At Torrejón Hospital (Torrejón de Ardoz), which operates under a public-private partnership model, changes began in 2024 driven by plans from the French company Vivalto Santé. The group that owns Ribera Salud decided to prepare its assets for sale, scheduled for 2026. To this end, Ribera Salud’s board of directors last summer approved a plan aimed at quickly increasing profits at several Spanish clinics, including Torrejón, as well as facilities in Murcia and Vigo.
In September, Ribera Salud’s CEO in Spain, Pablo Gallart, held a meeting with the management of Torrejón Hospital. There, he instructed them to limit patient admissions in order to boost financial performance. This approach sparked outrage among medical administrators, since it prioritized commercial interests over patient needs. In an audio recording of the meeting, Gallart called for a review of processes that do not contribute to EBITDA growth and for a focus on the most profitable areas of operation.
Financial calculation
Torrejón Hospital serves nearly 161,000 residents in eastern Madrid under a contract with regional authorities. For providing medical services, the company receives a fixed annual payment from the autonomous region. By reducing its workload, Ribera Salud can cut expenses without losing income from the region. This tactic was part of a strategy to strengthen financial results ahead of the possible sale of shares to Vivalto Santé.
In July 2024, the board of directors discussed the need for a significant increase in profitability by 2026. In addition to Torrejón, the list included Povisa in Vigo and several facilities in Murcia. In the latter region, the company manages four hospitals and 26 medical centers, although all activities there are entirely private. They also considered the possible sale of loss-making clinics such as CES in Badajoz and Almendralejo, as well as specialized centers like Cardiosalus.
Internal conflicts
Ribera Salud underwent internal personnel changes. Following the publication of directives regarding Torrejón, Gallart announced he was stepping down from managing that hospital, though remaining with the company. In addition, four top managers who had reported violations of patient rights through the internal complaints channel were dismissed.
The leadership change was marked by clashes between the Spanish and French sides. Former Ribera Salud president Alberto de Rosa left his post after disagreements with the new owner. According to one of the company’s founders, De Rosa believed patient interests should always come first and profits remain within reasonable limits. The new CEO, on the other hand, was focused on financial results.
Authorities’ response
The scandal surrounding Torrejón Hospital has drawn the attention of the Madrid government. The regional administration urgently convened a meeting with the management of Ribera Salud and sent a special commission to the hospital to review the quality of medical services. Authorities also requested an additional meeting with the company’s top leadership to discuss the situation.
The concession hospital model, introduced in Madrid in 2011, involves a private company building and operating a medical facility for 30 years, receiving a fixed fee for serving the population. The company also receives bonuses for patients coming from other areas and penalties for those who choose other hospitals. The opposition in the region has long voiced concerns that commercial organizations put profit above patient interests, but such direct confirmation of these suspicions had not surfaced before.
Vivalto Santé’s Plans
French company Vivalto Santé, the third largest private healthcare holding in France, acquired Ribera Salud in 2022. The group includes 100 medical facilities across six countries, including Spain, France, Switzerland, Portugal, the Czech Republic, and Slovakia. Investment funds control 68% of Vivalto Santé’s shares, while 32% are owned by doctors and staff. Investors include Vivalto Partners, IK Partners, Arkea Capital, and the sovereign fund Mubadala from the UAE.
In 2026, Vivalto Santé plans to sell its stake in Ribera Salud. The reason cited is political instability in France and potential changes in healthcare funding following the 2027 elections. Inside the company, there is a belief that now is the right time to exit the Spanish market in order to minimize risks and attract new investors.
If you weren’t aware, Ribera Salud is a major Spanish company specializing in the management of healthcare institutions through public-private partnerships. Founded in Valencia, it has long been considered a pioneer in this field. After being acquired by France’s Vivalto Santé in 2022, the company expanded its operations to other regions of Spain and became part of an international network. Vivalto Santé, for its part, ranks third among private healthcare providers in France and actively invests in the development of healthcare across Europe.
