23 Dec Celebrating the Season with Gratitude and Growth: iCare Tops the HMO Industry in Net Income, Based on Insurance Commission Report

As the year comes to a close, iCare (Insular Health Care, Inc.) celebrates a season of gratitude and achievement. According to the Insurance Commission’s latest report, iCare has emerged as the top-performing HMO in the Philippines, posting the highest net income in the industry as of the third quarter of 2024.

A SEASON OF GRATITUDE AMID GROWTH

The health maintenance organization (HMO) industry has shown a remarkable turnaround, reporting a collective net income of PHP 800.8 million from January to September 2024, a significant recovery from last year’s PHP 2.1 billion loss. iCare’s standout performance in this resurgence is made possible by the unwavering trust and support of our members, partners, and stakeholders.

FUELING GROWTH WITH INNOVATION AND INVESTMENT

iCare’s continued growth stems from strategic investments in human resources and technological capabilities. These investments are designed to enhance our service excellence and operational efficiency, ensuring we deliver on our promise of accessible and affordable healthcare.

• Human Resources: iCare has strengthened its workforce, building a team of highly skilled professionals dedicated to providing efficient support for clients and members.
• Technology and Backroom Support: Leveraging advanced technologies, iCare has streamlined backroom processes to hasten approvals and responses, ensuring faster turnaround times for claims, authorizations, and other essential services.

These initiatives allow us to offer seamless, reliable services that match the evolving needs of businesses and individuals, making healthcare more efficient and accessible.

WHAT SETS iCARE APART

iCare’s success is driven by its industry-best medical loss ratio of 72%, significantly below the industry average of 78%. This reflects disciplined cost-management practices without compromising the quality of care.

We focus on prevention over cure, empowering members with wellness programs and initiatives that reduce long-term healthcare costs. Combined with utilization management to prevent fraud, waste, and abuse, and affordable pricing strategies, iCare ensures that members receive the best care while keeping costs sustainable for employers and employees.

REMARKABLE GROWTH METRICS

iCare’s revenues for the third quarter reached PHP 2.82 billion, a 77.35% increase from the previous quarter. This growth is bolstered by a 219.44% jump in membership fees, a clear indicator of the trust businesses and individuals place in iCare as their healthcare partner.

GIVING BACK TO THE COMMUNITY

While we celebrate these milestones, iCare remains committed to serving the greater good. This Christmas season, we are launching medical caravans in partnership with reputable organizations to bring much-needed healthcare services to underserved communities. This initiative reflects our mission to bring better health within reach of all Filipinos.

ABOUT iCARE

iCare, an affiliate of Insular Life, has been serving Filipinos for 33 years as a trusted HMO provider. With a focus on efficiency, affordability, and innovation, iCare delivers quality healthcare solutions that empower both employers and employees.

iCare | Best HMO in the Philippines for 33 Years