Medical Center Rogaška: the medical centre of the Donat drinking-cure spa — property study

Property profile

Medical Center Rogaška is a private medical centre in the spa park of Rogaška Slatina in eastern Slovenia, close to the Croatian border. It builds on one of Central Europe's oldest spa traditions: drinking cures with the highly mineralised magnesium water Donat Mg. Legally the centre is Zdravilišče Rogaška – Zdravstvo d.o.o. (short name Z.R.- Zdravstvo d.o.o.), registered in 1993.

The centre describes itself as one of the largest private healthcare providers in Slovenia. It combines three lines of business: outpatient specialist medicine and diagnostics (gastroenterology with endoscopy, MRI, cardiology, dermatology and some fifteen other specialties), spa treatment and rehabilitation on referrals from the national health insurance, and self-pay programmes — preventive check-ups, magnesium and digestive cures, aesthetic medicine. company data

A point that matters for a developer: the centre has no rooms of its own. Patients and guests stay in neighbouring resort hotels owned by other companies; rehabilitation patients on the national programme are accommodated in Hotel Zagreb. The MEDISPA.PRO registry currently lists the property as “Grand Hotel Rogaška & Medical Center”, but Grand Hotel Rogaška is run by a separate company — see the section on the resort's operating model.

The spa town and its history

The history of Rogaška Slatina as a spa runs from the first water analyses in the 16th century to the spa institution of the early 19th century. Below are the milestones given by the medical centre itself and by official descriptions of the spa area, plus the key dates of the company.

The centre states its aim of becoming the leading centre in south-eastern Europe by 2030. company data

The resort's operating model: who owns what

Rogaška Slatina is not a single resort complex but a town where medicine, hotels and the bottling of mineral water belong to different companies. The study behind this article described the medical centre and Grand Hotel Rogaška as one group; checks against the registers and the hotels' own materials did not confirm this.

The Donat spring does not belong to the medical centre. According to the Slovenian press, ownership of the borehole the water comes from has been disputed for many years between the state, Droga Kolinska and one of the local hotel companies. The study's claim of the centre's “exclusive access” to the spring as an economic barrier is therefore not carried over.

Corporate structure and registration

The medical centre is a Slovenian limited liability company entered in the court register of the Celje District Court on 12 May 1993. Its activity is specialist medical practice; in the institutional-sector classification it is a national private non-financial corporation.

Owners and management

77% of the centre belongs to the Ljubljana holding Renee – Zdravilišče Rogaška (share capital about €2.08m, registered in 2017, no staff of its own). 23% is held by Abakus-Medico of Rogaška Slatina, 80% of which belongs to Professor Bojan Tepeš. Day-to-day management lies with two managing directors with joint powers, Boris Biček and Jana Klarič; the same two people also represent the holding.

Boris Biček is also the sole owner of the travel agency Agencija Renee (inbound and medical tourism). The study links this to the centre's access to distribution for foreign patients; the register does not show a direct link between the agency and the holding. research estimate, not confirmed by filings

Professor Bojan Tepeš is a gastroenterologist who worked at the Rogaška medical centre from 1981 to 2007, was its director in 1993–2002, and has headed the Abakus-Medico diagnostic centre since 2007. He is the national coordinator of the European registry on Helicobacter pylori management (since 2012), supervises the endoscopic part of the national colorectal cancer screening programme and has been a full professor at the Ljubljana Faculty of Medicine since 2015.

The study also called him a former president of the Slovenian gastroenterology society; his professional biography does not list this post, so it is not repeated here.

Staff

Average headcount in the annual accounts is about 150. It rose to 158.5 in 2024 and returned to 148.6 in 2025; the average gross wage grew by 18.3% over two years.

The study put the medical staff at “more than 40 specialist doctors” in “more than 15 departments”. The centre lists 19 outpatient clinics and dozens of doctors but gives no total; some specialists work part-time (their main posts are in the Celje and Maribor hospitals and community health centres). research estimate, not confirmed by filings

Revenue, costs and profit, 2023–2025

The centre's revenue grew from €11.19m to €12.78m over three years (+14.2%), costs faster, by 19.4%. 2024 was the turning point: revenue rose 3.8%, costs 11.1%, and profit fell to a third. In 2025 revenue grew 10% and profit partly recovered.

The main driver of cost growth is payroll: the average gross wage rose from €2,559 to €3,026 a month. The study explains this by the shortage of doctors and nurses in European healthcare and the need to retain staff; no breakdown of costs by item is publicly available. research estimate, not confirmed by filings

Balance sheet and capital structure

The centre's assets rose to €13.64m in 2025 (+22.2% in a year). Equity is €9.70m, or 71.1% of the balance sheet. There are almost no long-term liabilities (€51k), while current liabilities rose from €1.14m to €3.11m in a year.

