Insured private health admissions have surged beyond pre-pandemic levels, marking record growth.
- Private Medical Insurance (PMI) admissions have achieved a second consecutive record quarter.
- The latest data show a significant increase in employer investment in private health solutions.
- There’s a growing reliance on private healthcare as NHS faces challenges in meeting demand.
- Preventative health programs are seen as essential in addressing rising healthcare costs.
Private health admissions have soared, significantly surpassing pre-pandemic levels with Private Medical Insurance (PMI) reaching new heights in consecutive quarters. Analysis of the Private Healthcare Information Network (PHIN) reveals that insured admissions have climbed to 161,000 in Q4 2023 and rose to 168,000 in Q1 2024. This marks a notable increase of 6% from the same period in 2023, signaling a robust growth trajectory in PMI-funded treatments.
Employers are increasingly turning to private health solutions to alleviate the burden on the NHS. The latest figures underscore a 14% rise from 148,000 insured admissions in Q1 2019 to the current numbers. Insured admissions now stand at 114% of pre-pandemic levels, a seven-percentage point increase from last year. As self-pay admissions plateau, PMI emerges as a critical factor in meeting workforce health needs.
The disparity between insured admissions and self-pay is widening, with 168,000 admissions funded by private insurance compared to 70,000 self-pay admissions in early 2024. This stark difference is the largest since pre-COVID times, further emphasizing the pivotal role of PMI in the healthcare landscape. Employers are embracing PMI to facilitate timely medical interventions for employees, thereby safeguarding productivity and well-being.
Brett Hill, Head of Health & Protection at Broadstone, highlights, “Corporate-funded medical insurance has emerged as a key driver behind the private health sector’s remarkable growth in recent years.” As the NHS contends with a backlog of 7.62 million patients, private healthcare is providing an essential alternative for employers seeking efficient and effective healthcare for their teams.
The increasing complexity of medical conditions coupled with rising PMI premiums presents a challenge for employers. To counteract escalating costs, preventative health programs that detect issues early are being advocated. These programs are seen as pivotal in minimizing expensive treatments, thus ensuring that healthcare packages remain financially sustainable.
Employers are pivotal in driving the unprecedented growth in private health admissions, addressing the urgent need for timely healthcare solutions.
