PhilCare posts 21% income increase as company banks on smarter healthcare to drive growth
Philhealthcare, Inc. (PhilCare), one of the Philippines’ most preferred health maintenance organizations (HMOs), posted a net income of P130.6 million for the 12-month period that ended on December 31, 2019.
The amount is 20.9 percent or P22.6 million higher than the P108 million it earned in the same period in 2018.
Based on the company’s annual financial statement, the HMO’s revenues went up to P2.68 billion, 15.8% or P367 million higher than the previous year. Benefits, claims, and expenses also increased to P2.5 billion, 15.3% or P332 million year-on-year.
“We are really happy that our efforts in 2019 bore fruit, from the aggressive sales of our innovative products like our prepaid healthcards to the new partnerships we formed and the new sales channels that we have opened. All these have contributed significantly to the increase of our bottom line,” said PhilCare president and CEO Jaeger L. Tanco.
“I’m particularly proud that PhilCare has pioneered prepaid healthcards in the market. This was the result of our 1st Wellness Index done back in 2014. We learned back then a lot of Filipinos did not have access to healthcare coverage because they didn’t have corporate health benefits. We, then, decided to develop sachet-type products that are more accessible and affordable, and it truly made a difference,” he added.
Apart from prepaid cards, PhilCare is taking on new innovations by banking on technology that improve the way healthcare is delivered.
Among these is the DigiMed service, which is a form of medical teleconsult, which should make a more pronounced impact as the nation embraces the new normal.
The DigiMed service on the HeyPhil app has so far received around 1,500 digital consultations a month. It has also recently launched DigiMed PLUS, a web-based telemedicine application that allows members access to numerous specialists through video call.
“It is with great confidence that we assure our members, partners, and stakeholders that regardless of the present economic condition, PhilCare has remained resilient and we continue to be steadfast in our commitment to provide the quality of healthcare and service that we have been known to deliver,” Tanco said.
“PhilCare has always been a company that takes pride in being at the helm of innovation. As the nation gradually prepares itself for the new normal, we continue to gain momentum, seeking for opportune possibilities to leverage change to our advantage, as we dedicate ourselves in fulfilling our mission of making quality healthcare services available to every Filipino,” he added.
PhilhealthCare, Inc. (PhilCare) is among the top two most preferred HMOs in the country today. It distinguishes itself from other health maintenance organizations (HMO) in the Philippines by advocating wellness as a more holistic approach to health.
This is achieved through PhilCare’s sustainable health plans, PhilCare 360, and its technology-enabled customer experience. PhilCare offers a wide range of health care plans to serve the different requirements of individuals, group, and enterprise accounts.
PhilCare pioneered the country’s first Wellness Index in 2014. Based on the findings of that study, PhilCare introduced the very first prepaid health plans in the country. From prepaid to comprehensive coverage, PhilCare’s extensive line of products covers hospitalization, out-patient and emergency healthcare needs across a nationwide network of hospitals, clinics, and physicians.
PhilCare 360, on the other hand, provides members with updates about health information, preventive measures against diseases and illnesses, and lifestyle trends that promote health and wellness. Meanwhile, PhilCare’s tech-enabled customer service efforts involve their accessible website and e-commerce, their call center that’s available 24/7, and its HeyPhil App where members can ask queries and request for a Letter of Authorization (LOA).
PhilCare’s commitment to promote wellness among Filipinos makes it an essential pillar of Maestro Holdings, a grand concord of four of the biggest and respected financial companies in the Philippines. Under the Maestro’s baton, PhilCare joins four of the most recognizable names in their respective industries: PhilsFirst, the first domestic non-life insurance company in the country; PhilLife, one of the most trusted insurance providers in the Philippines; PhilPlans, one of the leading financial solutions companies providing pension, education, and memorial programs.