The health maintenance organization industry posted a combined net income of P1.65 billion in 2018, up 63 percent from P1.01 billion in 2017, Insurance Commissioner Dennis Funa said Tuesday.
Funa said in a statement 96 percent or P43.57 billion of the revenue of the HMO industry were generated from fees paid by members in exchange for the assumption of the risk funding members’ health care services and related administrative costs.
The HMO industry also recorded an increase in the total membership fees paid in 2018.
“The total membership fees paid in 2018 is 14 percent higher than the P38.16 billion membership fees collected in 2017,” Funa said.
Reported assets of the HMO industry grew 18 percent to P38.96 billion from P32.91 billion in 2017.
The total revenue of the industry, meanwhile, increased 15 percent to P45.30 billion from P39.32 billion in 2017.
Medicard Philippines Inc. reported the highest net income of P706.31 million.