“Huhuibao” Performs Excellently with 5 Million Individual Policies Purchased in 13 Days
In April this year, Shanghai’s “Huhuibao” (which is a form of “Huiminbao” insurance) received over 5 million sign-ups within two weeks, breaking a new record in China’s commercial insurance sales history. As the sole pharmaceutical service provider for the “Huhuibao” plan, MediTrust Health CEO Zhang Xiaodong was invited as a guest to the Shanghai Advanced Institute of Finance (SAIF) on 29 May to interpret the opportunities and challenges of the “Huiminbao” insurance plan based on practical experience and explore the future development of commercial health insurance with numerous experts.
Zhang Xiaodong analyzed the key reasons why the “Huhuibao” plan was well-received by Shanghai residents. He mentioned that the “Huhuibao” insurance scope has been widely expanded, concentrating on diseases outside the major diseases list of medical insurance while focusing on solving the long-term medical expenses of serious and chronic disease patients within the scope of medical insurance as well as the out-of-pocket medical costs incurred during hospitalization and outpatient care outside the scope of medical insurance. The insured population will no longer be distinguished by the presence or absence of pre-existing diseases, and patients with severe, chronic, and rare diseases can be covered and indemnified. “If an oncology patient only meets one criterion, they could purchase the insurance plan now. Upon doing so, they could immediately submit a claim according to the stipulations. The RMB 115 ‘Huhuibao’ plan could greatly reduce the financial burden incurred from medical payments.”
In terms of services, “Huhuibao” does not just purely offer post-treatment reimbursements but also acts as a one-stop center for the settlement of claims. Meanwhile, in terms of health management, “Huhuibao” is an upgrade from plans with zero value-added services as it offers start-to-end health management services, covering multiple areas such as online consultations, drug purchase guides, expert consultations, advanced therapies, drug benefits, chronic disease benefits and patient filing records to provide patients with high-quality medical and health services.
Over the course of participating in the development of the “Huhuibao” plan, MediTrust Health provided all-round support in terms of project management, the specialty drug list, specialty drug risk control and specialty drug payment settlements. In particular, for the selection of items to include in the specialty drug list, MediTrust Health acted based on three principles, namely, concentration on drugs outside the scope of insurance, a patient need-oriented approach and comprehensive evaluation processes. These said principles were referred to while assessing drug beneficiaries and balancing drug costs and efficacies, thereby ensuring that commercial insurance funds could sustain the risks involved. The final specialty drug list was produced after much deliberation and selection processes. “Meanwhile, we also mimicked the rules in formulating the medical insurance list, whereby a review committee comprising senior experts and scholars in the industry was established to garner recommendations from multiple parties to jointly promote the standardized development of the commercial insurance list.”
It is noteworthy that integrated patient benefits platform Care2pay, a subsidiary of MediTrust Health, has established partnerships with over 50 pharmaceutical companies to provide convenient services such as specialty drug payments and drug delivery services. Meanwhile, users could perform one-stop in-store settlements with MediTrust Health’s “iCare Ins Pro” smart end-terminal that rides on its existing pharmaceutical system and closed-loop system, thereby greatly boosting claim efficiency and user satisfaction.
MediTrust Health has been China’s leading innovative medical payment platform that serves both the healthy and sick. Currently, the platform has facilitated over RMB 10 billion in payments, with the new specialty drug payment market accounting for ten percent. With health insurance coverage for over 60 million people, MediTrust Health has greatly improved accessibility to innovative new drugs and benefited tens of millions of patients.
Commenting on his expectations of the “Huiminbao” plan, Zhang Xiaodong said, “I hope that the “Huiminbao” plans rolled out in various regions will effectively facilitate the standardization of medical services and alleviate the financial burden on patients incurred from medical treatments, thereby benefiting more citizens. “As the leading urban insurance service provider in China, MediTrust Health has assumed the responsibility of bringing medical security and advanced medical services to the people, continuously empowering pharmaceutical companies, pharmacies, insurance companies and medical institutions to realize our corporate vision of “Guaranteed healthcare for everyone; health for the whole family”.