Insured private healthcare admissions have set consecutive record highs, with 161,000 admissions in Q4 2023 and 168,000 in Q1 2024, according to the most recent data from the Private Healthcare Information Network (PHIN).
According to the data, treatments covered by Private Medical Insurance (PMI) set a new high for the second consecutive quarter. This surge is a 6 per cent increase over the same period in 2023 and a 14 per cent increase over Q1 2019 when 148,000 admissions were recorded.
Insured admissions are already at 114 per cent of pre-pandemic levels, up from 107 per cent last year while ‘self-pay’ admissions have stabilised.
In the first quarter of this year, insurance paid for 168,000 admissions, over 100,000 more than the 70,000 paid out of pocket, which is the biggest gap in the payment methods since Covid, Q4 2019.
Broadstone head of health & protection Brett Hill says: “Corporate-funded medical insurance has emerged as a key driver behind the private health sector’s remarkable growth in recent years.
“As the NHS grapples with a 7.62 million patient backlog and struggles to meet the healthcare needs of the UK population, private healthcare is increasingly becoming the go-to option for corporates seeking timely screenings, diagnoses, and treatments for their workforce.
“To safeguard employee well-being and protect their bottom line from the costs of absenteeism and reduced productivity, many employers are maximising coverage of cost-effective PMI schemes.
“However, this surge in PMI coverage, coupled with the rising complexity of medical conditions, has led to higher claim costs, with employers feeling the pressure of escalating PMI premiums. Preventative programs that can spot issues earlier can help bring down the cost of healthcare packages by minimising treatments for more complex, expensive health conditions.”