The Mediterranean Centre for Rehabilitation and Recovery in the city of Loutraki will be the largest physical rehabilitation and recovery centre in Greece.
The Centre is situated on a private plot of 40,000 sq.m. and is comprised of a main building of 6.700 sq.m. for inpatients and outpatients and a second building of 3.100 sq.m. for the rehabilitation of athletic injuries. The total capacity for inpatients is 120 beds and can also service more than 100 outpatients daily.
Its goal is to play a significant role in the private health sector and to provide a complete therapeutic system for post-operative patients requiring orthopaedic/neurological/physiological rehabilitation.
Construction started in September of 2009 and to date has reached 80% completion. The projected completion and acceptance of inpatients is targeted for November 2012.
The Centre is comprised of 22 three-bed rooms, 24 two-bed rooms, 2 single-bed suites and a four-bed Increased Care Unit.
The Rehabilitation of Athletic Injuries Building, situated in a more secluded section of the land, will provide specialized therapy for athletes requiring post-operative rehabilitation with professional physical therapists and the use of state-of-the-art medical rehabilitation technology and specialized athletic training facilities.
In the second phase of development, the Centre will have an additional building of 3,400 sq.m. to accommodate another 100 beds for inpatients.
Promoting medical tourism for our Centre will be our main objective. In combination with the health tourist industry of Loutraki, we plan to make our Centre an attractive solution for both patients and their travelling companions.
The Centre will provide highly specialized personnel in all fields of rehabilitation with the help of state-of-the-art equipment and a complete range of rehabilitation services in a modern, friendly and healthy environment which will meet the special requirements of the patients. The Centre will be equipped with the latest multifunctional therapeutic devices that use breakthrough technology and provide a wide range of clinically effective therapies for a multitude of conditions.
Additionally we will provide advanced rehabilitation equipment with improved therapeutic capabilities that also use biofeedback systems for a better analysis of the patient's progress while providing superior treatment and reducing the recovery process so as to enable the patients to reenter their life sooner.
The city of Loutraki is a world-renowned tourist destination and well-known for the healing attributes of its mineral baths. Loutraki is only 80 km from the city of Athens and is strategically located and accessible by the suburban train network and National Road.
The Public and Private Rehabilitation Clinics in the country of Greece can only accommodate 3% of the inpatients' needs for overnight facilities requiring rehabilitation services.
In the last year alone more than 70% of the beds in private rehabilitation centres were taken up by Libyan nationals requiring rehabilitation and recovery services that are paid by the Arab Fund.
Funding is required for the completion of the second building and the purchase of all medical/clinical and rehabilitation equipment in addition with the pre-operation costs.
The total financing received by our bankers is 2 million euros in a mid-term loan until the year 2017. Due to the lack of liquidity by Greek banks they are unable at the moment to finance projects in general.
Our Centre is subsidized by the Ministry of Development and Competitiveness for 55% of the total construction costs and we have already received the first installment (50% of the total subsidy).
The predicted financial results for the first year with 80% inpatient capacity and 60% outpatient services are EBITDA (Gross earnings - Operating Expenses) 6.62 million euros before taxes.
The Centre is owned entirely by a family that is involved in land development and construction for the last 35 years.