How can both industries then claim that their businesses may not be “sustainable” because of increasing costs?
An increasing number of people are badly affected by the unreasonable spike in medical fees charged by private hospitals.
This has prompted the insurance industry to follow suit and raise their medical insurance premiums, forcing people to cancel their policies and turn to government hospitals.
Thus, it is ironic that while people pay their premiums faithfully, the insurance giants and private hospitals have now started to blame each other for the rising cost of healthcare.
It is therefore also unfair for Bank Negara Malaysia (BNM) to blame “overconsumption”, giving the impression that the guilty ones are those in desperate need of healthcare services.
Though private hospitals and the insurance industry claim that the costs for their businesses are unsustainable, large businesses in both industries have recorded increased profits this year.
According to a recent report by Code Blue, a prominent hospital group was said to have recorded a net profit of RM623 million for the second quarter of this year, more than double a year earlier.
Meanwhile, a well-known insurance company was said to have recorded the group’s profit after tax of about RM1.1 billion for the six months ended June 30, representing an impressive 33 per cent higher revenue than the same period last year.
That being the case, how can both industries then claim that their businesses may not be “sustainable” because of increasing costs?
The Health Ministry should be regulating private hospitals by not allowing them to charge as they like, while BNM shouldn’t be buying the narrative put forth by the insurance industry.
Source : NST
KPJ Healthcare Q3 Revenue Surges To Record RM1.032 Billion
KPJ Healthcare Bhd made history in recording the highest ever quarterly revenue amounting to RM1.032 billion1 for the third quarter ended Sept 30, 2024, according to a Bursa filing dated Nov 25.
The third quarter revenue of RM1.032 billion represented a 13.89% growth year-on-year (YoY) from RM906.9 million2.
Nevertheless, profit after tax contracted by 3.29% YoY to RM95.9 million3, from RM99.2 million4. Profit attributable to owners of the company amounted to RM86.0 million5 while the portion attributatble to non-controlling interests totalled at RM9.9 million6.
The nine-month year-to-date (YTD, up to September) revenue grew by 14.52% YoY to RM2.871 billion7, compared to RM2.507 billion8 in 2023. The YTD profit after tax, meanwhile, grew 35.48% to RM275.1 million9, from RM203.0 million10.
As at Sept 30,2024, total assets held by KPJ Healthcare amounted to RM7.317 billion11 compared to asset position as at Dec 31, 2023 of RM7.246 billion12.
- RM1,032,832,000 ↩︎
- RM906,894,000 ↩︎
- RM95,922,000 ↩︎
- RM99,182,000 ↩︎
- RM86,026,000 ↩︎
- RM9,896,000 ↩︎
- RM2,871,406,000 ↩︎
- RM2,507,246,000 ↩︎
- RM275,126,000 ↩︎
- RM203,070,000 ↩︎
- RM7,316,620,000 ↩︎
- RM7,246,162,000 ↩︎
Source : Business Today
‘Unreasonable’ — M’sians Upset Over Medical Insurance Premiums Set To Rise 40%-70% In 2025
Having medical insurance is very important as it helps save a considerable amount of money when you find yourself admitted to the hospital for prolonged periods of time.
However, many Malaysians are finding it increasingly difficult to maintain their medical insurance as the premiums are expected to rise exponentially next year.
40%-70% increase in medical insurance premiums
As per a report by Utusan Malaysia, medical insurance premiums are slated to see a hike of between 40% and 70% in 2025, with insurance providers citing rising cost of medical care in private hospitals as the primary reason.
As such, many have chosen to either cancel their medical insurance policies, go for insurance provided by their employers, or utilise government hospital services.
A man named Hamidi told Utusan that he was notified by his insurance provider that the premium increase is set to take place next February, something which he called “burdensome”.
This year, the company has already increased the premium by over RM40. Next year, it will double. I used to pay RM188.47 monthly, and now I have to pay RM237.34, even though there was a previous increase last year from RM157.69 to RM188.47.
“Why is it increasing each year? This is burdensome for us,” he lamented.
Hamidi also grumbled over the lack of proper explanation and proof given by insurance providers when confronted on the issue.
Another man, Safie Wahab, said he was tempted to stop paying for his medical insurance after the premium skyrocketed from RM244 to RM377 per month.
MP promises to probe premiums hike
Following the public outcry, Bayan Baru MP Sim Tze Tzin said he will hold a meeting with insurance companies and private hospitals to garner more information behind the increase of medical insurance premiums.
He added that a total of 52 complaints have been filed so far and encouraged Malaysians to continue doing so in order to shed more light issues related to private hospital charges.
Source : Weird Kaya
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