register

News & Trends - Medical Technology

Health insurers holding $1.8 billion excess funds from deferred claims

Health Industry Hub | March 5, 2021 |
[Total: 1    Average: 4/5]

MedTech News: The Australian Private Hospitals Association (APHA) has welcomed the move by private health insurer HBF to repay members fees after accruing excess funds due to COVID-19 and is urging the big players to do the same.

Australian Private Hospitals Association (APHA) CEO Michael Roff said HBF’s move was ‘the right thing to do’, but noted it was restricted to the Western Australian-based insurer.

“This is exactly what health insurers should be doing – in fact we called for this very thing last week. The latest Australian Prudential Regulation Authority (APRA) data report showed there was $1.8 billion sitting in insurers’ bank accounts as deferred claims liability, if those funds are not used to address the backlog of elective surgery, then they should be returned to members.

International Women's Day 2021 - Health Industry Hub
Interview links will be provided on 8th March.

“HBF is in a position to return $40 million to policyholders, imagine what the large insurers are holding back? For example, Medibank reported last week that they are holding $310 million in deferred claims,” he said.

On a national level, activity in private hospitals was down 6.9% in 2020 compared to 2019.

“This is not as bad as anticipated when elective surgery restrictions were first imposed, so it is likely all health funds are holding an excess of deferred claims liabilities.

“The latest data shows that in the six months to December 2020, private hospital activity bounced back to more normal levels, so there is no reason why all health funds can’t declare how much they will return to members.”

Mr Roff said it was pleasing to see at least one health insurer honouring its promise to members and he looks forward to hearing similar announcements from the big health insurance organisations.

“Australians have been hit hard by the pandemic and many will be facing a cut to JobKeeper at the end of this month. If private health insurers are holding on to money that could help those people out, they should do the right thing and follow HBF’s great example,” he said.


About the author

About the author

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam luctus finibus scelerisque. Nunc bibendum ipsum sed augue fringilla fringilla. Nullam at consectetur leo. Praesent viverra rutrum porta. Quisque vitae mi vel purus vulputate tincidunt. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Suspendisse et mi quis nisi rhoncus feugiat at ac tellus. Sed aliquam sodales nulla ac auctor. Sed pretium lobortis purus accumsan ullamcorper. Phasellus sodales vel odio in lobortis. Duis maximus sagittis bibendum. Interdum et malesuada fames ac ante ipsum primis in faucibus. Nunc dictum tincidunt ipsum in vestibulum. Donec ut sem consectetur, aliquam quam vitae, pharetra orci. Nam egestas non velit eu rhoncus. Duis congue neque non lacus tincidunt porta. Vestibulum ultricies pulvinar sem, molestie congue dui aliquet non.
  • Ut imperdiet leo id lorem fermentum consectetur.
  • Ut vitae orci et dui varius tincidunt.
  • Ut id magna non libero vestibulum pharetra ac faucibus nulla.
Aliquam erat volutpat. Vestibulum vitae varius diam. Nulla eget congue ante. Nunc ullamcorper sagittis augue vel dictum. Mauris finibus nibh ut pulvinar auctor. Vestibulum ut faucibus nisi. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Quisque porta tortor ac justo malesuada elementum. Nulla tellus ante, cursus nec ex sit amet, suscipit bibendum arcu. Duis posuere orci dui, et mollis enim dictum at. Sed ullamcorper, sapien ut vulputate viverra, sem purus porttitor tellus, nec mattis mauris ligula sed risus. Nulla sagittis id ipsum eu mattis. Link to full profile

Leadership & Management

Leadership Management Qualities - The power of being an authentic leader

The power of being an authentic leader

Health Industry Hub | April 21, 2021 |

Leadership & Management: Welcome to Health Industry Hub’s Women in Leadership Series – connecting, engaging and empowering women in the […]

More


Digital & Innovation

Healthcare Technology Digital Innovations - Data is the biggest challenge, and opportunity, for MedTech

Data is the biggest challenge, and opportunity, for MedTech

Health Industry Hub | April 21, 2021 |

Digital & Innovation: Medical technology is increasingly shaping the future of healthcare. The sector is also a growing part of […]

More


News & Trends - Medical Technology

MedTech News - Thermo Fisher acquisition to better serve its pharma and biotech clients

Thermo Fisher acquisition to better serve its pharma and biotech clients

Health Industry Hub | April 21, 2021 |

MedTech News: Thermo Fisher Scientific is buying clinical research services provider PPD for a hearty $17.4 billion, and that’s not its only acquisition this […]

More


News & Trends - Pharmaceuticals

Pharma News - First-in-class oncology drug candidate licensed by Aussie pharma

First-in-class oncology drug candidate licensed by Aussie pharma

Health Industry Hub | April 21, 2021 |

Pharma News: An Australian oncology-focused drug development company entered into a worldwide exclusive licensing agreement and a master services agreement […]

More