How Covid-19 has impacted the healthcare industry

In these unprecedented times of the Covid-19 pandemic and civil unrest that is set to cripple the South African economy further with its knock-on effects, Momentum Health Solutions has remained committed to providing more health to more South Africans for less by supporting them when they need healthcare and economic support the most. In addition, it has been the business’s priority to maintain growth in order to continue to serve members at a time when the country requires healthcare support more than ever.

Despite the current tough economic climate, Momentum Medical Scheme remains in a favourable and stable financial position. The Scheme continues to be one of the youngest medical schemes in South Africa. This has been achieved by consistently offering flexible product solutions through the Scheme, as well as complementary products, offered by Momentum, such as HealthSaver+ that has given members the option of funding their medical scheme contributions from positive funds accumulated in their HealthSaver accounts.

Momentum Medical Scheme is one of the largest open medical schemes in South Africa. Having been the administrator of Momentum Medical Scheme for the past 16 years, Momentum Health Solutions also provides administration services, wellness and clinical risk management services, as well as occupational health and safety solutions, and primary onsite clinic benefits for a number of clients, including Momentum’s affordable healthcare solution, Health4Me and 14 restricted membership medical schemes.

Despite the growing numbers of unemployment in the country, healthcare cover has never been more important. This is substantiated by the unprecedented growth in Momentum’s affordable healthcare solution, Health4Me. Through innovative solutions, Momentum Health Solutions is able to live their business purpose, to offer more health to more South Africans for less.

South Africa has been in lockdown for 18 months, with the arrival of the long-awaited Covid-19 vaccine, the focus has shifted from lockdown to the vaccine rollout and ensuring that population immunity is reached within the shortest timeframe. With the slow pace of South Africa’s Covid-19 vaccinations, it remains a concern that government will probably miss its target to achieve population immunity by 2022. This poses major threats to disrupt the country’s economic recovery.

McHugh says, “Government’s initial plan was to immunise 41 million people by the end of 2021 and to date, only around 5.3 million people have been immunised. Some people also need to take more than one dose to be fully vaccinated. Momentum Health Solutions, in its effort to work with Government to increase capacity and accelerate the vaccine rollout across the country, has opened 5 sites nationwide. These centres have reached over 60 000 vaccinations since opening to the public”.

The slow vaccine rollout, combined with the stricter lockdown as well as the destructive riots in parts of the country, are likely to disrupt the economy in the long term and compel more consumers to cut back medical aid expenses to survive. This will further strain the medical scheme industry as the claims ratio continues to become a concern.

“With the anticipated shift in the average age of our membership profile, the importance of affordable healthcare during a pandemic and in times of economic crisis remains a priority to us. The costs of testing and vaccines were not accounted for in the recent healthcare premium increases, however medical schemes are well-positioned to fund the costs related to Covid-19,” concludes McHugh.

+Momentum Medical Scheme members may choose to make use of additional products available from Momentum Metropolitan Holdings Limited (Momentum), to seamlessly enhance their medical aid. Momentum is not a medical scheme, and is a separate entity to Momentum Medical Scheme. The complementary products are not medical scheme benefits. You may be a member of Momentum Medical Scheme without taking any of the complementary products.