Aug
27
Bupa Expands Health Care Select Product Line
Filed Under BUPA, Health Insurance, Healthcare, Insurance Company, Medical Insurance | 3 Comments
Bupa has added Health Care Select 3 Plus (HCS3P) as a fifth choice in their Care Select insurance product line, effectively extending their Heartbeat range of plans offered to individuals in search of private medical insurance.
In the scheme of the Heartbeat Range, Health Care Select 1 delivers the most comprehensive cover, whilst Health Care Select 4 brings the lowest level of cover. Health Care Select 3 Plus fits right in between these two levels of medical cover. A specialist plan that provides medical cover for heart and cancer is also included under the Heartbeat Range.
Health Care Select 3 Plus covers the full cost of hospital charges and the fees of consultants for in-patient and day treatment, including cancer treatment. Also covered are the full cost of radiotherapy and chemotherapy, diagnostic tests and therapies for cancer treatment, as well as eligible outpatient cancer drugs. The benefits for outpatient treatment have a coverage ceiling of US$1,550 (EUR 1,220) for the combined cost of consultations, diagnostic tests, physiotherapy and other therapies.
Other benefits in this new HCS3P plan include the cost of a private ambulance up to US$93 (EUR 73) each tip, accommodation for one parent when staying with a child under 12 years of age who is receiving in-patient treatment, plus access to the Bupa health line service. Not covered under this plan are the complementary medicine and psychiatric treatments.
By removing benefits such as psychiatric treatment and limiting the outpatient coverage, this plan reduces the amount paid in the form of premiums, something that clients concerned with the cost of the plan may find reasonable, as not all clients feel that these benefits are necessary.
As a trend, the modular approach in the level of cover offered by insurance product lines, like the Heartbeat Range offered by Bupa, is gaining attention among providers of private medical insurance and other companies are coming out with their respective product offerings.
The following table summarizes the benefits offered by the Health Care Select products in the Heartbeat Range:
Insurance Company mentioned:
Bupa is an international health insurance company that provides health insurance for individuals and companies all over the world. Bupa has offices on three continents and over 7 million customers’ world wide. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Aug
13
Bupa Growing Abroad
Filed Under BUPA, Expat Insurance, Health Insurance, Hong Kong, IHI Bupa, Insurance Company, International Healthcare, Medical Insurance, Spain, USA Health Insurance, United Kingdom | Leave a Comment
Bupa, the UK’s largest private medical insurance provider, has announced its financial results for the first half of 2010. The report indicated that while the company’s UK membership numbers remained flat, there was considerable growth in international markets contributing to an overall increase in income of £3.71 billion(US$ 5.7 billion) for Bupa.
Trading conditions in the UK, US and Spain have been particularly difficult since 2008, reflecting the fallout from the general downturn in business activity in these countries. However, trading in Australia and other non-European countries, and the USA, has helped Bupa generate an overall increase in revenue for the first six months of 2010. The UK health insurer reports a 10 per cent increase in revenue to £3.71 billion (US$ 5.7 billion) producing a 5% increase in surplus funds amounting to overall growth of £183.6 million (US$ 285 million) for the same period. As Bupa is a provident association all funds are reinvested into the company, consequently Bupa does not recognize “profit” per-se, but rather “surplus” revenue.
The 10% increase in revenue for Bupa was driven by organic growth of 4% and agreeable foreign exchange movements of 6%. Higher sales in Australia contributed to higher revenue, and a favorable exchange rate from the Australia Dollar to the Sterling was a strong factor for the company’s success.
As a result of the tough economic conditions in the UK, Bupa experienced a 0.8% decline in membership numbers over the 6 month period. Revenue and profits from the UK market remained flat for the first half of 2010 following one-off restructuring costs, but significant loss was contained by lower claims payments and cost savings resulting from new a new administration system adopted in August 2009.
Trading in the USA private medical market was also adversely affected because of the economic downturn, high unemployment levels, and the reform of the healthcare system in the country. These factors all contributed to the slowdown in new business sales and renewals. Bupa continues to develop new products to meet the changing demands in the American private healthcare market, with new business opportunities arising following the passing of health reform legislation; industry watchers expect increased sales volume for USA private medical insurance as President Obama’s reforms roll out through to 2014.
In international markets, Bupa’s surplus increased from £51.3 million (US$79.8 million) to £88.7 million (US$138 million) over the six month period, until 30th of June 2010. Bupa International still remains the largest provider of international private medical insurance, with a global 2% increase in policyholders over the reporting period; primarily due to Bupa Arabia, and Bupa Australia experiencing increasing membership numbers.
