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Medihelp’s 2007 results shine

05 May 2008 Leon Rademeyer

Medihelp’s 2007 results shine

 

Medihelp medical scheme performed exceptionally well in 2007 and ended the financial year with a net surplus of R178.2 million, a solvency level of 29.9% and a per capita premium increase of only 9.2% on average for its 2008 product range.

 

According to Anton Rijnen, Executive Principal Officer of Medihelp, the Scheme was able to accomplish a number of achievements and record outstanding results despite having to face many challenges, and the Scheme is deeply thankful for this.

 

“Besides Medihelp’s good financial results it was also able to perform well in a number of other areas. As regards client service, Medihelp was once again named as the leading scheme in the country. The Ask Afrika Orange Index not only rated Medihelp as the best medical scheme but also placed it in the second place overall in South Africa. Furthermore, Medihelp was awarded an A+ rating by Global Credit Rating for the tenth consecutive year for its administration and claims-paying abilities”, says Rijnen.

 

As far as challenges are concerned, member growth remains an important issue for Medihelp, as for all medical schemes. Although the Scheme lost a number of members employed by the State to GEMS, the new medical scheme for civil servants, Medihelp’s private member base grew by 46% from 24,707 members in 2003 to 36,074 in 2007. This growth in non-civil servant members is extremely positive in view of Medihelp’s earlier member composition, which comprised mostly civil servants.

 

Another challenge involved the group of State pensioners who retired prior to 1 July 1992 and formed part of Medihelp’s risk pool since July 2005.

Medihelp was able to accommodate this group successfully, but it required various interventions, exceptional management genius, time and energy to find solutions for the risks that the move held for the Scheme. Medihelp attempted to minimise the negative influence thereof on its net results, solvency level and subscription increases. The success of their efforts is reflected in Medihelp’s financial performance in 2007.

 

According to Rijnen, it requires not only a dedicated and supportive Board of Trustees and Management but also informed and committed staff in order to be successful. “In this regard, Medihelp was named as the tenth best medium-sized company to work for in South Africa in the Deloitte 2007 Best Company to Work For survey”, he says.

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