Overview

• Toowong Private Hospital entered voluntary administration in May after cumulative net losses of $4.7 million over FY22 to FY24 and rising operating costs.
• Administrators received four purchase offers below market value and confirmed no viable buyers before closing the 58-bed facility on June 11.
• Queensland Health declined to purchase the hospital, citing its distance from public sites and major refurbishment requirements to meet standards.
• A voluntary administrators’ report is probing a June 2024 $300,000 artwork sale by director Wayne Kratzmann as a potential related-party transaction.
• Patients and psychiatrists were given only two weeks’ notice of the shutdown, intensifying strain on remaining mental health services.