Ray King, Chief Executive of Bupa commented on the future of the Australian health insurance market by saying: ‘In our Australian insurance business, the integration programme is almost complete and we look forward to the launch of a single product suite later this year which should further enhance our competitive position.”
In other markets, Bupa Latin America reported an increase in profits compared to the same period last year, explained by steady membership growth and lower claims being made. Bupa Hong Kong revenue increased modestly, and Max Bupa, the joint India venture launched in March 2010, has 6 retail offices in major cities across the country; this is planned to increase to 9 outlets by the end of 2010.
The future for Bupa in the UK and US remains unclear due to the stringent economic conditions and the impact on demand for private health insurance products. However with both governments implementing major reviews of healthcare provision it may give the UK medical provider opportunities to accelerate business in these markets. Chief Executive of Bupa, Ray King said “The UK and US government started to articulate their plans for reform of their healthcare systems and we believe that this should offer new opportunities for businesses in the future.”
The future outlook for Bupa internationally looks positive; consolidating their market presence in the international health insurance market. However, the markets in Europe and North America are still subject to difficult economic conditions.
Insurance Company Mentioned:
Bupa
Bupa was established more than 60 years ago in the UK and is now has ten million customers in over 190 countries, and over 52,000 employees around the world. Bupa is a leading international healthcare provider, offering personal and corporate health insurance, workplace health services and health assessments. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world. Bupa has operations around the world, principally in the UK, Australia, Spain, New Zealand and the US, as well as Hong Kong, Thailand, Saudi Arabia, India, China and across Latin America.
Jul
6
Bespoke Quality Assurance Programme developed by Bupa International
Filed Under BUPA, Healthcare, Insurance Company, International Healthcare | 2 Comments
Synergistic cooperation between Bupa International and Joint Commission International (JCI) has resulted in the development of a quality assurance programme to be used in the assessment of the medical facilities and clinical quality of the healthcare network’s 7,500 medical providers.
Clinical staff from Bupa International together with consultants from JCI have customised tools already developed by the former to assess hospitals against international standards, measuring up patient safety, clinical services, hospital management, staff, general environment and equipment, among other parameters.
The standards used in this programme have been set using medical expertise accumulated over the years by Bupa International and is applied to the hospitals and facilities promoted to its customers. This method guarantees that the hospitals are primarily selected according to their ability to provide the right treatment and quality of care, and not simply based on the cost factor, which is an important difference when compared with the programmes used by many other health insurers.
Another important feature of the new programme is the ability to direct medical evacuations to the most suitable facilities.
This joint collaboration between Bupa International and JCI has the added advantage of supporting hospitals with their continual quality improvement initiatives, ensuring the overall improvement of standards.
Insurance Company mentioned:
Bupa is an international health insurance company that provides health insurance for individuals and companies all over the world. Bupa has offices on three continents and over 7 million customers’ world wide. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Jun
22
Cost of Medical Treatment in China heading skyward
Filed Under BUPA, China, China insurance, Health Insurance, Insurance Company, International Healthcare, Medical Insurance | 1 Comment
The cost of receiving medical treatment in China’s upscale private healthcare facilities in Shanghai and Beijing is on an astronomic rise, only this time the regular suspects of medical inflation, old age and larger numbers of lifestyle illnesses may not be to blame.
It seems that the limited number of high-end medical facilities has given them a corner on the market, which they have fully taken advantage of, with one hospital group even going so far as to send a memo to doctors to remind them to charge for removing stitches (sutures in medical terminology). The limited number of competitors reduces insurers’ ability to negotiate prices for various treatments with healthcare providers.
The Medical Director from the international insurance company Bupa, Dr. Sneh Khemka, says that “Globally, medical costs are rising by around ten to eleven per cent each year, at its worst, in China the inflation rate is 3,000 per cent. It is our view that the drivers of these higher costs are commercial, rather than medical. There is practically a monopoly in Shanghai and Beijing and the clinics charge what they like.” This would mean that Bupa customers’ premiums are rising by 200 to 300% per year in order to keep up with the inflated costs of treatment.
The major players providing high-end medical insurance targeted at foreigners and VIP mainland clients are Parkway which runs the Gleneagles hospital in Shanghai; United Family Healthcare which has hospitals in Beijing, Shanghai, Guangzhou and Wuxi; as well as International SOS which runs clinics, operational assistance offices and also keeps an air ambulance on hand for medical evacuations.
Healthcare providers justify the costs by the nature of their business, saying that providing VIP-level facilities and attracting highly-trained doctors with the ability to speak multiple languages from their careers in their home countries is challenging and expensive. Healthcare providers have also argued that prices are still below the cost of treatment in the U.S. healthcare system, most of the time.
