Gesy posts €71.7 million surplus in first half of 2023

Gesy has garnered a €71.7 million surplus for the first six months of the year, according to preliminary financial data presented by the the Health Insurance Organisation (Hio) on Friday.

Senior Hio officer Angelos Tropis told the Cyprus News Agency that Hio’s income from Gesy contributions amounted to €758m, while the expenditures for health services reached €686m for the period between January to June this year.

Revenues from Gesy contributions mark a 14 per cent increase compared to the corresponding six-month period last year. Meanwhile, expenses had a nine per cent increase, according to Tropis.

The figures “reveal that revenue is increasing at a greater rate than the expenses.”

Tropis estimated Gesy beneficiaries currently amount to 940,000 individuals.

Citing the preliminary data, he said spending on inpatient care amounted to €331.6m in the period between January-June this year, while spending on specialist doctors amounted to €118.2m.

Expenditure on GPs for the same period reached €49.1m, laboratory fees €27.1m, pharmacists’ fees €17.3 million, fees for other health professionals, nurses, midwives, and dentists amounted to €28.4m, while the cost of medicines and consumables amounted to €95.2 million.

He also said that spending on first aid and ambulances in the first half of the year amounted to €16.6m while rehabilitation and palliative care reached €2.8m.

Commenting on the figures, Tropis said there was no cause for concern over Gesy’s financial situation. “We will have a real surplus for this year, and the forecast is that the surplus will continue for the coming years.”

He added that in 2022 revenue from Gesy contributions amounted to €1.34 billion, while for this year the estimate for contributions is €1.47 billion.