How to co-create a viable future for private health: HCF CEO in Reimagining Healthcare senior leadership series

In this episode of the Reimagining Healthcare senior leadership series, Sheena Jack, CEO of HCF – Australia’s largest not-for-profit private health fund – delved into how private healthcare could evolve over the next 10-15 years to fully unlock ‘value’ for patients.

“The settings where care will be delivered is actually one of the most dramatic changes that will occur in the health system,” she highlighted.

Addressing the rising costs of private health insurance, Jack acknowledged the Grattan Institute’s findings that premiums have outpaced wages and inflation for the past two decades, noting that “all health systems are facing the same challenges of increasing costs globally”.

“So what do we do about that?” she asked. “A lot of these challenges need to be solved by co-collaboration…We can work together to speed up the adoption of new models which is a really important element of driving costs down and improving health outcomes.”

Jack also touched on the reported trends of private hospital closures, unpacking the nuances that are impacting the current ecosystem. She expressed optimism that the review of private hospitals viability announced by Federal Health Minister Mark Butler could lead to significant reforms.

The conversation then turned to vertical integration in healthcare, a topic of growing concern by some stakeholders. Jack emphasised the need to keep “an open mind” and for private health insurers to lead more meaningful discussions on this issue to ensure it genuinely benefits patient care “at adequate costs”.

On the topic of international best practices, Jack highlighted a key example that offers valuable lessons for Australia in tackling similar challenges within private healthcare.

Finally, Jack outlined the key actions needed in the short term to move towards the reimagined future of private healthcare, ensuring that patients remain at the heart of all reforms and policy decisions.

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