register

News & Trends - MedTech & Diagnostics

Insurers continue to mislead Australians on medical devices

Health Industry Hub | September 30, 2019 |

The private health insurance industry’s continued insistence on misleading the public through suggestions that the medical devices industry is somehow ‘driving sales volume’ in response to government reforms is a blatant misrepresentation of how our private healthcare system operates and demonstrates that they are putting profits before the needs of patients.

“The devices industry was the sole contributor to lower private health insurance premium increases both in 2017 and in 2018. MTAA’s Agreement with the Government is on track to exceed $1.1 billion in expected savings,” said Ian Burgess, CEO of the Medical Technology Association of Australia (MTAA) today.

“The claim that the listing of new, innovative and more clinically effective technologies is somehow a negative, is completely absurd and demonstrates that the insurers have lost focus on patients,”

Meanwhile, insurer profits continue to increase, with NIB reporting a 9.2 per cent increase in annual profit recently to $201.8 million, with a share price increase of 31 per cent over the past six months, and Medibank Private’s share price up 16 per cent.

The recently released AlphaBeta report, Keeping Premiums Low: Towards a more sustainable private healthcare system, found that insurers have collected 50% more profit from each of their members over the past five years, far outpacing the 21% growth in benefits paid out.

It also found that private health funds have not extracted sufficient economies of scale in the wake of significant revenue growth and many funds are well above the industry average of 9% in operational expenditure, this includes an estimated marketing spend of $400 million.
“After tax profits for insurers are up 15% over the past three years as affordability for ordinary Australian families goes down,” Mr Burgess said.

“Patient and clinician choice is a key part of the value proposition of private health insurance, one that risks being eroded by the false claims made by insurers about the cost of devices,” said Mr Burgess.

“The medical technology industry believes access to a full range of medical technology is one of the key benefits of having private health insurance and we’re committed to helping ensure all Australians lead healthier and more productive lives,” Mr Burgess concluded.

You may also like Medtronic unveils its new robot-assisted surgery system


News & Trends - MedTech & Diagnostics

$54 million cancer centre opens in one of Australia’s fastest growing communities

Health Industry Hub | March 28, 2024 |

MedTech & Diagnostics News: Cancer care provider, GenesisCare, is now treating patients at a new $54 million integrated cancer centre […]

More


Marketing & Strategy

Bayer, MSD and Takeda among winners at Asia Pacific awards

Bayer, MSD and Takeda among winners at Asia Pacific awards

Health Industry Hub | March 28, 2024 |

Bayer, MSD, Takeda, Alcon, and Cipla emerge as winners among this week’s announcements of Asia Pacific awards which celebrate organisations […]

More


News & Trends - MedTech & Diagnostics

Queensland elevates diagnostic precision with cutting-edge imaging technology

Queensland elevates diagnostic precision with cutting-edge imaging technology

Health Industry Hub | March 28, 2024 |

MedTech & Diagnostics News: Mackay Base Hospital and Qscan Mackay have unveiled state-of-the-art medical imaging machines to elevate patient care […]

More


News & Trends - Pharmaceuticals

Landmark collaboration sparks inauguration of precision care clinic

Landmark collaboration sparks inauguration of precision care clinic

Health Industry Hub | March 28, 2024 |

Pharma News: In a landmark collaboration, Australians with cancer will receive more personalised care through the newly established Precision Care […]

More


This content is copyright protected. Please subscribe to gain access.