Liberty Medical Scheme posts strong 2012 audited financial results, scores high in member satisfaction
Thursday, 29 May 2013: Following a year of unwavering focus on meeting members’ needs through an expanded range of exceptional option-based benefits, minimal increases to contributions and service excellence, Liberty Medical Scheme recently posted strong 2012 audited financial results.
Strong audited financial results include:
· An AA- rating by Global Credit Ratings in 2012 reaffirming LMS’ strong financial position in terms of its claims-paying ability.
· Claims 2% below budget clearly indicating the scheme’s increasing ability to manage claims costs effectively.
· As a result of the above, the scheme’s operating results were better than budget.
· Maintaining the Scheme’s significant turnaround in operating position achieved in 2011.
· A stable and healthy solvency ratio greater than the 25% required by the Medical Schemes Act.
Highlights include:
· Claims costs were 2% below budget, indicating Liberty Medical Scheme’s increasing ability to manage claims costs effectively.
· The scheme was awarded an AA- rating by Global Credit Ratings in 2012 reaffirming its strong financial position in terms of its claims paying ability.
· As a result of the above, the Scheme’s operating result was better than budget.
· The scheme maintained the significant turnaround in its operating position which was achieved in 2011.
· Solvency ratio remained stable and the scheme maintained its healthy solvency ratio above the required 25% minimum.
· A noteworthy increase in the range of options to offer a range of benefits to suit the needs of all members.
“A combination of flexible thinking, focused effort and unrelenting care ensuring value for our members’ lies at the heart of our solid 2012 results,” says Andrew Edwards, Executive Principal Officer for Liberty Medical Scheme.
New preventative initiatives promote wellness and support healthier lifestyles
Edwards says as people aspire to physical, mental and spiritual well-being to combat the stress and strain of modern-day life, in 2012 Liberty Medical Scheme increasingly looked to introduce preventative initiatives promoting wellness and giving members the tools and support for a healthier life. These efforts will be ongoing.
To optimise these opportunities, LMS recently joined forces with health and wellness champion Lisa Raleigh, partnering on her latest health ventures including well i am, the Wellness Revolution Challenge and the Switch Challenge, respectively.
Launched in February 2013, the Wellness Revolution Challenge gives corporates and consumers the opportunity to enter an online, holistic 13-week wellness transformation challenge equipping them with tools and skills for life-long change and an online community of resources to keep them motivated.
Coinciding with the launch of the well i am challenge, Raleigh’s youth project, the Switch Challenge, was borne from the alarming rise of childhood obesity in South Africa. The Switch Challenge is specifically designed to motivate families to “make the switch” and get active together, using a points-based rewards system to incentivise participants.
Liberty Medical Scheme regularly asks for feedback from its stakeholders
Liberty Medical Scheme regularly reflects and engages with its stakeholders to review their opinions and continue to earn their respect and trust, says Edwards.
“The scheme cares deeply about its reputation and improving all areas of service,” he says. To this end, LMS commissioned an independent, high-level reputation survey conducted by Sentinel Research & Strategy Consulting (Sentinel) in 2012.
Results from the survey showed that both financial advisers and medical scheme members agreed that medical schemes have an integral role to play to ensure access to quality healthcare, particularly given the challenges currently facing the public healthcare sector.
The survey further revealed that LMS is seen as an accountable, open, transparent and well-run medical scheme, displaying both business leadership and integrity. Respondents rated Liberty Medical Scheme significantly higher than the rest of the industry, in terms of trust and overall impression.
In terms of the total percentage of mentions, Liberty Medical Scheme ranked tops compared to other industry leaders and in terms of trust and overall impression, the scheme was rated significantly higher than the rest of the industry.
In general, LMS also scored ‘good to well above average’ on all elements of reputation measured in the survey. This paints a very healthy picture.
In addition, Liberty Medical Scheme’s service excellence track record was further confirmed by the Orange Index survey undertaken by Ask Afrika in 2012 – LMS was rated among the top two medical schemes in terms of service delivery to its members.
“While the results of the survey show that Liberty Medical Scheme is getting most things right, we recognise that there is always room for improvement, such as dealing with complaints more quickly and effectively. LMS will continue its efforts to serve members even better and fulfill all of their needs by ensuring access to appropriate treatment and world-class managed care, dedicated service and measurable deliveries as well as innovative thinking, energy and high standards.”
“We are accountable custodians of members’ funds and nothing is more important than behaving with integrity, honesty, transparency and trustworthiness. The scheme’s philosophy is to conduct ourselves professionally and ethically and to demonstrate proficiency, competence and discipline in all of our business dealings across the board. The results of the above surveys show that to a great extent, we have already succeeded in achieving these promises. On this road, Liberty Medical Scheme will continue steadfastly,” says Edwards
