In 2024, Hennin anticipates the demand for health and wellbeing services will continue to increase, even surpassing the current supply capabilities.
Hennin says inflation also continues to put pressure on both supply and demand.
"The latest inflation figure I saw was about 5.6%. What we’re seeing in medical claims inflation is running at least double that. In terms of affordability, it’s a real challenge in that your input cost – the cost of providing the services in health – is rising at a rate that’s higher than just standard inflation," explains Hennin.
The goal is to focus on improving efficiency and productivity within the business to help mitigate those financial strains.
On the other hand, Hennin is optimistic about the role of technology in the healthcare industry. He is keen to see technology being leveraged further, given the long-term trend towards new and better drugs, as well as the benefit of more telehealth options.
Hennin identifies three core priorities for nib in 2024:
"We have a significant opportunity to expand the value that we offer to our members, both by differentiating the products that we have in the marketplace and also adding health management programmes or wellbeing services." This approach is called the 'P2P' strategy and aims to transform nib from a payer into a true health partner with our members.
Hennin is committed to making a meaningful impact on vulnerable populations, particularly the Māori community. He envisions "real-time access to the healthcare system and then improving their long-term health outcomes." This extends beyond immediate benefits, as it has a societal impact and helps to strengthen the healthcare system as a whole.
He underscores the significance of leveraging innovation and technology, including AI, data science, and telemedicine, to deliver efficient and personalised services to members.
Feeling energised for the year ahead, nib is delighted to bring you along on this journey to becoming a true health partner for our members.
| Read more of Rob’s insights here |