PhilCare sees better revenue stream in 2011

MANILA, Philippines - PhilhealthCare Inc. (PhilCare), the health management organization (HMO) subsidiary of Philippines First Group of Companies, which likewise includes the Philippines First Insurance Co. (PFIC) and PhilPlans Inc., (formerly known as the Philam Plans Inc.)

Available data indicate that PhilCare reported a net income of P154 million in 2009 and gross revenues of P996 million. In that same period, it nevertheless ranked fourth in a field of 18 industry players.

“We expect to perform better in 2011,” Jaeger Tanco, executive vice president and chief operating officer of PhilCare, said. He forecasts that the 2010 performance will only be slightly better than the previous year.

Tanco explained that 2009 and 2010 was a transition period, having just acquired then Philam Plans, transferred operations, and installed a new management team.

For 2011, it plans to aggressively expand in all areas in a bid to corner a bigger share of the HMO market.

It presently has 200,000 individual planholders, and 1,000 corporate accounts.

PhilCare manages 200 agents, which is targeted to balloon to 500 end 2011.

It partners with 500 clinic and hospitals as well as four owned clinics, which will increase this year by 25 percent and 50 percent, respectively.

Meanwhile, its health products are divided into individual, corporate and alternative accounts.

The individual accounts are placed under a comprehensive healthcare program that provides access to a predetermined set of healthcare services. These services include outpatient care, emergency treatment, preventive healthcare and in-patient services, which are paid at a predetermined fixed rate for an agreed period.

Corporate healthcare program follows a basic coverage much like the individual accounts but are customized to the demands of the each corporate account.

The alternative products are unique pre-paid cards, preventive in nature, and designed to cater the lower income segment of society.

YHES Buddy Card Yearly Health Examination Service (YHES) is an annual physical examination (APE) package worth P499. It may also be used as pre-employment health clearance.

WeCare Card is a prepaid card for health consultations needs and a personal accident insurance, which includes hospitalization income benefits and accidental death/disablement coverage. It is worth P999 per card.

“We want to encourage the preventive care management culture to all our clients,” Tanco, who also serves as treasurer and director of PhilPlans, added.