Australia's largest not-for-profit health and aged care provider plans to end its contract with the private health insurer nib, after negotiations for a renewal broke down.
The ABC understands the dispute is over how much nib is willing to pay the hospital to treat its policyholders."nib has a long partnership with St Vincent's, is sympathetic to St Vincent's financial position, and that of other private hospitals, and has made a very fair and reasonable offer to St Vincent's," CEO Mark Fitzgibbon said.Nothing's changing just yet.
It's important to note this does not affect the two major public health networks St Vincent's operates in Darlinghurst in Sydney, and Fitzroy in Melbourne. The Australian Medical Association urged both sides to come to an agreement saying patients would ultimately be the ones to lose out. Earlier this year, Private Healthcare Australia, which represents the nation's health insurers, warned health funds were "walking a tightrope" between keeping premiums as low as possible for consumers and providing adequate funding to hospitals."Over the last five years, more than 70 private hospital services have closed. We've now got a major federal government review into the survival of the sector.
"I think it's becoming harder and harder for these private hospitals to make ends meet and a lot of them are closing and there's some sobering statistics about private hospitals and day surgeries that just can't afford to keep the doors open," he said.It came after Mark Butler used ministerial powers on public interest grounds to block a bid by insurers to raise premiums by up to 6 per cent.
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