A model for impact investing in Italy
How the Centro Medico Santagostino, set up and supported in Italy by Oltre Venture, became a model for our way of carrying out impact investing.
Conceived and supported by Oltre Venture, the Centro Medico Santagostino became the first, affordably priced network of private health clinics in Italy and provides a clear example of how we achieve our “impact” objectives through the creation of social and economic value: a model that was recently rewarded by the entry of L-GAM Fund as major shareholder in the Centre.
Opened in 2009 to bridge the gap between the offer of the National Health Service (economical but deficient in terms of long waiting lists) and the private sector (expensive and with limited coverage throughout the country), the Centro Medico Santagostino is today one of the first examples of how it is possible to respond to social problems that affect the majority of the community in Italy and elsewhere.
Initially recognised for its pricing that is slightly higher than the National Health Service, the Centro Medico has positioned itself as a point of reference for its private outpatient medical service thanks to the superior quality of the services it provides: attention to the choice of doctor and to a continuous doctor-patient relationship, the availability of services that are unavailable in the public system (such as physiotherapy and psychotherapy) and the complete automation of bookings, archiving and the payment system.
In this way we have exceeded our threshold of providing 100,000 medical services per annum thus becoming a point of reference for the private health sector. This public success has enabled us to contain our pricing and generate our first profit, whilst the social value of the enterprise has kept pace with the growth in the economic value (+29% of annual turnover). It is in this light that the entry of the L-GAM Fund as majority shareholder is seen as recognition of the capability of the “solution” to grow even further.
Co-Founder of Oltre Venture
Chairman of Centro Medico Santagostino