The study links the rise in current liabilities to trade or leasing finance for new medical equipment and refurbishment. This is plausible given the €2.5m rise in assets, but no breakdown of liabilities is publicly available. research estimate, not confirmed by filings

Equity, liabilities and assets for 2025 do not fully reconcile: equity plus liabilities (€12.86m) fall €0.79m short of assets — the difference is probably provisions and accruals, which the study does not show.

Revenue model: insurance and self-pay

The centre takes patients in three ways: on a referral from a primary-care doctor, on an occupational-health order, and self-pay. Spa treatment and rehabilitation under the national insurance are prescribed by the insurer's appointed doctor, who decides whether the treatment is justified and sets its type, standard and duration.

Rogaška is the only spa in Slovenia registered for spa treatment under the type 8 standard: digestive and metabolic diseases (the spa's official name is the Centre for Prevention, Treatment and Rehabilitation of Gastroenterological and Metabolic Diseases). company data

The study describes the model as a mix of steady contract income from the national insurance (outpatient gastroenterology, dermatovenereology, balneological rehabilitation) and higher-margin payments from private Slovenian and foreign patients. The shares of these streams in revenue are not published. research estimate, not confirmed by filings

Preventive programmes and accommodation

The flagship self-pay product is the one-day and two-day preventive programmes. They are completed in one or two days; before the programme a doctor holds a remote interview (7–14 days ahead) and adjusts the content with the patient. The two-day programme runs on Mondays and Tuesdays, the one-day one on Mondays. The final report and all results arrive within 7–10 days.

The study gave the flagship programmes as €1,430–1,480; these are the one-day prices. The two-day premium programme costs €2,450–2,500.

Cancellation terms: 20% of the price is charged 6–7 days ahead, 70% at 3–5 days, 100% later.

Targeted examinations and add-ons

The study gave the same sedation and anaesthesia ranges (€160–215, €230–350, €300–420) and the €780 targeted gastroenterology package — they match the price list.

Health programmes with a drinking cure

The second line is course programmes with a Donat drinking cure (usually three times a day) and balneological treatments. Accommodation is not included; the booking form offers a choice of seven hotels in the town.

The centre also offers programmes for insomnia, anxiety and depression, migraine, immune support, quick relief of joint pain, food intolerance testing and individual programmes; their prices are given on request or on separate pages. company data

Price list: balneology and natural healing resources

Price list: diagnostics and specialist clinics

Price list: dermatology, aesthetic medicine and plastic surgery

Patient bill: four scenarios

To show the order of magnitude we built four typical scenarios from published prices. Accommodation uses the rate the centre quotes for programme patients; for course programmes the hotel cost depends on the hotel and season and is left out.

By comparison, a course programme here costs a fraction of a one-week programme at premium Alpine medical resorts, while a check-up is priced in line with private diagnostic centres. Rogaška sells medicine at outpatient-market prices, not at luxury-resort prices.

Site and buildings

The medical centre stands in the central spa park on Spa Square (Zdraviliški trg), the historic core of the resort. The Rogaška Slatina spa area is listed in the cultural heritage register as a monument of urban and garden design.

Medicine without rooms

From a development perspective Rogaška is an example of a “pure” medical model: the company carries expensive medical space on its balance sheet without the capital-intensive risks of rooms. Its premises include an MRI suite (shielding, cryogen venting), endoscopy with a recovery room after sedation, operating rooms for day surgery, and balneotherapy halls with building services for aggressive, highly mineralised water. research estimate, not confirmed by filings

Partners cover accommodation: the centre recommends a nearby hotel to check-up patients at €99–124 a night and a day room with breakfast at €76; spa-treatment patients stay in Hotel Zagreb; detox programmes run with Grand Hotel Donat, which provides the room and diet meals.

Constraints and development potential

Spa Square is a protected historic area: new construction on adjacent plots is limited in density and height. The study sees potential not in expansion but in reconfiguring the existing buildings: converting part of the balneotherapy halls into minimally invasive surgery rooms and introducing telemedicine. research estimate, not confirmed by filings

The centre is already moving that way: the pre-check-up interview and the closing talk are held by video, and the price list includes a remote endocrinology follow-up. company data

The design team of the centre's buildings (architects, engineers, consultants) is not named in public materials. The historic Spa House, now Grand Hotel Rogaška, is a separate property of another company.