The question becomes whether the continuing development of Chinese public hospitals and clinics – some of which have English-speaking doctors and even special wings for foreigners, such as Peking Union Medical College in Beijing and Ruijin Hospital in Shanghai – will reach a point where they begin competing with the entrenched international and VIP healthcare providers.
Insurance Companies and Healthcare Companies Mentioned:
Bupa
Bupa is an international health insurance company that provides health insurance for individuals and companies all over the world. Bupa has offices on three continents and over 7 million customers’ world wide. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
International SOS
International SOS is a healthcare services provider offering logistical assistance, alarm center services, preventative advice and emergency assistance including evacuation and repatriation. Originally founded in 1985 as AEA International, the company purchased International SOS in 1998 and renamed the company International SOS. The company now has more than 6000 employees working across 70 countries working in concert with non-government organizations, business and governments around the world.
Parkway
First listed on the Singaporean stock exchange in 1975, Parkway Holdings has become one of the top-quality integrated healthcare providers in Asia in the intervening years. Parkway now operates 16 hospitals in Asia, with over 3,400 beds throughout Singapore, China, Malaysia, India, Brunei, and the UAE. Parkway also boasts a nursing and health science college, extensive diagnostic, imaging and laboratory resources and the largest foreign owned medical network in Shanghai.
United Family Healthcare
United Family Healthcare is the product of Chindex (previously the U.S.-China Industrial Exchange), which was started in the early 1980s to sell technological equipment in China. In 1993 Chindex started to focus entirely on medical equipment which gave them the knowledge and connections to start United Family Healthcare’s first hospital in 1997 as a joint venture between Chindex and the China Academy of Medical Sciences, called Beijing United Family Hospital and Clinics (BJU). Since then United Family Healthcare has expanded, adding two additional satellite clinics in Beijing as well as 3 more hospitals in Shanghai, Guangzhou and Wuxi.
May
11
Companies get Gold Superior Plan Offer from Bupa International
Filed Under BUPA, Expat Insurance, Insurance Company, International Healthcare | 2 Comments
Making a significant enhancement to the line of international health insurance cover offered to companies with globally-mobile employees, Bupa International has now made available the Gold Superior plan, plus a new range of dental benefit options.
Bupa International modelled this latest Gold Superior offering based on feedback received from intermediaries and company customers, and comes in addition to their three existing products, known as Essential, Classic and Gold.
The added benefits of the Gold Superior plan, which are among the most generous currently offered in the market, include: Levels of cover enhanced to the most extensive available in the market, higher annual benefit up to a maximum of US$10 million (EUR 7.5 million), full refund for family doctor visits, outpatient drugs and dressings, wellness benefit of US$2,000 (EUR 1,500) including a full health screening worth US$700 (EUR 460), up to 60 outpatient therapist visits a year, routine maternity benefits increased to US$16,000 (EUR 12,000) and up to US$28,000 (EUR 21,000) for medically necessary caesarean sections, increased dental cover of up to US$4,000 (EUR 3,000) and additional optical coverage benefits.
The Gold Superior plan can be adjusted to different levels of cover depending upon the particular needs of each employee, plus the option to include geographical cover in the USA as well as assistance covers.
Companies with globally-mobile employees which have staff members assigned to countries where the quality of private healthcare is sub-standard or missing, are among the customers this Enhanced Company Plan can benefit the most, bringing peace of mind to their key employees in the form of assured well-being.
Furthermore, the improved host of benefits offered in this enhanced international health insurance policy can be extended to the family of the employee, which plan administrators may use as a tool for increased staff morale, helping the company retain their best and brightest staff.
Insurance Company mentioned:
Bupa is an international health insurance company that provides health insurance for individuals and companies all over the world. Bupa has offices on three continents and over 7 million customers’ world wide. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
May
3
Max Bupa opens doors for business in India
Filed Under BUPA, Health Insurance, Insurance Company, Medical Insurance | 2 Comments
Max Bupa Health Insurance, the India-based joint venture between Max India Ltd. and Bupa, has launched its business and revealed its first product on April 29th, 2010.
The Max Bupa Health Insurance joint venture, which received its Certificate of Registration from India’s Insurance Regulatory and Development Authority (IRDA) in February this year, is ready to start its business operations in the 6 major metropolitan areas of Delhi, Mumbai, Bangalore, Hyderabad, Pune and Chennai. There are further plans for expanding business into the cities of Jaipur, Surat and Ludhiana by the end of the 2010 fiscal year.
