nib guarantees coverage amid St Vincent's negotiations

nib guarantees coverage amid St Vincent’s negotiations | Insurance Business Australia

Life & Health

nib guarantees coverage amid St Vincent’s negotiations

Insurance boss highlights company’s long-standing relationship with the hospital

Life & Health

By
Roxanne Libatique

nib Group has confirmed that members with scheduled treatments at St Vincent’s hospitals will retain coverage until at least Oct. 3, as discussions with the hospital network continue.

nib chief executive and managing director Mark Fitzgibbon confirmed that there are no immediate cover changes that would affect nib members.

What to expect when nib’s agreement with St Vincent’s hospitals ends

Should the agreement end, some coverage will be extended.

Treatments started before Oct. 3 will be covered until discharge. Meanwhile, pre-booked pregnancies and births will be covered until July 2025.

Rehabilitation, mental health, oncology, and renal services beginning on or before Oct. 3, 2024, will be covered until April 2025.

Fitzgibbon highlighted the longstanding relationship with St Vincent’s and expressed hope that negotiations will resume.

nib holds contracts with over 90% of private hospitals and medical facilities in Australia.

According to nib, about 17% of heart disease patients are readmitted to hospitals within a month, significantly impacting the Australian healthcare system. The annual costs for managing heart failure through hospital stays are approximately $1.8 billion, with community care adding another $900 million.

Through its partnership with Advara HeartCare, nib will provide eligible members access to clinics in Victoria, free of charge for those recently hospitalised for chronic heart failure. Additionally, the insurer’s GapSure Cardiology network offers no-gap coverage for in-patient cardiology procedures for qualifying members.

Advara HeartCare’s program, led by Dr Leighton Kearney, has demonstrated a reduction in the likelihood of readmission for heart failure patients.

“Every 18 minutes, an Australian loses their life to heart disease. We need to focus on prevention, but also, what happens after people are discharged from hospital,” Kearney said.