Operating environment

Healthcare Services

Demand for healthcare services in Finland was lower in the third quarter compared to the comparison period, mainly due to lower morbidity and weaker development in occupational health. Service availability and booking rates, however, remained at a good level. Demand from insurance customers remained strong. The freedom-of-choice pilot for people aged 65 and over, launched at the beginning of September, started actively. Demand for occupational health services continued to be restrained by companies’ caution in an uncertain economic environment, which was reflected in service utilisation and contract coverage. Finland’s employment situation has deteriorated compared to the comparison period. Significant changes in employment affect the demand for occupational health services.

 

Portfolio Businesses

The market situation in Finland's publicly funded healthcare sector remained subdued, with wellbeing services counties focusing on cost-saving measures. However, there are signs of a recovery in demand. The market saw also some larger partnership tenders, in addition to smaller tenders mainly focused on digital and staffing services. The uncertainty in the market continued to be reflected in a decline in demand for staffing services. The demand for out-of-pocket dental care services continued at good level during the quarter.

 

Sweden

In Sweden, the weak macroeconomic situation continued, and the unemployment rate remained high. Demand for organisation and leadership consultation, as well as harmful use rehabilitation services continued to be weaker than normal.

 

Healthcare professional labour market in Finland

According to the current collective agreement for nurses in the private healthcare sector, personal and table salaries were increased by 2.5 percent starting from 1 September 2025. In the private social services sector, personal and table salaries were increased from 1 August 2025 by 1.0 percent, and in addition a local increment of 0.7 percent. In addition, the minimum wages under YSOSTES (the Collective Agreement for the Private Social Services Sector) were increased by 1.0–1.2 per cent, depending on the pay group. The majority of the doctors working in Terveystalo are private practitioners who are not employed by the company.

 

The regulatory environment and treatment queues in Finland

The government programme published in summer 2023 aims to enhance cooperation between private and public healthcare in order to improve the effectiveness and cost-efficiency of the service system. The government has implemented its programme, for example, by increasing Kela reimbursements as of 1 January 2024 (https://www.kela.fi/sairaanhoito).

 

The Kela reimbursement system will undergo a comprehensive reform in 2025. Fertility treatments have been reinstated as reimbursable, and the reimbursement levels have been increased from previous rates. Reimbursements for ophthalmologists, gynaecologists, dental care, and mental health services have been revised and raised. Reimbursements for physiotherapy and dental hygienist visits have also been improved. These changes came into effect on 1 May 2025.

 

A freedom-of-choice pilot for those aged 65 and over will begin in September 2025. This trial introduces a new Kela reimbursement model aimed at accelerating access to care for people aged 65 and above. Under the pilot, individuals in this age group can visit a participating private general practitioner of their choice at the same cost as a public healthcare client fee. According to Kela’s estimate, the pilot could involve around one million client visits.

 

In the April 2025 mid-term policy review, the government also decided to launch a trial related to the personal doctor model, based on a national self-employed practitioner model.

 

In total, approximately EUR 500 million is planned to be allocated during the government term for all the aforementioned reforms, of which the state’s share is EUR 335 million. By reallocating reimbursements, the government aims to improve access to services and promote freedom of choice. The government also intends to remove other legislative barriers within wellbeing services counties to enable greater use of private service providers. The measures outlined in the government programme are expected to support growing demand for private service provision and create new opportunities for publicly funded and privately delivered services.

 

Queues in the public healthcare sector remain long: at the end of August 2025, nearly 143,500 patients were waiting for non-urgent specialised medical care, of whom around 24,700 had been waiting for more than six months. The National Supervisory Authority for Welfare and Health (Valvira) has ordered nine wellbeing services counties and the Hospital District of Helsinki and Uusimaa (HUS Group) to bring access to non-urgent specialised medical care into compliance with the law by 30 April 2026, under threat of fines.

At the beginning of 2025, the maximum waiting times for access to primary healthcare were extended, effectively loosening the care guarantee. The care guarantee in outpatient primary healthcare is now three months, and six months for oral healthcare. The maximum waiting times for follow-up visits to doctors, dentists, and specialist dentists have also been extended. At the start of the year, the Health Care Act was amended to allow public service organisers, such as wellbeing services counties, to procure surgical services from private providers more extensively than before.