Natural healing resource: Donat Mg water

The basis of Rogaška's spa medicine is the natural mineral water Donat Mg. According to the centre it is water of meteoric origin about 8,000 years old that picks up minerals at depths of 280 to 600 metres. Total mineralisation is over 13 g of dissolved substances per litre including CO₂; a litre holds more than 1,000 mg of magnesium. company data

The centre and the study call Donat the world's most magnesium-rich natural water used for therapeutic purposes. Bottling and the brand belong to Droga Kolinska (Atlantic Grupa); the medical centre uses water from the spring in its drinking hall and in treatments. company data

The centre recommends drinking the water lukewarm, before meals, no more than a litre a day, with a break of a few weeks during the year; in large amounts it acts as a laxative. According to the centre it is not advised in kidney failure, alkalosis and oedematous conditions. company data

The centre lists the indications: diseases of the gallbladder and bile ducts, pancreas, liver and stomach, constipation, heartburn, diabetes, raised uric acid and cholesterol, excess weight, stress and migraine, magnesium deficiency and prevention of some kinds of urinary stones. The study describes mechanisms (motility of the bile ducts and bowel, magnesium repletion). Independent research on drinking mineral waters is limited: there are small studies, for example of magnesium-rich water for constipation; research on the spa course as a whole is still scarce.

Spa treatment and balneology

Spa treatment on insurance referral is the centre's core profile. The centre lists the indications: severe reflux oesophagitis and conditions after oesophageal surgery; recurrent gastric and duodenal ulcer and post-gastrectomy syndromes; malabsorption, Crohn's disease, ulcerative colitis, diverticulosis and conditions after bowel resection; toxic liver damage and chronic hepatitis, primary biliary cirrhosis, conditions after liver transplantation; chronic pancreatitis; diabetes with complications; rehabilitation after treatment of digestive cancers. company data

This set matches the classic Central European drinking-cure model — a prescribed course of mineral water, baths, mud, a daily regime and diet — to which the MEDISPA.PRO knowledge base also assigns Karlovy Vary and Mariánské Lázně.

Medical departments

The centre lists 19 outpatient clinics: balneology, gastroenterology, cardiology, dermatology, aesthetic dermatology, MRI, ultrasound, X-ray, physiatry, gynaecology, angiology and vascular surgery, urology, orthopaedics, proctology, endocrinology, dentistry, aesthetic plastic surgery, hand surgery and physiotherapy. A clinical laboratory, a urinary incontinence centre, a pain and regenerative medicine unit and an inpatient rehabilitation ward work alongside. company data

Medical team

The centre publishes its doctors by name. The leadership roles it names itself:

The gastroenterology team includes several gastroenterologists and internists; some doctors combine work at the centre with the Celje hospital, the Maribor university medical centre or community health centres. Spa medicine and balneology are covered by family physicians and physiatrists.

Technologies and equipment named by the property

Below are the equipment and technologies the centre names in its department and programme descriptions and in its price list (October 2026). It is a list of what the property names, not an audit: we did not check models, numbers or the technical condition of the devices. The centre does not publish the field strength of its MRI scanner. company data

Diagnostics

Dermatology and aesthetic medicine

Physiotherapy, rehabilitation and balneology

The study's equipment list (video endoscopy, MRI, Doppler and elastography, FotoFinder, Fotona, HIFU Ultraformer III, GenePlanet genetics) broadly matches what the centre names; elastography and a “high-field” scanner are not mentioned by the centre itself. being verified

Quality and accreditation

The centre builds its quality system on the Canadian standard: internal and external audits under Accreditation Canada, regular staff training, microbiological checks of premises and patient surveys. The centre gained its first accreditation in 2014 and ACI Platinum status (Accreditation Canada International) in 2024. It also carries the Slovenian SQ quality mark. company data

Competitive landscape

Within Rogaška Slatina the medical centre is the largest but not the only medical and wellness provider: Grand Hotel Sava (a medical and spa centre), Grand Hotel Donat, Grand Hotel Rogaška and boutique hotels have their own wellness and medical facilities. Beyond the town the centre competes with private diagnostic clinics in Slovenia (check-ups, MRI, endoscopy) and with the drinking-cure spas of Czechia.

Observations for the developer and investor

• A medical operator without rooms: €12.8m revenue on €13.6m of assets, 71% equity, almost no long-term debt.
• Three revenue sources — insurance (spa treatment and outpatient clinics), self-pay medicine and aesthetics — smooth seasonality; the shares are not disclosed.
• The “check-up in 1–2 days” product with sedation, MRI and cardiology is a replicable format for a spa clinic; at €1,430–2,500 it is priced at outpatient-market level.
• The natural resource is shared by the town: Donat water is bottled by another company and borehole ownership has been disputed; it is a factor, not an exclusive asset of the centre.
• The case of a clinic in a protected historic spa park: growth comes through reconfiguration and new medical services rather than new construction.
• International accreditation (ACI Platinum) is an argument for foreign patients and insurers; we found no comparable medical accreditation at the partner hotels.

Risks

Where data are still scarce

Not published: the shares of insurance and self-pay revenue, numbers of patients and foreign guests, MRI and endoscopy utilisation, the number of staff and part-time doctors, building areas, the structure of costs and liabilities. Costs and EBITDA are as per the study; 2024 net profit exceeds revenue minus costs — the discrepancy is being verified.

On medicine: independent research on Donat drinking cures and on the spa course as a whole is limited; the effects the centre names come from its own materials.