HOW RELIANCE HMO IS USING INNOVATION TO BUILD A HEALTHIER FUTURE

Jude, an up-and-coming entrepreneur in Lagos, led a successful tech startup with ambitious plans to revolutionize the market. However, addressing his team’s healthcare needs wasn’t initially innovative.

Without an employee health plan, absenteeism regularly impacted productivity, exacerbated by lengthy hospital wait times. Additionally, team members’ health issues posed a financial burden: lacking a fixed investment in health coverage, sporadic requests for financial assistance were unpredictable and stressful for Jude and his team.

Jude recognized this ad-hoc approach as unsustainable, depleting resources and hindering investment in employee development and business growth.

This situation reflects a common challenge for numerous businesses in Nigeria. The absence of accessible and affordable healthcare options forces entrepreneurs to prioritize between their employees’ well-being and their growth aspirations. This raises a critical question: can ambition and accessible healthcare coexist in Nigeria’s current environment?

Jude’s situation is not unique. Across Nigeria’s corporate landscape, businesses, regardless of size, grapple with balancing growth with the escalating costs of sustainable healthcare for employee welfare. Limited health insurance coverage nationwide presents a significant hurdle, limiting access to quality healthcare for millions.

The World Economic Forum predicts that medical inflation will outpace GDP growth in numerous countries, particularly affecting Africa with higher rates of medical inflation compared to the global average. But what does this mean for Nigeria, Africa’s most populous nation?

Delving Deeper into Healthcare Insurance in Nigeria In Nigeria, achieving sustainable healthcare remains challenging. A staggering 74% rely on out-of-pocket payments, as highlighted by a recent PwC report. Affordability poses a formidable barrier, leaving many vulnerable and rendering the healthcare system unsustainable.

Nigeria’s healthcare system faces numerous challenges: rising living costs due to inflation, dependence on imported medical supplies, recurrent strikes, brain drain of skilled healthcare professionals, and inadequate infrastructure.

These challenges create a challenging environment, diminishing quality and accessibility for all. The outcome? A system struggling to meet current demands, let alone ensure future sustainability.

Across Africa, and notably in Nigeria, heavy reliance on imported medical equipment and drugs presents a significant obstacle.

With over 70% of medications sourced from abroad, costs escalate, jeopardizing the long-term sustainability of the healthcare system. Additionally, the rising cost of fuel adds to overhead expenses for facilities and imported medications.

By investing in employee health, businesses not only empower their workforce but also cultivate a healthier and more productive workforce, enhancing employee retention, reducing turnover, and laying the groundwork for a transformed healthcare ecosystem.

Existing health insurance models, despite their potential to bolster the economy, struggle to keep pace with the modern economy. Inefficiencies and rigid benefit structures hamper their ability to address evolving business and employee needs.

Numerous healthcare facilities are owed significant sums for services rendered, leading to cash flow challenges for both providers and insurers.

With a smaller pool of insured individuals, insurers lack leverage to negotiate favorable rates with providers, perpetuating financial strain and impeding overall healthcare quality.

This confluence of mounting debt, service interruptions, unsustainable fees, and limited coverage creates a precarious situation for both healthcare providers and enrollees, underscoring the urgent need for innovative solutions to ensure a sustainable and adaptable healthcare system.

Closing the Healthcare Coverage Gap Imagine accessing quality healthcare on your terms, without lengthy waits or restricted options. Imagine businesses leveraging digital health technology to offer comprehensive, affordable healthcare benefits that attract and retain top talent.

This is the future of healthcare, and it’s happening now.

Leading this transformative shift is Reliance HMO, a pioneering health insurance company driving healthcare innovation in Nigeria. Prioritizing technology and prevention, we’re reshaping access to quality healthcare.

The future of healthcare looks brighter than ever, with Reliance HMO leading the way, providing Nigerians firsthand experience of the difference.

With a firm commitment to cutting-edge technology and a customer-centric approach, Reliance HMO is making healthcare accessible, convenient, proactive, and beneficial for individuals and businesses alike.

Since its inception, Reliance HMO has been dedicated to revolutionizing Nigeria’s healthcare insurance sector, contributing to a better future for the ecosystem. We’ve spearheaded a paradigm shift, making telemedicine an indispensable option for Nigerian HMOs.

The preventative care and consumer-centric healthcare approach we employ give employees the tools and information to stay healthy before issues arise. This not only benefits individual employees but also enhances business performance, as team members bring their best selves to work.

Moreover, we utilize technology to help businesses understand the real impact of employee healthcare plans on their lives. Empowered by insights, businesses can discern the true value of their healthcare investments, ensuring they meet employee needs while staying within budget.

Plan members and administrators also enjoy direct access to dedicated support. For enrollees, this means immediate access to multichannel service via chat, phone, email, and an app offering telemedicine, benefits overview, virtual ID, and a searchable provider directory. For administrators, a dedicated account manager provides regular strategic support to optimize plan utilization.

Redefining the Role of an HMO At Reliance HMO, we’re committed to a seamless and supportive experience for both enrollees and administrators. From streamlined digital onboarding to multi-channel support, we blend technology and personalized service to enhance accessibility and improve overall satisfaction.

“We have experience with about five different HMOs. Support took so long. In fact, my weekends were usually hectic because everyone had to rush to the hospital due to weekly workloads. With Reliance HMO, most of the information I need is on the app. It’s convenient. I don’t even need to call the corporate retention person to find out some things. I appreciate the innovations Reliance delivers– they make the experience seamless,” shares Iquo Ballantyne, Group Admin Lead at PE Energy Ltd.

We’re witnessing the impact of integrating artificial intelligence and machine learning to expedite collaboration with providers, investing heavily in customer support, and developing tech solutions to make healthcare accessible and user-friendly, improving businesses, communities, and individual lives in Nigeria.

Redefining Sustainable Healthcare in Nigeria Reliance HMO serves over 2,000 businesses– all of whom have shared Jude’s concerns at some point. Working with them, we understand the challenges faced by Nigerian businesses, corporations, and HR leaders firsthand.

That’s why we’re passionate about helping businesses take control and actively support their teams’ physical and mental well-being. We know from experience that quality, transparent health benefits alleviate avoidable pressure on talent management professionals, business owners, and the teams they manage.

Nigeria’s healthcare insurance landscape holds immense potential for growth, but realizing its true power demands a multifaceted approach.

Innovative technologies like telemedicine and data analysis can streamline processes, enhance access, and personalize care.

Expanding coverage to informal sectors and vulnerable populations is critical for inclusivity and equity. Finally, benefit plans embracing a holistic approach to wellness and prevention, incorporating education and healthy lifestyles, can be transformative, delivering value to members before illness strikes. Such strategies will drive sustainable progress for the sector as a whole. By embracing these strategies, Nigeria can unlock a healthier, more equitable future for all.

Dr. Ugochi boasts over a decade of experience in clinical medical practice and health systems strengthening. Driven by a deep-seated passion to make an impact in healthcare services, Ugochi pursued studies in Molecular Biology and African Studies at Harvard University. She holds a Medical Doctorate (MD) from Columbia University College of Physicians and Surgeons and completed an internal medicine residency at the University of California, San Francisco.

Source: Techeconomy