Royal Exchange Healthcare drives premium value on health insurance
Royal Exchange Healthcare Limited in a bid to provide organisations value on their health insurance by ensuring that employees get the right medical care at the right premium, brings expertise in the interface between hospitals and clients.
What this means is that by the quality of sophisticated manpower, organisations buying its services, take advantage of its professionalism to address possible arbitrariness as well as ensure that employees are treated their sicknesses adequately, without compromise.
Its services, the company said cannot be taken for granted when you consider the abuse associated with other healthcare provision alternatives including over billing, economic concern of doctors and hospitals as well as third party extra costs.
Pius Ofulie, managing director, Royal Exchange Healthcare Limited said rather than transfer the risk to doctors, Royal Exchange Health bears the risk having what it takes to underwrite all disease conditions and put appropriate premium in place.
“If your premium is not right, then, what you pay out in terms of risk will be huge, because the claim incidence in health far outweighs other segments of insurance. Claim is in the region of 70 to 75 percent of premium collection, and if sickness extends to blood diseases, it might go beyond that.”
According to him, taking up the scheme of service from clients, allows the doctors the flexibility to treat properly as the disease condition requires because there is someone out there to pay claims.
Ofulie stated that Royal Exchange HealthCare “carries out some kinds of checks before payment so that we don’t have excess treatment, things that you don’t really need coming into your bills.
“That is why we emphasise on control and we exercise control, coming into agreement with hospitals on tariffs for their consumables for disease conditions and this allows them to work within the purview of monetary limits to treat individuals. “You know in our environment, individuals can take relations that they didn’t pay for to hospital for treatment, so we do what we call on-the-spot checks during our case management. This gives us the edge because it helps us vet your bills and keep hospital supplies within the appropriate fitness.
“So this shows our history in term of underwriting competence, in terms of re-insurance competence and in terms of appreciating what kind of products we sell to our clients,” Ofulie said.
In term of the clients also, the interface is key between hospital and clients. The ability to know which hospital he goes, the ability to recognise the infrastructure and human capital, the equipment in that hospital are key.
“We also recognise the individual relationship with hospital is also important. So, we get to our clients on regular basis to get information on relationship with their hospitals and this enables us resolve possible problems. These entire qualities put together, makes us who we are in the industry,” Ofulie boasted.
According to him, the company today has BUPA franchise in Nigeria, which enables it provide travel insurance for its clients travelling outside Nigeria and for expatriates coming to work in Nigeria.
MODESTUS ANAESORONYE