HEALTH maintenance organizations (HMOs) returned to profitability in the first three months of 2024, with revenues surging to P18.68 billion.
HEALTH maintenance organizations returned to profitability in the first three months of 2024, with revenues surging to P18.68 billion.The Insurance Commission reported on Monday that the HMO industry's total revenues totaled P18.68 billion, improving by 20.09 percent in the first quarter of this year from last year's P15.55 billion.This resulted in a total net income of P6.8 million, a reversal from January-March 2023's P319 million net loss.
The industry's total assets also recorded a substantial growth of 10.07 percent to P71.31 billion in the first three months of the year from last year's P64.79 billion.Meanwhile, total liabilities increased to P61.49 billion, up 16.11 percent from last year's P52.96 billion. The commission attributed this expansion to the rising membership fee reserves and claims reserves, which both rose to 15.96 percent and 51.57 percent, respectively.
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