On the Friday 30th June 2017, the Botswana Medical Aid Society (Bomaid) held its 46th Annual General Meeting at Cresta Lodge Gaborone. The purpose of the AGM was to update Bomaid members on the Society’s overall market performance for 2016 and to afford members an interactive platform with its Board and other stakeholders.
Bomaid used this to opportunity to also acknowledge the growing competition in the industry but emphasised that it is still the market leader. The Society Board said there are several challenges facing the industry hence the need for all stakeholders such as doctors to become part of the delivery system and business partners.
They also called on members to actively participate in the decision making process and manage their benefits responsibly. According to the Chairperson of the Bomaid Board, Mr Ofentse Mabote, “Financial performance in 2016 showed a significant improvement over 2015, with The Bomaid Group revenues up by 11% year-on-year, driven by membership contribution increases that came on the back of good underwriting. This has ensured a 2% improvement in gross margin over 2015 and contributed to The Group realising a 32% contribution surplus increase over 2015.” For his part, Bomaid’s Principal Officer (PO) Moraki Mokgosana asserted, “while subscription income for the year was P543.5 million, consolidated group revenue increased by 10.7% from P529.4 million in 2015 to P586.5 million in 2016, and the revenue contribution from MRI and other investments increased by 19.8% to P3.6 million. Benefits paid and direct costs increased by 7.8% from P466 million to P502.6 million in 2016, resulting in a contribution surplus of P83.9 million, up 32.3% from P63.4 million in 2015.
“Despite the continued stagnant economic realities and the inevitable disruptions occasioned by the structural reorganisation, The Society continued to increase its membership base and improve its financial performance. Competition in the medical aid industry is fierce, but we will continue to set pace for the industry change in our drive to improve our service to members,” Mokgosana explained. Bomaid; Your companion for healthier, happier lives.