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FAQ

Frequently Asked Questions

Below are the questions we’ve been getting so far. If you question is not addressed below then we’d love to hear it from you, just email us.

  • We already have Analysts / Strategists, so isn’t it just doubling up to also get PHInsights?

    Although you already employ analysts or strategists, subscribing to PHInsights can enhance their effectiveness and efficiency. Here's how:


    • Contrasting Perspectives: If our viewpoints differ from your analysts/strategists, it allows them to question our standpoints. This process helps to test, refine, and solidify their own beliefs. As a result, they can present more comprehensive and confident advice to the executive team, reducing the risk of sub-optimal decisions on pivotal strategic issues.
    • Broad Scope: Your internal analysts/strategists may be consumed by internal tasks, restricting their ability to cover the breadth of topics we address at PHInsights. Thus, we can complement their work by offering a wider scope of service without the need to hire external consultants.
    • Tools and Templates: We provide a range of benchmarking tools and modelling templates that your analysts/strategists may not have the resources or time to develop. These resources can save them time and boost their productivity.
  • I am an Analyst / Strategist and am nervous that if I hold a different perspective to yours, then my view will be overruled by my Executive because the PHInsights work looks so polished.

    If you have these concerns as an analyst or strategist, then you're exactly the kind of professional we're eager to collaborate with. Whenever we encounter differing viewpoints, we're committed to sharing our data and explaining our rationale. But remember, we aren't infallible; if after understanding our perspective you maintain your stance, you could very well be right!


    At this juncture, engaging in a thoughtful discourse usually helps in aligning our views or, at the very least, appreciating the reasons for the differences. If, even after this discourse, our views remain divergent, that's perfectly acceptable – after all, 'reasonable minds can disagree'.


    Under such circumstances, we can present our respective positions to your Executive team, outlining the points of divergence and the reasons behind them. The best Executives value competing perspectives so they review and ‘own’ the decision for themselves. If the matter is of significant importance, it may be prudent to undertake further research to support decision-making.

  • Doesn’t PHInsights overlap with the work of Actuaries?

    Only fractionally.


    While there is some overlap, the focus of PHInsights and actuaries significantly differs. PHInsights leverages data sets to formulate views on essential commercial and strategic matters. In contrast, actuaries primarily concentrate on insurance risk, prudential capitalization, and regulatory compliance. Although there's some common ground in financial forecasting, our respective use cases for these forecasts tend to vary.


    It's important to note that we are not equipped to provide actuarial advice, and it's not within our purview to do so. We complement rather than compete with the crucial work actuaries do. 

  • Doesn’t PHInsights overlap with the work of strategy consulting firms?

    You bet!


    PHInsights anticipates and addresses the issues that require your attention. As a result, your membership with PHInsights could potentially save you the entire cost of engaging an external consultant for even a single topic.


    We ensure that each topic we cover is delivered with a level of quality comparable to, and our aim is to surpass, what a major consulting firm would provide. Our services, therefore, not only offer valuable insights but also offer potential cost-saving benefits.

  • Does that mean you are consultants?

    No.

    We don’t classify our core service of providing Visual and Documented Commercial Perspectives as consulting. These perspectives might resemble consultant reports, but they're fundamentally different as they're not commissioned by a specific client. And if you haven’t commissioned us to do the work for you, then you don’t have to pay us to top do the work for you.

    However, we do also offer consulting services, but they are very specific and nuanced to PHI’s requirements

  • How is it possible that you provide eleven reports akin to consultancy outputs each year, but we're only charged the equivalent of one of these reports?

    There are a couple of reasons:


    • The costs of our work are divided amongst all our members. In contrast, consultants typically charge a single client for the entirety of their invested resources, making our model more cost-efficient.
    • As dedicated specialists in the PHI sector, we already possess an in-depth understanding of the industry, its driving forces, and its unique intricacies. This saves us considerable time and resources, which would otherwise be spent on familiarizing ourselves with each topic we cover.
  • If this is a joint exercise of many funds, then could that be anti-competitive?

    Rest assured, it doesn't.

