Budapest – Doktor24, one of Hungary’s largest private healthcare providers, has undergone a dramatic restructuring, regaining full Hungarian ownership after a period of foreign investment. The company, which has grown tenfold in revenue since 2019, navigated a challenging period marked by the unexpected withdrawal of international venture capital firms and a subsequent buyback of shares, according to statements made by its co-owners, János Kóka and Róbert Lancz.
The company currently generates over 20 billion forints in annual revenue, a significant increase from the 2 billion forints reported in 2019, and anticipates further growth. However, this expansion hasn’t been without turbulence. In March 2020, Doktor24 secured a 10 million euro investment from Luxembourg-based Value4Capital (V4C) and Germany’s Ananda Impact Ventures, intended to fuel acquisitions, and expansion. That plan was disrupted.
The withdrawal of V4C, whose largest investor was a Polish state investment fund, came as a surprise in late 2023. According to Kóka, the decision was linked to shifting political relations between Poland and Hungary. “They decided to leave Hungary overnight,” he said. “We found ourselves in a situation where we had to come up with several billion forints quickly.”
The buyback involved a complex financial maneuver, including leveraging existing bonds and credit lines, and ultimately a leveraged buyout facilitated by Trueway, a private equity firm associated with the Futureal group. The process also included acquiring the remaining stake held by Union Biztosító, a strategic partner in Doktor24’s national expansion. “We were determined to regain control,” Kóka stated. “We built Doktor24, and we wanted to determine its future.”
The company’s financial performance has rebounded. While the period of rapid expansion slowed in 2025, Doktor24 reported 17-18 billion forints in revenue for the year, and expects to surpass 20 billion forints in 2026. The restructuring has also prompted a focus on profitability and cost efficiency, with the company streamlining operations and divesting underperforming assets.
Doktor24’s growth strategy now centers on building a nationwide network of healthcare facilities, with a particular focus on regions experiencing economic development and population growth. The company recently opened a new clinic in Paksi, responding to the influx of workers associated with the Paks II nuclear power plant expansion.
A key component of Doktor24’s strategy is addressing the long waiting times prevalent in Hungary’s public healthcare system. According to a July 2025 report, the average wait time for knee replacement surgery in Hungary exceeded six years and nine months, with over 32,000 patients waiting more than 60 days for surgery. Doktor24 aims to provide faster access to care, but acknowledges the need to manage costs to avoid escalating prices for private healthcare services.
Lancz emphasized the importance of optimizing efficiency within the healthcare delivery process. “We need to minimize wasted time during consultations,” he said. “Even small gains in efficiency can significantly increase the number of patients we can serve.” He also highlighted the potential of technology, including artificial intelligence, to improve healthcare delivery and reduce costs.
Doktor24 is also committed to providing publicly funded healthcare services, despite operating at a loss on those procedures. The company performs nearly ten thousand limb surgeries annually under the national health insurance scheme, absorbing losses of almost two billion forints in the process. Kóka described this as a significant corporate social responsibility initiative, ensuring access to quality care for a wider population. “We don’t do it for the money,” he said. “It’s about providing a vital service.”
Looking ahead, Doktor24 is considering an initial public offering (IPO) to further fuel its growth. The company believes that a listing on the Hungarian stock exchange would provide access to capital and increase transparency. “The healthcare sector is underrepresented on the Hungarian stock exchange,” Kóka noted. “We believe there is significant investor interest.”
The company is also exploring opportunities in preventative care and longevity medicine, recognizing the growing demand for proactive health management. Doktor24 is developing a new service focused on obesity prevention and management, leveraging data analytics and personalized interventions. “The biggest trend in healthcare is shifting from treating disease to preserving health,” Kóka said. “This requires a long-term perspective and a commitment to education and lifestyle changes.”
Doktor24’s journey reflects the challenges and opportunities facing the Hungarian private healthcare sector. The company’s ability to navigate a complex financial restructuring and maintain its growth trajectory demonstrates its resilience and strategic vision. As it looks to the future, Doktor24 aims to become a leading provider of comprehensive, accessible, and affordable healthcare services across Hungary.