The company currently has an initial capital base of Rs 1.51 billion, or Rs 151 crore (US$ 33.89 million), with intentions to raise that number up to Rs 700-750 crore (US$ 157-168 million) in five years time. Max Bupa’s hospital network spans 381 institutions throughout the six cities they are working in. They currently employ 400 people and plan to enlarge their team to 600 by the end of the year, as well as having a distribution network of about 500 agents which they intend to grow to 3000 agents as business continues.
Max Bupa Health Insurance’s first product, named Heartbeat, which is targeted at Indian families, providing health insurance coverage for infants, senior citizens and all the family members in between. The product offers benefits for in-patient treatments including those lasting less than 24 hours, treatments due to illness 30 days prior to and 60 days after hospitalization, new born baby coverage, specified vaccinations for children under the age of 12 as well as maternity benefits after paying 3 annual premiums, uninterrupted. The Heartbeat health insurance product comes in three levels of coverage; platinum, gold and silver, and offers cashless services within the hospital network as well as direct claims settling from Max Bupa, meaning no Third Party Administrators (TPAs).
Companies Mentioned:
Max India
Incorporated in 1988, Max India Limited is a holding company with business interests working in the healthcare and services industries. Their wide range of health related interests include a joint venture life insurance company, Max New York Life, a healthcare services company, Max Healthcare, and a clinical services company, Max Neeman Medical International. The Max India Group reported US$ 860 million in revenues for 2007-2008 and will soon add Max Bupa to their list of businesses.
Bupa is an international health insurance company that provides health insurance for individuals and companies all over the world. Bupa has offices on three continents and over 7 million customers’ world wide. As a provident association Bupa has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Apr
29
Medical Inflation and the Cost of Expatriate Healthcare
Filed Under BUPA, Expat Insurance, HSBC, Health Insurance, Healthcare, International Healthcare, Medical Insurance | 4 Comments
What is the cost of healthcare when an individual gets old? Most expatriates who are not returning to an NHS style system may not anticipate these costs. Individuals living within an NHS system will often have paid 5 – 10% of their annual salaries, up to retirement age, towards the cost of their healthcare – with the understanding that the social support structure will continue to provide assistance, and healthcare, once they have left their jobs.
Expatriates on the other hand will typically only pay costs associated with current healthcare issues, and not those that will develop further down the road. With medical inflation advancing faster than ever before, and the costs associated with even basic care becoming almost unattainable, how will you fare both overseas, or in your home country, after you have retired?
An expatriate is a person living, or permanently residing in a country other than that of their own culture or upbringing. An expatriate may have legal residence in their chosen home, but it is not their own. The idea of expatriates rose to prominence in the 19th century with the mass emigration of American citizens to Europe, however the roots of the movement have been around for centuries as individuals from all walks of life explore new opportunities and benefits which would not have been available in their home nations. In the modern world, to be an expatriate is no longer to be part of an amusing trend, but to belong to a community of millions covering the planet, occupying every corner of the globe.
Apr
26
BUPA International’s call center gets internet age solution
Filed Under BUPA, Expat Insurance, Health Insurance, Insurance Company, Medical Insurance, Technology | 3 Comments
BUPA International’s Brighton-based call center is to get a new communication management system, supplied, executed and managed by Azzurri Communications.
Azzurri’s information management solution, which is based on Avaya’s Communication Manager platform, will assist the 600 advisers and staff at BUPA International’s call center in effectively communicating with customers around the world 24-hours a day. Given that customers can reach the call center at any time via telephone and email, the information management system allows BUPA to coordinate and keep track of communications between customers and staff
By amalgamating traditional analogue, digital and internet-based exchanges into a seamless communications system, BUPA can provide more flexible, responsive administration leading towards better customer service experiences for their customers around the world. The solution holds the capacity to handle the communications rolling in from the thousands of individual customers BUPA International has around the world, and its ability to synchronize information coming through multiple channels means that correspondence with customers will be focused and coordinated.
The communication management platform will be supported by a data center in Staines, Middlesex, where precautions have been taken to make it as resilient as possible, ensuring a minimum of down time or lost data in unexpected circumstances. With the communication processing and administration concentrated in the data center’s servers, BUPA International will have the ability to roll out the platform’s applications to other call centers worldwide in the future.
Stuart Pennington, a Project Manager at BUPA International says that “We have more than 800,000 customers around the world, all in different time zones, who can contact us at any time by phone and email. Our multi-lingual advisers need a robust, well supported and flexible IP-based communications solution which enables them to provide high levels of customer service round the clock. We also need to be able to deliver multi-channel or integrated contact management, so we can link phone and email conversations to individual customers. Azzurri has the experience and scale to offer the global support we need.”