    Multiple funds having access to the same commercial insights does not diminish competition among the funds. To eliminate even the slightest risk, there are certain areas PHInsights steers clear from, such as pricing strategy.

    Further, most funds are already deriving benefit from sharing costs:


    • Hospital Contracting costs are reduced care of funds contributing to support the Australian Health Service Alliance (AHSA) and The Australian Regional Health Group (ARHG);
    • Advocacy is enhanced through joint funding of the Private Healthcare Association; and
    • Claims processing costs are reduced care of co-operative claims processing engines including HAMBS, Civica and Paragon.
  • But what if I don’t want my competitors to benefit from my investment in PHInsights

    It's important to remember that, due to risk equalisation and community rating, the fortunes of all funds are interconnected to a considerable degree.


    PHInsights champions an innovation renaissance in PHI, aimed at diminishing benefit outlays per policyholder or, at the very least, alleviating pressure on future premium rate increases. Even if your fund predominantly covers non-claimers, your policyholders are indirectly bearing the cost for those funds with higher claim rates through risk equalisation. Thus, if funds with a higher proportion of claiming policyholders can innovate to curtail their benefit outlays (supported, in part, by PHInsights), this can alleviate the risk equalisation levies your fund has to pay. In this sense, we all win.

  • Does PHInsights truly offer value for money?

    The cost of an annual PHInsights membership equates roughly to what you would spend engaging a consulting firm for one singular, compact project. However, your PHInsights membership offers you the value of eleven such projects delivered within a year. Furthermore, beyond the standard consulting documentation, we provide our unique, interactive animated visual reports.

    The cost of a PHInsights membership is approximately equivalent to the expense of employing a senior commercial analyst for a quarter of their time. It's unlikely that an analyst working a single day per week could match the extensive output PHInsights generates for you annually.

    Those are the tangible value for money metrics, the intangible ones are:


    • reduce benefit outlays – facilitated by our drive for a PHI innovation renaissance;
    • reduce management expenses – supported by our forthcoming report on Management Expense Efficiencies and by using our Management Expense Composition Benchmark.

    Given these advantages, we're confident that your PHInsights membership will provide exponential returns on your investment. But don’t take our word for it, try us!

  • Can subscribing to PHInsights give my fund a competitive advantage?

    While your subscription won't confer a direct competitive advantage over other funds that are also members from the start (Intake 1), you do stand to gain an edge over late joiners and non-members.

    We are beginning our journey with a Day 1 Funds Intake Group, and not all funds will be part of this initial group. This allows you an opportunity to be an early adopter, availing our insights without your direct competitors having access to them. In fact, even the funds that join during the second intake will not have access to the research and insights derived during the first intake. This presents a permanent knowledge advantage for you.

    Moreover, against funds that choose not to subscribe to PHInsights, your fund will undoubtedly hold a significant competitive advantage. With a deeper understanding of the challenges facing PHI and access to insights tailored to your fund, you will be better equipped to make decisions that resonate with your members' needs and preferences.

  • If we don't join in the first intake, can we access the research conducted for Funds during that period?

    Regrettably, this won't be possible. We must respect and reward the investment of those funds who chose to subscribe to PHInsights from the outset. Offering access to the research and insights exclusive to the first intake would dilute the value for our early adopters. The incentive for early adoption is crucial to the successful launch and continuous development of PHInsights.

  • What is your favourite bible passage?

    Great question. It’s unequivocally John 3:16.

  • Fair dinkum! Is that really a frequently asked question?

    Actually no one has ever asked us ….. Just for the avoidance of doubt, we respect and love all people regardless of their faith or personal perspectives - as all Christians should! 

AFFORDABILITY FOR WORKING AGE POLICYHODLERS

We are on a mission to help funds make PHI considerably more affordable for younger and working age policyholders

Why working age policyholders? Because our community rated system relies on that group turning up. In the past decade, 10.3% of them have either left us or matured into the transitional age group. Right now, with soaring interest rates, we risk seeing that cohort leave us. Hence, cost reducing innovation isn’t just an option, it's an imperative – for the sustainability of our health system (including the public health system).