Latest Healthcode data reveals accelerating outpatient activity during Q3 2026.
PMI-funded private healthcare continued to grow strongly in the third quarter of 2026, according to the latest invoice data from Healthcode, with outpatient services and hospital radiology leading the increase in activity.
Healthcode processed 3.16 million invoices between July and September 2026, a 9.1% increase compared with the same period last year. Their combined value reached £1.5bn, up 12.2% from £1.34bn in Q3 2025.
September was a particularly strong month, with invoice volumes rising 11% year-on-year to 1.12 million, while their value increased by just over 12% to £532m.
Outpatient care continues to drive growth
Outpatient services remained the main driver of growth, with invoice volumes increasing by 9.8% to 2.88 million in Q3. This follows growth of 7.3% in Q1 and 8.5% in Q2, showing a steady acceleration in outpatient activity throughout 2026.
Admitted-care activity also increased, although more moderately, with approximately 275,000 invoices processed during the quarter, 2.6% more than in Q3 2025. Day-case volumes rose by 3.2%, while inpatient activity increased by 0.7%.
Radiology leads hospital specialty growth
Radiology recorded the strongest growth among the leading hospital specialties, with invoice volumes increasing by 27% compared with Q3 2025. September was particularly strong, with radiology activity rising by approximately 30% year-on-year.
Hospital oncology and cardiology also recorded growth of around 9% and 8% respectively. Meanwhile, orthopaedics and trauma remained the largest hospital specialty, although invoice volumes showed little change compared with the same period last year.
Outside hospitals, physiotherapy remained the largest recorded specialty, with invoice volumes increasing by 8%. Dermatology and obstetrics and gynaecology both recorded growth of approximately 14%, while non-hospital orthopaedics and trauma increased by 8%.
Richard Aris, Director of Strategic Partnerships and External Affairs at Healthcode, said:
“The latest figures show that PMI-funded private healthcare continues to grow, with outpatient services playing an increasingly important role. The particularly strong growth in hospital radiology also highlights the rising level of activity in diagnostic services.
What’s interesting is that growth isn’t happening at the same pace across every specialty. Our data gives us a valuable picture of how activity is changing across the sector, helping us understand where demand is developing and how private healthcare continues to evolve.”
A strong year for private healthcare
Across the first nine months of 2026, Healthcode processed 9.49 million PMI invoices with a combined value of £4.53bn, around 8% and 11% higher respectively than in the same period in 2025.
The latest figures continue a longer-term trend of growth in PMI-funded healthcare. Between 2022 and 2025, annual invoice volumes processed by Healthcode increased by approximately 38%, from 8.6 million to 11.8 million, while their combined value rose by around 45% to £5.5bn.
If this trajectory continues into the final quarter, 2026 could mark the strongest year yet for PMI-funded healthcare, with full-year figures to follow in early 2027.
