Australia's largest private health insurance provider has increased its services, now employing almost 100 times more professionals than it did three years ago.
An increasing range of services and a shifting focus to improving preventive care as the population ages has seen Medibank Private now employ 1,500 doctors, nurses, dentists, physiotherapists and other health workers, according to news sources.
Medibank managing director George Savvides told The Australian yesterday (November 21) that the "DNA of the company has changed as part of a deliberate strategy to ensure its financial survival as those aged over 65 began to make more claims".
According to Mr Savvides, Medibank calculates that 2 per cent of its members claimed 50 per cent of the rebates the fund paid out each year.
$3.6 billion was paid out to Medibank members last financial year – and with close to four million members, the health fund accounts for over 30 per cent of the private health insurance market.
According to Private Health Insurance Administration Council (PHIAC) data, hospital treatment benefits per person have increased from $899.90 to $964.49 since 2010.