact, we showed steady growth on revenue.” Doctors Hospital’s Grand Bahama expansion project was scheduled to open this year, but instead now will open by the end of Q1, 2026. Deveaux, said: “Our projects are all completely financed. The hospital in Grand Bahama is financed by RBC up to $25 million, so there’s no impact on our financial position. And the other projects, which are much smaller, we are able to fund with cash flows from the business. So, the outlook of our fiscal position remains stable and strong. We struggle with receivables, not only from individuals, or ‘self-pay receivables’, as we call them, but we know that there are significant receivable balances by third-party payers, which includes the government. And so that’s probably an area that we need to continue to focus on. “But in terms of the stability of Doctors Hospital and the continuity of our projects, those projects will are unimpeded by the ordinary provision for bad debt, which was stated in error.”
