1、Clarity on Healthcare2025 Swiss Hospitals and Clinics:Snapshot 2025 and Outlook 2026Zurich,July 2025KPMG.Make the Difference.Document Classification:KPMG Public2 2025 KPMG AG,a Swiss corporation,is a group company of KPMG Holding LLP,which is a member of the KPMG global organization of independent f

2、irms affiliated with KPMG International Limited,a private English company limited by guarantee.All rights reserved.Management summary:Financial developmentsHow did Swiss hospitals,rehabilitation centers and psychiatric clinics develop in 2024?62%of healthcare providers improved their EBITDA marginAm

3、ong hospitals,rehab centers and psychiatric clinics covered by the study,over 80%achieved a positive operating result.KPMG Clarity on Healthcare 2025Recovery of operating earningsEBITDA margins in 2024 have increased more than expected and now stand at 3.4%,slightly above the five-year average.65%of

4、 surveyed CFOs believe margins will continue to climb slightly in 2025 and 2026.Financial instabilityOngoing investment needs and the pressure to refinance existing debts with new loans or equity,alongside tight financial ratios,continue to undermine financial stability for many providers.Reduced ac

5、cess to capital marketsMarket sentiment toward hospital bonds has worsened,mainly because of increased expectations of credit risk.This has further reduced hospitals ability to access capital markets.Revenue growthCompared to previous years,2024 saw significant cumulative revenue growth(+4.9%)alongs

6、ide a roughly 1.5%average increase in inpatient rates.At the same time,costs continued to rise,especially for medical supplies and services(+4.9%).KPMG estimates that cumulative deficits among Swiss providers operating at a loss could reach up to CHF 750 million in 2024.-750 million CHF Despite sign