Philhealth on way to recover from P4.75 B loss in 2017
By Analou De Vera
The Philippine Health Insurance Corporation (PhilHealth) said that it is on its way “to regaining financial stability” after the Commission on Audit (CoA) recently revealed that the agency incurred a net loss of P4.75 billion last year.
(MANILA BULLETIN)
The agency said that its total cash position of P37 billion as of May this year is an “encouraging financial prospects in contrast to its 2017 performance as contained in a Commission on Audit report.”
The PhilHealth stated that the said cash position “is enough guarantee that it has the liquidity to pay its obligations to accredited providers serving its members.”
PhilHealth Acting President and Chief Executive Officer Dr. Roy Ferrer expressed high hopes that the agency’s efforts will continue to stabilize their financial condition.
“We attribute this positive trend to our concerted efforts at improving collection efficiency especially in the private sector, heightened members’ consciousness to pay their dues particularly those in the informal sector, and prudence and austerity in spending,” said Ferrer.
“Members and stakeholders alike can very well rely on our commitment to our lawful mandates,” he added.
The agency said that it acknowledges the CoA report and assured its 97 million beneficiaries that it will “continue working harder towards achieving stronger financial condition.”
The PhilHealth also said that it will further strengthen its account management operations to ensure that employers are “remitting regularly and correctly to the National Health Insurance Fund.”
Its anti-fraud program is also being strengthened to prevent fraudulent activities and penalize erring members, employers, and health care providers, the agency said.
Moreover, PhilHealth stated that it is
“currently reviewing its case rates and is closely collaborating with its partners and stakeholders in the health delivery sector to arrive at payment rates that are adequate and appropriate to cover the basic services that its accredited providers perform for insured patients.”