Two consecutive record quarters for insured private health admissions* Insured health admissions are at 114% pre-pandemic levels and rapidly rising
Employers invest in health solutions and step in to replace the NHS.
The latest quarterly data from the Private Healthcare Information Network1 (PHIN) shows that employers play a more prominent role in boosting the growth of the private sector and relieving pressure on NHS resources.
Broadstone, an independent financial services consulting firm, has conducted research that shows the number of treatments covered by Private Medical Insurance (PMI), which is a form of insurance, reached a record-breaking quarter for the second time in a row. Q4 2023 saw 161,000 admissions and Q1 2020, 168,000.
Insured admissions for the last quarter show a 10,000 (6%) growth since 2023 (158,00) and a 20,000 (14%), increase from Q1 2019’s 148,000 insured admissions.
The number of insured admissions is now 114% higher than it was before the pandemic, an increase of seven percentage points compared to last year’s same period (107%), whereas’self pay’ admissions are at a plateau. In the first quarter of this year, private medical insurance paid for nearly 100,000 more admissions than those who’self-paid’ (70,000). This is the largest gap between payment methods since the Covid pandemic in Q4 2019.
Brett Hill, Broadstone’s Head of Health & Protection, said: “Corporate funded medical insurance is a major driver for the remarkable growth of the private healthcare sector in recent years.
Private healthcare is becoming a popular option for companies who want to provide their employees with timely screenings and diagnoses.
Many employers maximize coverage under cost-effective PMI plans to protect employee health and their bottom line against the costs of absenceeeism or reduced productivity.
The rising cost of PMI premiums has put employers under pressure. By reducing the number of expensive, complex health conditions that are treated by a healthcare package through preventative programs which can detect issues sooner, employers can reduce their costs.
Ends
Media Contacts
Temple Bar Advisory
Alex Child-Villiers / Sam Livingstone / Alistair de Kare-Silver / Juliette Packard
broadstone@templebaradvisory.com / 020 7183 1190
Sources
1 – PHIN, Private Market Update: September 2024: https://www.phin.org.uk/news/private-healthcare-market-update-september-2024-united-kingdom-phin
The Broadstone Group
Broadstone is an independent UK consultancy that provides expert advice to employers and pension scheme trustees.
Broadstone provides a variety of services to its clients, including consulting on employee benefits, pensions, and insurance, as well as consulting in the Lloyds, London, and non-life markets. Broadstone also offers credit risk management, financial modelling, and data analytics. Broadstone’s redress calculations are also among the best in the industry.
Broadstone’s team of more than 650 experts consultants and administrators including 75 actuaries in nine UK offices empowers clients to navigate change and complexity with confidence, using clarity, leadership, and purpose. All of this is delivered through a platform that provides exceptional service.
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