Healthcare

KPMG in Cyprus delivers specialized advisory services tailored for the healthcare sector, addressing emergent challenges both within local and global contexts. These services are designed to support organizations across the healthcare spectrum: From policymakers, service providers and pharmaceutical companies to R&D, academia and innovative startups looking to disrupt the traditional way of doing things, KPMG offers strategic insights, technical support, and in-depth industry expertise.

The healthcare sector in Cyprus is experiencing significant changes due to the implementation of the General Health System (GHS), leading to an unprecedented transformation in the wider healthcare landscape. This shift has brought about various challenges, such as addressing provider inefficiencies inherited from legacy operating models implemented in the past, the increased competition for limited GHS budgets, and the need to achieve better outcomes, safety, and patient experiences at lower costs. Additionally, the sector has been facing a slow pace of digital transformation, a crucial component for efficiency improvement, which is now gaining rapid momentum.

On a global scale, the healthcare sector is grappling with the aftermath of the pandemic, a rise in non-communicable diseases, demographic shifts including aging populations, rising costs, and supply-chain difficulties. Furthermore, there are ongoing issues related to workforce supply and well-being, economic and social inequalities, geopolitical tensions, and the impact of global economic downturns.

Besides Audit and Tax services which we provide to a wide-range of healthcare clients across Cyprus, KPMG provides a comprehensive range of services to help healthcare organizations navigate these challenges and build resilience. With extensive industry experience, KPMG's team in Cyprus offers strategic support across various areas to ensure long-term sustainability and value delivery.

KPMG in Cyprus assists organizations in modernizing their operations and governance structures, focusing on improving the provision of care services. Financial sustainability is a key area, with services aimed at optimizing finance operations, budgeting, and reimbursement mechanisms to ensure effective financial management. KPMG also supports mergers, acquisitions, divestments, and other strategic transactions to help organizations achieve their growth objectives.

In terms of organizational development, KPMG helps establish effective structures and ensures that highly qualified personnel are placed in key positions. Digital transformation is another critical focus, with services aimed at enhancing performance through technology adoption, system implementations, and business process improvements.

Environmental, social, and governance (ESG) considerations are integral to KPMG's approach, offering support for sustainability strategies, reporting, and regulatory compliance. KPMG also addresses internal audit, risk management, and compliance issues, providing recommendations to mitigate potential threats. Information security and business resilience are crucial areas where KPMG advises on security management and enhances cybersecurity maturity.

KPMG's deep understanding of the healthcare sector, both locally and internationally, allows us to provide valuable insights into emerging issues, best practices, and developing trends. This expertise enables healthcare organizations to make informed strategic decisions and effectively respond to the evolving landscape.

Our experience in supporting public and private healthcare initiatives in Cyprus, including public provider autonomization efforts, detailed costing and budgeting, digital transformation, and project management, showcases its capability to drive significant improvements in operational efficiency and strategic planning.

KPMG's healthcare advisory team leverages global resources and local knowledge to deliver tailored solutions that address the unique needs of healthcare organizations in Cyprus. This combination of local expertise and international reach positions KPMG as a trusted partner in navigating the complexities of the healthcare sector and achieving long-term success.

Advised the Pharmaceutical Services of the Ministry of Health in Cyprus in designing the policy for the cultivation, production, processing and distribution of medical cannabis in Cyprus, including the calculation projected financial performance of future licensees and the economic impact to the state.

Additionally, we have assisted in the undertaking of feasibility studies and securing investment for medical cannabis producers in other regional jurisdictions. 

Definition of a 5-year action plan that would enable the center to become financially self-sustainable through reimbursements received from the General Healthcare System, for oncology services offered to the Cypriot population.

A detailed strategic framework was established providing recommendations on key actions that the Center would need to take to improve its position within the market and capitalize on it being the only medical facility in Cyprus focusing purely on cancer care. In addition, capacity planning and financial projections were generated for the planned expansion of the center’s services, assessing financial viability.

Supported the Ministry of Health in setting the foundations of the ongoing autonomy of public healthcare providers, while guiding the client on all key reform pillars such as organisation and governance, financial process re-design, management capacity building, incentivisation of clinical staff, primary care redesign and IT needs assessment and electronic health record support.

Undertook detailed costing and budgeting for public healthcare providers in Cyprus. Designed the appropriate methodologies and implemented these within a costing model capable of assigning the actual global hospital budget to departmental and episode level instances (DRGs for inpatient and cost per visit for outpatient).

Supporting numerous private initiatives looking to develop new hospital facilities (or expand existing ones) across Cyprus, by undertaking feasibility studies that consider the current and expected future market dynamics for generating financial projections and fully capturing the mechanisms by which the GHS reimburses providers. Furthermore, support is provided in identifying and securing project funding through debt or equity participation.

Undertaking in-depth digital maturity assessments of processes and underlying systems to identify core technology needs and enablers for improving the operational efficiency of the organisation. Implementation of healthcare analytics platforms for real time KPI/Metric presentation to enable strategic decision making.