Health insurer nib hopes to negotiate lower rates with hospitals and medical providers while growing its share of a shrinking market to escape a "jaws of death" scenario of claims costs growing faster than its revenue.
Mr Fitzgibbon said nib would try to rebalance the scales by negotiating better rates with hospitals, and do the same with dentists, optometrists and other providers through its First Choice network, which delivers lower fees for both the health fund and its customers. Nib shares fell 6.3 per cent on Monday to close at $7.15, as investors digested its modest outlook. However the stock is still 44 per cent higher than it was in the start of April, when a Labor victory looked likely.
“Why there’s a fraction of disappointment in the market is they’ve benefited from reasonably low cost inflation in recent year but that’s normalising," Mr Gluskie said.
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Hospital bill shock a symptom of 'market failing': nib bossThe boss of health insurer nib says high out-of-pocket hospital costs are a leading reason people cancel their health cover and represents a 'market failing' that needs to be fixed | pwhatch pwhatch Best option is to hike annual Medicare Levy by an additional 1% & shut down private health insurance industry. Everyone gets 100% cover! No dodgy political donations too. nibhealthfunds ScottMorrisonMP GregHuntMP liberalaus AlboMP australianlabor
Source: smh - 🏆 6. / 80 Read more »
Hospital bill shock a symptom of 'market failing': nib bossThe boss of health insurer nib says high out-of-pocket hospital costs are a leading reason people cancel their health cover and represents a 'market failing' that needs to be fixed | pwhatch pwhatch Best option is to hike annual Medicare Levy by an additional 1% & shut down private health insurance industry. Everyone gets 100% cover! No dodgy political donations too. nibhealthfunds ScottMorrisonMP GregHuntMP liberalaus AlboMP australianlabor
Source: smh - 🏆 6. / 80 Read more »