ECM Partners: A new era for Ygia Polyclinic, its upgrade and future prospects

A new phase of development has been brought about by ECM Partners’ acquisition of 75% of Ygia Polyclinic, opening the way for the expansion of its services and strengthening its role in the health sector expanding services and improving the care provided, while strengthening the dynamics of Polyclinic in the health sector.

In an interview with InBusinessNews, the Chairman of the Board of Directors of ECM Partners Ygia Polyclinic, Savvas Liasis and the Deputy Chairman of the Board of Directors of Ygia Polyclinic and Head of ECM Partners Cyprus, Andreas Georgallis refered to the prospects created by the acquisition, as well as the new opportunities for growth and innovation.

Among the multiple expected positive benefits are reorganisation and restructuring, with clear ownership and governance, a positive impact on the local community from the inclusion of the largest private hospital in Limassol in the General Healthcare System, but also the beneficial effects on the health system resulting from the introduction of an experienced administrator, such as the Athens Medical Group.

With the clear ownership structure under ECM Partners, Ygia Polyclinic has a clear investment plan in place to improve facilities and human resources in order to maintain a private level service within a free public health system.

At the same time, Georgallis refers to the upcoming reorganisation and financial reinforcement of the Polyclinic, with the aim of increasing efficiency, while Liasis welcomes the fact that the personnel of the Polyclinic have embraced the acquisition with an open mind and a willingness to support efforts for the further improvement of the quality of services provided to patients and achievement of the high goals that have been set.

What prospects have been created by the acquisition of Ygia Polyclinic by ECM Partners and how do you evaluate this decision so far?

Savvas Liasis: Let's start with a few words about us. ECM Partners is an AIFM (Alternative Investment Manager) based in Slovenia, with offices in Zagreb, Athens and Nicosia through ECM Partners Cyprus. The company was founded in 1990 and has a long successful history in fund management, being one of the largest in the region.

ECM Partners has around €1 billion in assets under management and has so far invested in 26 companies in various critical industries in Central and Southeastern European countries.

For example, we managed 35% of Slovenia's tourism GDP through a tourism group that went through extensive restructuring. In addition, our contribution led to the recovery of the largest chain of DIY stores in the region. We are also active in the telecommunications, IT infrastructure, and high-end real estate sectors, such as Londa Residences in Cyprus.

Lately we have focused on life sciences and healthcare because of the key role we believe they will play in our region in the near future.

For example, we have successfully acquired and restructured Famar, which is one of the largest pharmaceutical Contract Development and Manufacturing Organizations (CDMOs) in Europe with factories in Greece, Spain and Italy. We also hold a stake in Bio ReCell, an innovative start-up company producing ground-breaking stem cell research and technology.

It was therefore natural due to our pre-existing presence in Cyprus to expand into the Cypriot health market, bearing in mind the changing dynamics of the sector.

Ygia Polyclinic, as the largest private hospital in Cyprus, was the ideal choice to have the greatest possible impact in this changing environment.

We believe the acquisition of 75% of the Polyclinic will create a positive impact on 3 levels:

1) The reorganisation and restructuring of the company with clear ownership and governance will be achieved. This was never possible in the past due to the complex ownership regime involving many small shareholders.

Under our pure ownership mandate, the Polyclinic with the help of the local management and the Athens Medical Group has already started implementing initiatives in all departments, which will ultimately benefit the staff - both permanent and associates - patients and the shareholders.

2) The inclusion of the largest private hospital in Limassol, the fastest growing city in Cyprus, with its fully equipped casualty department, will have a positive impact on the local community. It is something that has never been done before on the island; the general public gaining access to free health care in a private clinic environment with the full range of specializations provided by Ygia Polyclinic.

3) The healthcare system of Cyprus as a whole can only gain from the introduction of an experienced administrator such as the Athens Medical Group. The synergies, innovation and experience provided by the Group will ultimately be felt throughout the Cypriot health system.

New chapter, new phase of development

What does the new era mark mean for Ygia Polyclinic, what changes have taken place and which ones are underway?

SL: Initially, the Polyclinic now operates under a combination of an experienced domestic management team and one of the largest hospital managers in Southeast Europe, the Athens Medical Group.

There is a clear ownership structure under ECM Partners and a clear investment plan to improve facilities and human resources in order to maintain a private level service within a free public health system.

And just the inclusion of the hospital's casualty department in the General Healthcare System means that the population of Limassol now has a free destination of unparalleled prestige and quality for accidents and emergencies.

