Hospital group-health insurance sign agreement amidst profit surge and shifting care models

MedTech & Diagnostics News: In a strategic move geared towards advancing the quality of healthcare and embracing modern care paradigms, Healthscope and Bupa have recently renewed their partnership for an extended three-year term.

Bupa reported a 32% growth in profits in 2022, surpassing previous year’s results. In the Asia Pacific region, this was driven by improved gross margin in Australian health insurance, lower costs in Australian health services and strong performance in Hong Kong health services.

Integral to this updated agreement is the establishment of a Joint Steering Committee, an assembly of clinicians and senior executives from both Bupa and Healthscope. This committee’s primary objective is to expand the spectrum of services available to Bupa members through innovative care models, ultimately enhancing the value of private healthcare. Moreover, the committee will engage in collaborative efforts to introduce operational efficiencies that optimise the broader healthcare ecosystem.

As the pandemic shifted healthcare delivery models, Bupa’s investments in out-of-hospital virtual and digital care, rehab in the home and chemo in the home has increased.

An innovative facet of this renewed partnership is its direct emphasis on the patient and member perspective. The insights and feedback of patients and members will be channelled through the committee, facilitating an influence on the direction of healthcare delivery. This inclusion ensures that both clinical and non-clinical needs are comprehensively understood and met, thereby fostering a patient-centric environment.

Speaking about the significance of this collaboration, Healthscope CEO Greg Horan conveyed that the reinvigorated partnership with Bupa signifies a transformative stride.

“With sustainable funding embedded in the partnership, we will be able to jointly invest in enhancing the overall experience for Bupa members during their health care journey in our hospitals,” he said.

The agreement between Bupa and Healthscope, which is the only private hospital group to have hospitals in every state and territory in Australia, holds the promise of mitigating out-of-pocket expenses for patients and members.

Reflecting on the partnership, Bupa Health Insurance Managing Director Chris Carroll stated “Going to hospital can be a daunting and stressful time for people, so we’re thrilled our members can have peace of mind knowing they’ll be covered at Healthscope hospitals.

“Our partnership with Healthscope is a great example of hospitals and private health insurers working together to explore new initiatives while ensuring greater choice of care and keeping healthcare affordable. This agreement recognises the changing clinical needs of our members and being part of a contemporary health care system,” he said.

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