Cleveland Clinic London opened a year ago. Photo: Cleveland Clinic
Cleveland Clinic London opened a year ago. Photo: Cleveland Clinic
Cleveland Clinic London opened a year ago. Photo: Cleveland Clinic
Cleveland Clinic London opened a year ago. Photo: Cleveland Clinic

Cleveland Clinic London to expand amid dissatisfaction with NHS


Lemma Shehadi
  • English
  • Arabic

London’s second biggest private hospital will be “expanding its footprint” in the capital, as trust in the UK’s public healthcare system reaches an all-time low.

Cleveland Clinic London, which opened a year ago today, said there had been approximately 75,000 patient visits with 28,333 unique patient appointments at the hospital and its Portland Place Outpatient Centre.

"We have seen a strong demand for care across all our specialties – but especially complex care in cardiac, neurology, orthopaedics, digestive disease," Tommaso Falcone, Cleveland Clinic London Interim CEO, told The National.

Overseas health patients accounted for about 2,000 of those who used the hospital next to Buckingham Palace, official home of the monarch.

A British Social Attitudes survey revealed that just over half (51 per cent) of people are unhappy with the public National Health Service.

The NHS faces the most severe pressures in its 74-year history, with 7.1 million patients waiting for treatment. It is increasingly outsourcing its elective care to private healthcare providers.

Waiting times for emergency services across the country reached up to 12 hours in January.

Since opening, the private hospital in Central London has admitted 2,942 patients, with about 14 per cent of those coming through the acute admissions unit, an emergency care ward.

The 184-bed hospital is the second largest in the capital after the Wellington Hospital, and focuses on heart and vascular, digestive disease, neurosciences and orthopaedics. It is one of few private hospitals in the UK to have an MRI scanner within its surgical suites, allowing surgeons to scan their patients during operations.

ICU. Cleveland Clinic London. Photo: Cleveland Clinic
ICU. Cleveland Clinic London. Photo: Cleveland Clinic

Over 100 complex heart and brain and spinal cord operations were performed at the hospital, including brain surgery where the patient is awake during the procedure. The hospital said it began performing these operations within three months of opening.

The hospital says it has supported the NHS with its waiting lists for complex procedures for spine, brain and digestive disease. It did not provide a number of NHS patients treated this year.

However, there are signs that pressures on the NHS may spill into the private sector. Junior doctor strikes in March resulted in consultant doctors, who work privately outside of their commitments to the NHS, spending additional hours at NHS hospitals.

And, though more Britons are paying for private health care, many are seeking more affordable treatment overseas.

A representative for the hospital said it had not been affected by the strikes.

Junior doctors picket outside St Mary's Hospital in London in March. AP
Junior doctors picket outside St Mary's Hospital in London in March. AP

The hospital's interim chief executive Dr Tommaso Falcone announced in February that a new outpatient building in the City of London will open in autumn this year. The 1,200 square metre extension would offer patients “fast access” to appointments with general practitioners and diagnostic services including MRI scans.

The Cleveland Clinic London will also continue to expand its collaborations with universities and medical research.

In October last year, the hospital announced a new training programme for students of Queen Mary University of London’s Faculty of Dentistry. The first cohort of nursing students from London Southbank University began in early November, 2022.

Cleveland Clinic London will also become the first private healthcare provider in the UK to have a research repository, which will collect, store and publish consented patient data. A team of cardiologists has recently been approved for a trial that focuses on the keyhole implantation of heart valve prosthesis into the tricuspid valve.

UAE currency: the story behind the money in your pockets

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Desert Warrior

Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley

Director: Rupert Wyatt

Rating: 3/5

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

Tonight's Chat on The National

Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.

Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.

Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.

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How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

The bio

Favourite book: The Alchemist by Paulo Coelho

Favourite travel destination: Maldives and south of France

Favourite pastime: Family and friends, meditation, discovering new cuisines

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Company name: BorrowMe (BorrowMe.com)

Date started: August 2021

Founder: Nour Sabri

Based: Dubai, UAE

Sector: E-commerce / Marketplace

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Initial investment: $200,000

Investors: Amr Manaa (director, PwC Middle East) 

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match info

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Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')

Man of the Match: Benjamin Pavard (Bayern Munich)

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How the bonus system works

The two riders are among several riders in the UAE to receive the top payment of £10,000 under the Thank You Fund of £16 million (Dh80m), which was announced in conjunction with Deliveroo's £8 billion (Dh40bn) stock market listing earlier this year.

The £10,000 (Dh50,000) payment is made to those riders who have completed the highest number of orders in each market.

There are also riders who will receive payments of £1,000 (Dh5,000) and £500 (Dh2,500).

All riders who have worked with Deliveroo for at least one year and completed 2,000 orders will receive £200 (Dh1,000), the company said when it announced the scheme.

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Founder: Amir Barsoum

Based: Dubai, UAE

Sector: HealthTech / MedTech

Size: 300 employees

Funding: $22.6 million (as of September 2018)

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MATCH INFO

Uefa Champions League semi-final, first leg

Tottenham v Ajax, Tuesday, 11pm (UAE).

Second leg

Ajax v Tottenham, Wednesday, May 8, 11pm

Games on BeIN Sports

Updated: March 29, 2023, 3:17 PM