Operating environment
Healthcare Services
Demand for healthcare services in Finland was generally strong in 2025, although developments varied over the course of the year. In the first half, service utilisation was supported by a higher-than-normal prevalence of upper respiratory infections, strong demand from insurance customers, and a slight improvement in consumer demand. In the third and fourth quarters, overall demand weakened compared to the comparison period, driven particularly by lower prevalence of upper respiratory infections and subdued development of demand in occupational health services. Companies’ caution in an uncertain economic environment was reflected in more restricted service use and contract coverage, and the deterioration in Finland’s employment situation affected demand for occupational health services in the second half of the year. Demand from insurance customers nevertheless remained strong throughout the year. Service capacity and booking rates also remained at good levels.
The freedom-of-choice pilot for people aged 65 and over, launched in September, started actively and brought additional service volumes towards the end of the year.
Portfolio Businesses
The market environment for publicly funded healthcare services in Finland remained cautious in 2025, as wellbeing services counties continued to focus on cost savings. During the year, the market saw mainly for example competitive tenders for digital services, but towards the end of the year there were increasing signs of improving demand. In the second half of the year, some broader partnership tenders were also initiated, and the counties’ interest in procuring various service packages from the private sector strengthened. Market uncertainty was particularly visible in the demand for staffing services, which weakened at the start of the year and remained subdued throughout. In contrast, in services targeted at consumers the demand for dental care strengthened clearly, with growth continuing steadily until the end of the year.
Sweden
In Sweden, weak macroeconomic conditions and high unemployment weighed on demand throughout the year. Demand for corporate health services remained at a satisfactory level, and the anticipated recovery did not yet materialise. Demand for organisational leadership services and rehabilitation services for harmful use was clearly weaker than in the comparison period.
Healthcare professional labour market in Finland
The availability of healthcare professionals remained at a good level throughout the year, and Terveystalo’s service capacity was likewise strong.
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).
In addition, fertility treatments were reinstated as reimbursable, and the reimbursement levels were increased from previous rates. Reimbursements for ophthalmologists, gynaecologists, dental care, and mental health services were revised and raised. Reimbursements for physiotherapy and dental hygienist visits also improved. These changes came into effect on 1 May 2025.
A freedom-of-choice pilot for those aged 65 and over began in September 2025. This trial introduces a new Kela reimbursement model aimed, among other things, 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.
At the government’s mid-term policy session in April 2025, a pilot scheme on care continuity and the personal doctor model was also launched.
In total, approximately EUR 500 million is planned to be allocated during the government term for all the 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 has removed, and intends to further remove, other legislative barriers that prevent wellbeing services counties from making 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 November 2025, approximately 143,200 patients were waiting for non-urgent specialised medical care, of whom around 19,500 had been waiting for more than six months. The National Supervisory Authority for Welfare and Health (Valvira) have 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.