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    Medibank acquisitions boost performance and strengthen the core


    Medibank's successful integration of its private health insurance and health services delivery businesses has led to the company's strongest financial performance in its 35-year history.

    Crediting the expansion of Medibank group through its recent acquisitions, the company announced today that group revenue for the year ending June 30 exceeded $5 billion and profit before tax and dividends lifted to $428 million.

    "Our profit before tax of $428 million reflects strong performance by both the Private Health Insurance and Health Solutions divisions as well as by our investment portfolio which contributed $162 million investment income," Managing Director, George Savvides said.

    "These outstanding results, both financial and business, are evidence of our successful transformation of building a direct health services capability adjacent to our health insurance core business. We are now delivering a broader range of services to a greater number of customers across public health, corporate occupational health and private health sectors.

    "Our Purpose is For Better Health, and it is our now 4,500-strong workforce that is enabling Medibank to develop and expand. Our team includes 1,500 clinicians made up of doctors, nurses, psychologists, dentists and other health professionals as well as strong employee bases in New Zealand where we have 200 staff, and in many other locations across Australia. I want to acknowledge our employees for their commitment to innovative health and insurance services for customers while embracing major transformational change.

    "During the year we consolidated our four recently acquired health service companies - the former Health Services Australia, Total Health, Carepoint and McKesson Asia-Pacific - into an integrated health division - Medibank Health Solutions. These acquisitions have enabled Medibank to expand its services such as phone and web-based healthcare services, and contributed to the year's outstanding results," Mr Savvides explained.

    "Importantly, our 2010/11 results were achieved whilst keeping Medibank Private premium increases below industry average for the fourth consecutive year while members received $3.6 billion in health benefits, an increase of 6.7%."

    "Medibank Health Solutions works in partnership with a wide range of clients including public sector healthcare organisations and various state and federal governments and businesses. Delivering valuable health services to customers and the public via telephone, online and face-to-face interactions, we offer innovative solutions that reduce health costs and drive better health outcomes for individuals and families, and improve workforce productivity and wellbeing."

    On 1 July 2011, Medibank Health Solutions commenced operating Australia's first national doctor on-call service, the after hours GP helpline, providing better health for all Australians through the National Health Call Centre Network. This adds to Medibank's delivery of telephone nurse triage services to members of the public in nearly all states across Australia.

    "Medibank is moving from health insurance to health assurance. We will continue to drive innovation and better health outcomes and to strive for better health: better health for nearly four million people who we cover through private health insurance and better health for the 26 million people in Australia and New Zealand who use our telehealth, nurse and doctor triage services."