Bomiad 47th Annual General Meeting

Bomiad 47th Annual General Meeting

Botswana Medical Aid Society (Bomaid), held its 47th Annual General Meeting (AGM) at Travel Lodge Gaborone on the 27th June 2018. The purpose of the AGM was to update Bomaid members on the Society’s overall market performance for 2017 and to afford members an interactive platform with its Board and other stakeholders.

Bomaid used this opportunity to also acknowledge the changing trends in the industry due to the sluggish economic situation, part result of mine closures, the rise in unemployment, the evolving competition and regulations. Despite these challenges however, the Society managed to stay ahead.

According to Bomaid Board Chairperson, Mr Ofentse Mabote, “all the vital performance indicators of the Society for the year ended are good. Despite the economic uncertainties, Bomaid will be able to sustain these good results into the future. The main cost drivers, being claims and administration costs, did not grow at the same rate as the revenue, resulting in a healthy operation surplus for the year”.

Adding to the Board Chairperson’s statement on the Society’s performance, Bomaid Principal Officer, Mr Moraki Mokgosana noted that, the return of the administration function back to Bomaid continued to yield positive results with group surplus up from P4.4m to P13.9m and scheme surplus showing an improvement from P1.1m to P11.3m. It is expected that the turnaround seen will continue and will impact positively on the Society’s performance in 2018 and beyond.

“It also goes without saying that the good results of 2017 are also an outcome of the commitment of Bomaid staff and the determined implementation of our 2017-2021 strategic plan”, he said.

Notwithstanding its good performance, Bomaid Management noted a disturbing rise in the number of fraudulent claims and incidences of benefit overuse, not just in Botswana but throughout the region. “We are putting measures in place to prevent these criminal practices from crippling the Fund. Interventions include technological, procedural and process enhancements, along with better staff training”, said the Board Chairperson.

The Board also introduced amended alterations, additions, rescissions in the Rules to the Membership. These were informed by the Fund’s performance over the past few years, the Fund’s 2017–2021 strategic plan and the impending regulation by Non-Bank Financial Institutions Regulatory Authority (NBFIRA). The following critical proposed amendments were presented:

• Re-definition of Overage Child Dependent (Ref. Rule 5 – Definitions)
• Claims Incurred Outside Botswana (Ref. Rule 16 (5) – Claims Procedure)
• Organ Transplants (Ref. Rule 15 (18) – Limitations
• Dual Membership (Ref. Rule 6 – Membership)
• Late Joiner Penalty (Ref. Rule 13 – Subscriptions)
• Exclusions (Ref. Rule 15 (17))
• Current status on HIV/AIDS cover

After deliberations on the proposed amendments, a resolution to approve them all was put to the meeting for voting by ballot. The majority of the members voted for all the proposed amendments and a decision and a resolution to pass the amends was taken.

In his conclusion, Mr Mabote reiterated Bomaid’s promise and commitment of being ‘Your Companion for Healthier Happier Lives’, to continue to provide excellent service and product offering to members.

“To you, our member, I reaffirm that without your continued confidence and loyal support our success would not be possible. I thank you and assure you that all our efforts are concentrated on safeguarding your health and the health and welfare of your family”.

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