Dr Suresh Tharma, a consultant obstetrician and gynaecologist, co-founded the 3fivetwo Group with Dr Ashok Songra 10 years ago. The two are joint chief executives and medical directors of the group.
Dr Songra was a consultant maxillo-facial surgeon and, like Dr Tharma, he was an NHS consultant until four years ago when the two men felt that the growth of the company was deserving of their full attention and focus.
The 3fivetwo Group has two hospitals, one in Northern Ireland and one in the Republic of Ireland, that provide care in most medical and surgical specialties. These are supported by associated healthcare-related companies in diagnostics, training, fertility, medical aesthetic and injectable treatments, telemedicine, optometry and hearing and medical insurance.
Founded in 2006, the group now has two hospitals, both called the Kingsbridge Private Hospital, in Belfast and in Sligo, where the group acquired the former St Joseph’s Hospital in 2015.
The group has a turnover of more than £30 million (€38 million), employs 300 people and utilises the services of more than 700 consultants and 400 nursing and allied health professionals.
Dr Songra and Dr Tharma have introduced a number of new services to the local market over the last 18 months, including the creation of a private GP and casualty service which sees 7,000 new patient consults per year.
Internationally, the 3fivetwo Group is involved in a telemedicine joint venture with US partners in Philadelphia, while in 2016 the group will launch its own telemedicine service (DotCom Doctor) in Britain and Ireland through a group subsidiary 3fivetwo Connected Health.
What vision/lightbulb moment prompted you to start up in business?
Initially when we started the business together, we ran a medical chamber of consulting rooms with a number of different specialties represented, but we soon realised that the skill and expertise were present within the business to provide much-needed medical care to a wider population in partnership with the NHS.
Describe your business model and what makes your business unique.
The company’s ability to scale up to deliver care in multiple specialties to thousands of patients in a safe and clinically efficient manner.
What was your “back-to-the-wall” moment and how did you overcome it?
This came in 2010 just after we achieved our peak turnover of £45 million when local public sector funding constraints in Northern Ireland led to a suspension of partnership work with the independent sector.
We had to react quickly through a restructuring of our workforce to keep operating costs down and a simultaneous board decision to diversify into other related sectors such as dentistry, training and medical insurance.
What moment/deal would you cite as the “game changer” or turning point for the company?
The successful purchase of the Belfast Clinic (subsequently rebranded as the Kingsbridge Private Hospital Belfast) which was bought out of administration in 2011 and transformed from a failing entity into a successful private hospital.
Where would you like your business to be in three years?
A turnover in excess of £100 million and an Ebitda of £8 million through a combination of growth of core business and acquisitions.
What is the hardest thing you have ever done in business?
Going through a redundancy programme during a downturn and letting go of good staff, together with managing really tight cashflow when public sector outsourcing switched off.
Based on your experience, are the banks in Ireland open for business?
Funding is much tighter than in earlier years. This is beginning to improve but it is very restricted and there is a lack of support to fund good, financially viable projects without restrictive covenants.
Business book?
The Secret.
