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PhilCare reports 21% income increase as company banks on smarter healthcare to drive growth

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Philhealthcare, Inc. popularly known as PhilCare, one of the Philippines’ most preferred health maintenance organizations (HMOs), posted a net income of P130.6 million for the 12-month period that ended on December 31, 2019.

To put that figure in a layman’s term, the company had a 20.9 percent or P22.6 million higher than the P108 million it earned in the same period in 2018.

The company’s annual report says the HMO’s revenues went up to P2.68 billion, 15.8% or P367 million higher than the previous year. Benefits, claims, and expenses also increased to P2.5 billion, 15.3% or P332 million year-on-year.

“We are really happy that our efforts in 2019 bore fruit, from the aggressive sales of our innovative products like our prepaid healthcards to the new partnerships we formed and the new sales channels that we have opened. All these have contributed significantly to the increase of our bottom line,” said PhilCare president and CEO Jaeger L. Tanco.

Apart from prepaid cards, PhilCare is taking on new innovations by banking on technology that improves the way healthcare is delivered.

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Among these is the DigiMed service, which is a form of medical teleconsult, which should make a more pronounced impact as the nation embraces the new normal.

The DigiMed service on the HeyPhil app has so far received around 1,500 digital consultations a month. It has also recently launched DigiMed PLUS, a web-based telemedicine application that allows members access to numerous specialists through a video call.

“It is with great confidence that we assure our members, partners, and stakeholders that regardless of the present economic condition, PhilCare has remained resilient and we continue to be steadfast in our commitment to provide the quality of healthcare and service that we have been known to deliver,” Tanco said.

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Tito Spidey is the founder and admin at Tech Patrol.

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