Category Healthcare
SUB CATEGORIES General  |  HIV |  Medical Schemes | 

Medihelp reports strong net organic growth

27 June 2023 Medihelp

Medihelp, one of the five largest medical schemes in South Africa, grew its membership base organically to cover 94 821 main members and 205 771 dependants during 2022. This figure represents net organic growth of 8,65% .

Medihelp released its 2022 Annual Report recently and remarked that in a stagnant industry, these growth results are a testament to a strategy that works; a strategy that puts members’ interests first. The Scheme enhanced some of its product benefits, introduced two new products, and used the reserves it built up during the COVID-19 pandemic to implement a weighted overall average contribution decrease of 0,45% in 2022. “This was a bold move and a first for the industry. And our members responded by keeping their medical aid membership with Medihelp. In fact, we retained 90,1% of members during the year, a marked improvement from the previous year. The fact that some 40% of Medihelp members have been with the Scheme for more than ten years also speaks volumes for members’ satisfaction with our products and service,” said a Medihelp spokesperson.

The competitive pricing and benefits as well as Medihelp’s new offering also resulted in the organisation attracting young, healthy individuals and in the Scheme maintaining its average age profile.

Medihelp ended the year with a sound solvency ratio of 33,79%, which exceeded the required regulatory reserve of 25% by far. The Scheme also maintained its consistent financial performance and achieved its 15th consecutive AA- rating for its claims-paying ability and financial management from the reputable independent rating agency Global Credit Rating.

Another feather in our service cap
As a specialist in managing individual members, Medihelp has always been known for its excellent client service, and 2022 was no exception. The Scheme was rated second in the overall ranking of the reputable Ask Afrika Orange Index service benchmark. The SA-csi international benchmarking tool also rated Medihelp high in the medical aid sector with a vast improvement in member satisfaction being noted.

Click here to

fanews magazine
FAnews April 2024 Get the latest issue of FAnews

This month's headlines

FAIS Ombud lashes broker for multiple compliance blunders
TCF… a regulatory misfit initiative?
The impact of NHI on medical malpractice insurance
Fixed versus variable: can you have your cake and eat it too?
The future world of work
Subscribe now