Medihelp, one of the country’s top five medical schemes, once again reported strong organic growth at the Scheme’s annual general meeting held on 20 June 2024.
Medihelp not only managed to keep net organic growth above the 7% mark in the financial year ended 31 December 2023, but also welcomed 21 789 new main members.
Sustained growth despite challenges
Says Chris Klopper, Chairperson of the Board of Trustees, “We are extremely grateful for the sustained growth despite the challenging economic climate in our country. The Scheme continuously signed up younger, tech-savvy, and by design healthier individuals, with an average age of 32 for new enrolments.
“We pride ourselves in people-driven, personal service to our members, as well as access to healthcare of the highest quality at affordable rates. The recognition Medihelp annually receives from members and financial intermediaries alike is testament that our innovative strategies to improve experience and engagement throughout our value chain bear fruit,” says Klopper.
In 2023 Medihelp received the sought-after first place in the Ask Afrika Orange Index for customer satisfaction and second place for our products in the Financial Intermediaries Association (FIA) Intermediary Experience Awards in the healthcare category.
Strategies, future-set skills
“Although Medihelp saw a rise in hospital admissions, visits to specialists, and the overall cost of medical services, the Scheme maintained its consistent financial performance. Medihelp achieved an A+ rating for its claims-paying ability and financial management from the independent rating agency Global Credit Rating.
“The higher claims ratio in 2023 put solvency under pressure, dipping slightly below the prescribed level of 25%. The Board is, however, confident that the specific plans, strategies, and future-fit skills set in place to address claims create an opportunity to pivot towards a future in which Medihelp plays a leading, innovative role in the medical aid sector.
“We have expedited the implementation of artificial intelligence and machine learning to, amongst others, refine protocols, manage costs optimally, and upskill our people,” says Klopper.
Sustainability, stakeholder satisfaction
Varsha Vala, Principal Officer, is equally confident in Medihelp’s ability to continue to build on 119 years’ success and unlock exponential value for existing and future members. “Because consumers expect a consistently superior experience from the businesses they support, personalised member and stakeholder engagement and satisfaction will remain a primary focus for Medihelp.
“In terms of experience and sustainability, we will continue to explore opportunities to refine how we help our members navigate the complexities of the healthcare and wellbeing ecosystem.
“Medihelp is so much more than a mere funder of illness care. We believe in a strong partnership with members, advisers, and healthcare providers, unlocking tangible value, improving healthcare outcomes and promoting overall wellbeing.
“We are committed to safeguarding the interests of all our members. In collaboration with our partners, we aim to deliver refined human-centred solutions and experiences with care and empathy at every touchpoint, ensuring Medihelp remains the Scheme of choice for all South Africans,” Vala concludes.
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