Update 8 July 2025
Summer is in full swing here, with a string of hot days behind us—just like much of Europe. The season’s slower pace is setting in: people are harder to reach, and the world seems to be winding down. I’ll be joining the holiday crowd at the end of this week, so there won’t be any new updates until August. Still, even with the summer lull, there’s plenty happening in Dutch healthcare. In this update:
- Strong financial results for the elderly care sector in 2024—what’s behind the improvement?
- The Netherlands lags in patient access to medical data—what’s holding us back?
- A flurry of M&A activity as the sector heads into summer—what’s driving the deals?
Strong Results for Dutch Elderly Care in 2024
BDO’s latest yearly report, covering 293 elderly care organizations with revenues above €10 million, paints a positive picture for 2024. The sector’s total net result more than doubled, jumping from €403 million in 2023 to €927 million in 2024. The average profit margin rose from 1.7% to 3.5%. This marks the second consecutive year of strong improvement, with results nearly doubling from 2022 to 2023 as well.
What’s behind the surge?
- Revenue growth: Revenues increased by €2.2 billion, driven mainly by higher volumes—especially in home-based services (VPT and MPT)—and tariff indexation.
- Cost control: Costs only grew by €1.8 billion, due to organizations keeping a tight rein, especially on staffing and other expenses, anticipating government tariff reductions that ultimately didn’t materialize. This gave margins an extra boost.
- Lower interest costs: Net interest expenses were significantly lower in 2024 compared to 2023.
Despite these strong results, investment levels remain flat—matching depreciation, which suggests a focus on replacement rather than innovation. This is concerning given the sector’s urgent need for real estate investment (to meet rising demand and new care models) and for technology that could help ease staffing pressures.
Dutch Patients Still Face Barriers to Accessing Medical Data
In the January update we wrote about the situation related to patient portals in the Netherlands. A recent EU report highlights the Netherlands’ ongoing struggles with digital patient access. Using a composite score across several indicators, the report shows the Netherlands not only lags behind but is one of just two countries to have lost ground compared to previous years. The EU’s goal is for all citizens to have digital access to their health data by 2030, but the Netherlands is moving in the wrong direction.
Why is progress so slow?
- Fragmented system: Unlike countries where healthcare is mostly government-run, Dutch care providers are private (albeit mostly non-profit) and highly independent. This makes nationwide change difficult without strong regulation or coordination.
- Privacy legacy: The failed 2015 attempt to launch a national Electronic Patient Record (EPR) left a “trauma” in the sector. Since then, efforts to improve patient access have been fragmented, voluntary, and led by small private companies—resulting in complexity and low adoption.
M&A Activity Heats Up Before the Holidays
It seems many companies were eager to close deals before heading off on vacation. Three notable transactions were announced recently:
- Kiteworks acquires Zivver: Zivver, a Dutch specialist in secure healthcare communications, joins forces with US-based Kiteworks, expanding its international reach.
- DC Klinieken acquires De Vrouwenkliniek: De Vrouwenkliniek, with two Amsterdam clinics focused on gynecology, is now part of DC Klinieken—a “second division” player in specialized commercial clinics, with 14 sites covering GI, dermatology, and radiology.
- Mentaal Beter acquires Invivo: Invivo, a mental healthcare provider with three clinics and 70 staff, becomes part of Mentaal Beter (part of the Mental Care Group, owned by Seven2/Apax since 2021). The Mental Care Group continues to expand, adding Invivo to its portfolio alongside recent acquisitions like HSK.