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PhilHealth ends third quarter with P10 billion net income November 21, 2018

STATE HEALTH INSURER PhilHealth announced that it posted an impressive net income of almost P10 billion as of September-end, surpassing its operation performance of P4.4 billion or by 122 percent for the same period last year.

In its statement of cash flows as of September 30, 2018, PhilHealth recorded cash inflow from operating activities of P109 billion consisting mainly of premium contributions collection at P104 billion and investment and other income at P5.8 billion, higher by more than 53 percent and 11.5 percent from P68.2 billion and P5.2 billion, respectively, for the same period in 2017.

"We have again proved to our members and stakeholders, and even to our detractors alike that their funds are not just intact but also performing well, thanks to our unrelenting campaign to improve collections; the growing number of members that religiously pay their premiums; and our performing investments as well," PhilHealth Acting President and CEO Dr. Roy B. Ferrer explained.

Benefit payments remains the largest item in its expenditure at P84.3 billion which translates to payouts reaching to almost P3 billion a week. Benefit payments refer to reimbursements for services that health care providers have rendered to PhilHealth members and their dependents nationwide.

Meanwhile, its operating expenses remained controlled at P3.9 billion which is seven percent lower than last year's P4.2 billion. For the third quarter alone, the state agency said that its overhead has consistently been lower compared to last year's figures, a strong indication of its commitment to prudence and austerity.

The said financial performance contradicts the recycled claim of a group of private hospitals that PhilHealth does not have the resources needed to pay the claims of its member hospitals that allegedly date from 2011 to 2017 to the tune of P6 billion.

PhilHealth has denied the allegation several times in the past, arguing that many of their so-called unpaid claims are either outright denied of payment or returned to the hospitals for compliance.

The PhilHealth Chief said that there is no truth to what the group is saying and that the agency is in a very stable financial standing to meet its obligations, provided that their claims are valid and not tainted with irregularities. END

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PhilHealth ends third quarter with P10 billion net income