GMHBA has held its Annual General Meeting, with Chairman Jim Walsh reporting on solid results for the year ending June 2018.
Mr Walsh confirmed that for GMHBA, the 2018 financial year was one of continued growth and commitment to the health of its regions. Member benefits paid out increased by almost 8 per cent to $562.2m and total group assets grew to $404.4m. GMHBA’s health services businesses continued to trade well with new acquisitions and a full year of trading contributing to a 121 per cent year on year increase in revenue.
“GMHBA sees its role as a private health insurer continuing to evolve to become a trusted provider of health services, and as a partner to members and customers throughout their health journey,” he said.
“However, in this evolution we will not lose sight of the value of private health insurance; insurance that can provide great support to our members through what can be a worrying and on occasions potentially catastrophic time in their lives. Faster to surgery, getting the treatment our members require, and access to the surgeon of their choice.
“We are proud to help our members access the best possible care and services that play a key role in keeping them healthy and optimising function and quality of life.”
An exciting new chapter for GMHBA is its innovative joint venture with AIA Australia and South African financial services organisation, Discovery. This alliance makes the highly regarded and globally successful Vitality program (branded “AIA Vitality” in Australia) available to all GMHBA members.
“This is a real game changer for us,” Mr Walsh said.
“The launch of GMHBA products with AIA Vitality will empower members to better understand their health and be rewarded for healthy choices.”
Another major highlight is the organisation’s partnership with Geelong Cats, with Australia’s most impressive regional stadium now bearing the name GMHBA.
“The commencement of the long-term naming rights sponsorship of GMHBA Stadium in Geelong is part of our national growth ambitions, and results to date have been most encouraging,” he said.
Mr Walsh said GMHBA recognised that affordability was a key concern for members and the organisation would continue to strive to keep costs down and advocate for reform that makes a real difference.
“The fundamental reason why premiums are going up is because health funds are paying for more healthcare on behalf of their policy holders,” he said.
“To address affordability in a sustainable way, we need to drive efficiencies into the realm of healthcare provision.”
Mr Walsh concluded by thanking his fellow directors and Executive team, all staff working across the business, and most importantly, GMHBA’s loyal members and customers.