Australia's biggest private hospital operator has singled out health insurers for not paying their "fair share" for client services.

Ramsay Health Care, which has a network of more than 70 modern hospitals, clinics and surgical centres across the nation as well as operations in the UK and Europe, said the health sector faced a number of headwinds including cost pressures.

"The operating environment remains challenging, with ongoing cost pressures and the reluctance of some payers to recognise and pay their fair share of these inflationary cost increases," chairman David Thodey told shareholders at the group's annual meeting on Tuesday.

However, Ramsay, which reported a net profit of more than $300 million in the 2024/25 financial year, is looking forward to even higher earnings in the new year.

Chief executive officer Natalie Davis told the meeting the first quarter was a  strong one for the group, with revenue up 6.5 per cent and underlying pre-tax earnings up 5.8 per cent.

"In summary, we are on track and continue to make good progress," she said.

Australians spent about $270 billion in health goods and services in 2023/24, which is the latest data available from the Australian Institute of Health and Welfare.

That equates to an average of about $10,000 per person a year.

Health spending accounts for about 10 per cent of the nation's gross domestic product and that percentage is on an upward trajectory.

In 2023/24, Australian governments funded $188.2 billion of the total health expenditure, or 69.6 per cent.

Non-government sources, which include private health insurers, individuals and other sources, funded the remaining $82.3 billion, or 30.4 per cent.

Meanwhile, many shareholders at Tuesday's annual meeting raised concerns about Ramsay's European businesses, including its French hospital arm, Sante, and the UK mental health care operation, Elysium.

Mr Thodey would not say if either would be put up for sale, but did note the French business was not doing as well as expected because of a weak local economy.

Elysium, which was acquired when there was a surge in demand for mental health services, was similarly feeling the impact of soft economic conditions in the UK.

"At Sante, we've had very strong revenue growth based on volume growth, but the compensation we're receiving from the French government has not been commensurate," he said.

"I assure you that we have looked at a large number of options ... and we will be coming forward with, you know, further statements in the future."

Ramsay's share price, which had been circling the $32 mark for the past two months, jumped almost four per cent to $35.59 by midday.