What does the opening ceremony symbolise, given that the Ygia Polyclinic has been operating for 37 years?

Andreas Georgallis: The opening ceremony in the presence of the Minister of Health, the media community and members of our staff marks the start of a new chapter for us.

We want to share this new beginning openly, transparently, and assure the world that Ygia Polyclinic is here, revitalised and ready to provide private level services to the general public free of charge through the General Healthcare System, with the prestige and confidence provided by its expertise ECM Partners and the Athens Medical Group.

With this symbolic ceremony we celebrate the new phase of development that this acquisition brings. We now have the opportunity to expand the services provided by the Polyclinic, innovate and improve the quality of care we provide to our patients. It also strengthens our momentum in the health sector and allows us to explore new opportunities for growth and innovation.

The cooperation with the Athens Medical Group is of key importance

What is the significance of entrusting the management of the hospital to the Athens Medical Group?

AG: The Athens Medical Group will substantially contribute to strengthening and improving the operation of the Polyclinic on many levels, from the quality of care to financial performance.

Athens Medical Group is one of the largest medical groups in Greece and Europe, with long experience in the health sector. Entrusting the management to such a qualified and experienced organisation will undoubtedly lead to the improvement of the quality of services provided, procedures and the way the hospital operates.

In particular, the collaboration with the Athens Medical Group will enable the hospital to benefit from the transfer of know-how, the offer of new innovative services and in general from the implementation of the best operating practices applied by the Athens Medical Group in all the units it manages.

This dynamic transfer of knowledge and know-how will essentially contribute to the further significant development of the Polyclinic.

Finally, this collaboration is expected to significantly improve the financial performance of the hospital through the optimal management of resources and operating costs.

The plans and the inclusion in the General Healthcare System

What are the future plans for Ygia Polyclinic? What role does joining the General Healthcare System play and how will this impact the Polyclinic?

AG: First of all, we seek to maintain and enhance the high quality of our services, providing our patients with the best possible health care.

We are also moving forward with the reorganisation and financial support of the Polyclinic, thus achieving an increase in efficiency in order to ensure the continuous development and improvement of our services.

Regarding our membership in the General Healthcare System, although we recognise the challenges that this may bring about, we believe that we can face them successfully. Our membership in the General Healthcare System gives us the opportunity to offer our services to more people and to contribute to meeting the medical and pharmaceutical needs of the community.

Smooth transition for staff

How did the 550 member of staff react to the takeover?

SL: Every acquisition is a challenge for staff and must always be approached with understanding and sensitivity. We are trying in multiple ways and procedures to ensure a smooth transition for the existing staff and the smooth integration of the new staff into the organisational structure of Ygia Polyclinic, maintaining and improving the organisation's excellent work culture of which we are very proud.

During the transition period, we are taking into account aspects such as coaching, training and retraining of staff, strengthening team cohesion and assigning-reorganising tasks and roles according to the skills and abilities of each individual.

We feel that the staff have responded positively so far, and we are particularly grateful that the people of the Polyclinic have welcomed the acquisition with an open mind and a willingness to support our efforts to improve the quality of services we provide to our patients and achieve the high goals we have set ourselves.

It is also important to mention that we have not had mass or significant staff departures in any of the reorganisations we have carried out in the companies we have acquired. On the contrary, in all our companies, together with the maximization of value, the number of personnel was also strengthened significantly.

The healthcare sector in Cyprus is proving to be rapidly growing, with investments, share changes, new arrivals of hospitals, clinics and medical centers taking place or in the pipeline. How do you see the course of the sector and what are your expectations for Ygia Polyclinic in the midst of a competitive environment?

AG: It is a fact that the implementation of the General Healthcare System has drastically changed conditions in the health sector, creating particularly interesting financial challenges and becoming a pole of attraction for investors.

It is worth noting that Cyprus has a robust and easily accessible health system, as well as a high ratio of health professionals per inhabitant, which, in combination with the lower per capita expenditure on health compared to the EU average, strengthens the prospects for further investment in the health sector.

Ygia Polyclinic, being the largest private hospital in Cyprus offering the patient a wide range of high quality medical and paramedical services, combined with the ability of its shareholders to strengthen the hospital with capital expenditure and its management by one of the largest and most experienced health service providers in the Greek area, sees the future and the consolidation of Polyclinic Hygeia as the leader in the health sector on our island with great optimism.

(Source: InBusinessNews)