Companies Mentioned:
BUPA International is the expatriate health insurance arm of Brighton-based BUPA, a provident association offering health insurance and other healthcare solutions. After starting in the expatriate health insurance business in 1971, BUPA International now provides international health insurance to more than 800,000 clients in over 190 countries, with customers including some of the world’s biggest companies. Their international health networks offer access to more than 200,000 medical providers around the globe, and direct settlement services with more than 7,500 hospitals and clinics.
Apr
7
Medical Tourism on the rise in Colombian City of Medellín
Filed Under BUPA, Healthcare, International Healthcare | 5 Comments
Having endured waves of violence for being the command centre of a well-known cocaine empire in Colombia, the city of Medellín is experiencing a surge in medical tourism.
During the 1980s and early 1990s the hospitals and morgues in Medellín were inundated with victims of executions carried out by the organisation headed by Pablo Escobar, as well as casualties of battles with left-wing guerrillas, particularly in the neighbourhood of Santo Domingo.
The expertise cultivated during those dark years has given the hospitals a leading edge to become proficient in organ transplants and specialised surgeries.
The neighbourhood of Santo Domingo is today a fine example of urban regeneration, with private hospitals such as Pablo Tobón Uribe at the top of the list in demand for transplant surgeries. Providing a standard of care rivalling the one provided at hospitals in developed countries, at a fraction of the cost, has proven to be a very attractive proposition to many US citizens and other foreign nationals in need of specialised medical attention.
All the patients needs are covered with a holistic approach, including their cultural, dietary and religious needs whilst hospitalised. A special unit coordinates the care of all international patients and arranges transportation, accommodation, booking of flights and other assistance.
In addition of general surgery, the hospital promotes neurological interventions, obesity-reduction surgeries and cancer treatments.
The Pablo Tobón Uribe Hospital has contracts with Bupa International and Blue Cross Blue Shield of the US, plus five other international insurance companies.
Companies mentioned:
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
The Blue Cross and Blue Shield Association (BCBSA) is a national federation of 39 independent, community-based and locally operated Blue Cross and Blue Shield companies. Throughout our 80-year history, the 39 Blue Cross and Blue Shield companies have provided millions of families with top-quality, affordable health insurance. Today, the Blue Cross and Blue Shield Brands are registered in more than 170 countries.
The Pablo Tobón Uribe Hospital (PTUH) began work in 1970, but its history dates back to 1946. The Pablo Tobón Uribe Hospital is a non-profit, private foundation. It is a general hospital, with a high level of complexity, and plays an important field for teaching practice of recognized universities. Currently, PTUH is one of 12 Colombian hospitals awaiting accreditation by the crucial US-based Joint Commission International.
Feb
26
Max Bupa gets Certificate of Registration from IRDA
Filed Under BUPA, Health Insurance, Medical Insurance | 3 Comments
Max Bupa Health Insurance, the general insurance joint venture between Max India and Bupa has been given its Certificate of Registration or R3 form, by India’s Insurance Regulatory and Development Authority (IRDA). This brings the total number of general insurers registered in India to 23.
The company plans to open in six main cities in India, namely Delhi, Mumbai, Hyderabad, Chennai, Pune and Bangalore in 2010, with further plans to be operating in 20 cities within three years time. While Max Bupa does not currently have precise targets regarding market share, number of new policies or gross written premiums, they plan to use market feedback and in depth research to help them expand to meet their geographical goals.
Damien Marmion, the chief executive of Max Bupa Health Insurance, said that since it is fairly easy for competitors to offer health insurance products with similar features, the company plans on individuate itself through its customer service. Max Bupa intends to forgo using third party administers in order to keep direct control of the customer experience and ensure the best possible service.
There is still some uncertainty as to what exactly Max Bupa’s health insurance products will initially look like. Chief executive Marmion said in one interview on the 11th of February, 2010 that “Our products will be all across the spectrum, with premiums ranging from Rs 3,000 to more than Rs 50,000. We also have some rural insurance obligations[,]” while in a later interview on the 18th of February he said that “We will initially offer one product with a number of variants”. Although Mr. Marmion said that their research has shown the cost of hospitalization to be one of the top concerns among consumers, so their early focus would be on providing hospitalization plans.
Companies Mentioned:
Max India:
Incorporated in 1988, Max India Limited is a holding company with business interests working in the healthcare and services industries. Their wide range of health related interests include a joint venture life insurance company, Max New York Life, a healthcare services company, Max Healthcare, and a clinical services company, Max Neeman Medical International. The Max India Group reported US$ 860 million in revenues for 2007-2008 and will soon add Max Bupa to their list of businesses.
Bupa:
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.