Medibank Annual Report 2013
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Annual Report 2013 Medibank Annual Report 2013 Contents Who we are Our services and adaptive organisation ............................................................................... 4 Our results ............................................................................................................................. 5 We are Medibank - an integrated healthcare company that provides both private health insurance and health solutions. Chairman’s report ................................................................................................................. 6 We see ourselves as a leader in ‘health assurance’ and we continually strive to deliver the highest quality products, customer service and Managing Director’s report ................................................................................................... 8 value for money. Our strategy ......................................................................................................................... 10 We create and sustain relationships in the health system – supporting our customers and using our scale and strength to their advantage. Our people ........................................................................................................................... 12 We are committed to helping our members better manage and improve their health and wellbeing through medical treatment as well as preventative action at all life stages. Our corporate responsibility ............................................................................................... 14 We are passionate about building a better health system that places the individual at the centre of the service experience and is sustainable Private health insurance ..................................................................................................... 16 for the long term. Overseas Student Health Cover Cover for visitors to Australia Medibank Our Purpose AHM Medibank Health Solutions ................................................................................................. 18 At Medibank, we stand For Better Health. Diversified insurances ......................................................................................................... 20 For Better Health - these three simple words sit at the heart of everything we do. They define why we exist and what we stand for. For Life insurance Better Health means seeing every interaction with our customers as an opportunity to build a relationship. That makes these three things Pet insurance possible: Travel insurance Sponsorships ................................................................................... 21 BETTER CHOICES BETTER CONFIDENCE BETTER OUTCOMES We help people make positive and We ensure people feel confident We advocate for an improved health Board of Directors ..................................................................... 22 affordable health choices and feel in about their health and offer genuine system that produces quality health Executive team ..................................................................... 23 control of their health. peace-of-mind… we call this health outcomes. assurance. Financial report including Corporate governance statement, Directors’ report and financial statements .................... 24 Our Values Medibank is united through four key Values that were developed and refined by our employees. Our Values define the ‘how’ of everything that we do. They are the guiding principles of our business, remind us of our Purpose, and guide the way we work together and engage with our customers and providers. Customer Focus We treat our customers as we would like to be treated. Accountability We own it, commit to it and deliver it. Respect We celebrate our differences and treat others as equals. Integrity We are open, honest and transparent, and help others to be the same. 2 3 Medibank Annual Report 2013 Our services and adaptive organisation Our results NET Profit Before TAX RETURN ON EQUITY REVENUE OPERATING INVESTMENT & PROFIT OTHER INcoME 6.6% 19.3% 18.1% 7.9% 15.4% Travel Life 5.9b Insurance Insurance $ Overseas Visitor Cover Pet Insurance ‘09 ‘10 ‘11 ‘12 ‘13 ‘09 ‘10 ‘11 ‘12 ‘13 ‘09 ‘10 ‘11 ‘12 ‘13 Private Overseas Health Insurance Student Income Medibank Health Insurance Health Protection Insurance Cover AHM Over % Medibank m Private Health 3.8 Private Health Awarded Canstar for Insurance Insurance people covered by private health insurance 92 of employees fully support the values for which the ‘Outstanding Value’ Corporate Claims Health/ Risk Health Disease Cover organisation stands Management Management fourth consecutive year Medical, Hospital & Ancillary million 24/7 Telephone 3 Contracting Medibank Community Fund received Health & Online calls received to date through Provider Advice Line Health , Networks Healthline, New Zealand’s national 53 400 health advice and triage helpline members in health an Australian Safety & management programs Quality Provider Benchmarking Employees devoted Business Award Medibank Anywhere Networks Australian Healthcare for Community Contribution Defence Force Health (ADF) & Integrated Health Solutions hours Community investment Care 1,068 to volunteering valued at 500,000 Integrated Travel calls to the Mi Health advice line $ Care Health $ Health 64,225 of Strategy 2.9m Health and gave a total of Strategy Visa G $ Sophisticated Workplace , Purchasing Medicals $ 600 000 Health 140,818 for grass-roots and directly to the community through $ 7% UDIN L matched donations and 4.6b increase $ , workplace payroll giving INC 100 000 in member claims for Indigenous grants OVER Medibank launched its research: The Case for 15 years Mental Health Reform in Australia: 190,000 of providing mental health, mental health phone, email or a Review of Expenditure drug and alcohol support web chat interactions were handled through Accessline and System Design 4 5 Medibank Annual Report 2013 We are providing healthcare in ways that meet the changing needs of society, and are setting the pace for health innovation in Australia. Chairman’s report This is my first report to you as Chairman of advances and medical developments that offer - to allow regional and remote Australians to On behalf of the Board, I would like to thank Finally, I would like to acknowledge the work Medibank following the retirement of Paul new hope. It made me realise that too often the consult specialists online are truly innovative Medibank’s people for their innovation, of the Medibank Community Fund which McClintock in March. I look forward to the health debate focuses on governments paying healthcare models driving better patient enthusiasm and dedication to making a continues to invest one percent of Medibank’s opportunities and challenges we will face more, rather than improving the efficiency of services and lowering health costs, while difference and delivering on our Purpose, For pre-tax profits in our communities through ahead. the system. For instance, the lack of connection producing a commercial benefit for Medibank. Better Health, throughout the year. partnerships, such as the Heart Foundation between our health and medical research and the Stephanie Alexander Kitchen Garden, to Paul has done an excellent job as Chairman efforts and healthcare providers means we’re Through Mi Health, Medibank’s 3.8 million This year we continued to expand our workforce promote better health for all Australians. for the past six years, and spearheaded not improving health outcomes as much as we private health insurance members are also of health service professionals and now have Medibank’s transformation from a health could, and we are therefore paying more than beginning to realise the benefits of having more than 1,500 doctors, nurses, counsellors, insurance company to a provider of innovative we ought to. This is a disappointing result for access to health professionals every day of the dentists and other health providers who are health solutions. He has left us with a strong health insurers, but more importantly a bad week, at any hour of the day or night. employees of Medibank. Many of these people foundation on which to move forward, and I outcome for the community. telework from home across Australia and New thank him for this. These services are now real case studies Zealand. Telework provides a flexible work for providing healthcare in ways that environment that appeals to our employees Elizabeth Alexander AM 2013 has been a challenging meet the changing needs of society. and enables us to attract highly skilled people. Chairman year. Low consumer sentiment, Medibank has a role to play in They are also setting the pace for health It also allows us to provide our customers and increasing health costs, regulatory demonstrating how different innovation in Australia. We are excited patients with more accessible health services. change, and a more competitive about the opportunities before us, not private health insurance market, service delivery models can only to grow and develop our own health At a Board level, we have had some recent have placed even greater pressure services business, but to continue to play changes, and have lost the expertise of Phillip on Medibank to continue the improve the health experience a lead role in public policy and the health Twyman, who for the past five years has guided journey to transform the business as well as outcomes. reform journey to deliver better patient us with his extensive insurance and investment and stay ahead