Southern Cross Healthcare (New Zealand)
Encyclopedia
Southern Cross Healthcare Group is a collection of independent, health-oriented businesses founded on not-for-profit principles, and is New Zealand’s largest non-public healthcare organisation. The Group’s main areas of business include health insurance, private hospitals and travel insurance.
Founded in 1961, the Southern Cross Health Society is New Zealand’s largest health insurer, with more than 835,000 members (mid 2011), which represents a 61% market share. It funds more than NZ$500m of healthcare services each year, mostly for elective surgical procedures. The Society is also a provider of corporate wellness programmes and injury management services. In 2011, the rate of healthcare treatment payouts to premium income was 87.1%. Some members have criticised the society's policy that each age band's premiums are set at a level that covers their payouts (i.e. older members have to pay higher premiums, due to their higher healthcare costs, and there is only very limited cross-subsidy), leading to some older members dropping or reducing their coverage. The society's board has responded to these comments by noting that such cross-subsidy had existed in the past, but, due to the resulting healthcare premium increases for younger members, the average age of members during the 1990s had risen by almost 5 years in one decade, leading the board to institute the current (as of 2011) policy, to prevent the society losing younger members to other insurers, and potentially risking the long-term fininacial viability of the society.
Southern Cross Hospitals Limited, established in 1979, is New Zealand’s largest private hospital network, with 14 wholly owned and joint venture surgical facilities that deliver more than 60,000 elective surgical procedures annually. It is also a joint venture partner in New Zealand’s first private radiotherapy facility which opened in Auckland in 2008.
Southern Cross Travel Insurance, established in 1982, is a direct-to-consumer travel insurer that provides cover for around 200,000 travellers annually in both New Zealand and Australia.
Founded in 1961, the Southern Cross Health Society is New Zealand’s largest health insurer, with more than 835,000 members (mid 2011), which represents a 61% market share. It funds more than NZ$500m of healthcare services each year, mostly for elective surgical procedures. The Society is also a provider of corporate wellness programmes and injury management services. In 2011, the rate of healthcare treatment payouts to premium income was 87.1%. Some members have criticised the society's policy that each age band's premiums are set at a level that covers their payouts (i.e. older members have to pay higher premiums, due to their higher healthcare costs, and there is only very limited cross-subsidy), leading to some older members dropping or reducing their coverage. The society's board has responded to these comments by noting that such cross-subsidy had existed in the past, but, due to the resulting healthcare premium increases for younger members, the average age of members during the 1990s had risen by almost 5 years in one decade, leading the board to institute the current (as of 2011) policy, to prevent the society losing younger members to other insurers, and potentially risking the long-term fininacial viability of the society.
Southern Cross Hospitals Limited, established in 1979, is New Zealand’s largest private hospital network, with 14 wholly owned and joint venture surgical facilities that deliver more than 60,000 elective surgical procedures annually. It is also a joint venture partner in New Zealand’s first private radiotherapy facility which opened in Auckland in 2008.
Southern Cross Travel Insurance, established in 1982, is a direct-to-consumer travel insurer that provides cover for around 200,000 travellers annually in both New Zealand and Australia.
See also
- Southern Cross Auckland Surgical CentreSouthern Cross Auckland Surgical CentreSouthern Cross Auckland Surgical Centre is a private day-stay hospital in Remuera, Auckland City, New Zealand. It is run by the Southern Cross group. It was established as a private hospital and was taken over by Southern Cross in 2005.It has 4 operating theatres, two recovery rooms and a 10-bed...
- Southern Cross Hospital North HarbourSouthern Cross Hospital North HarbourSouthern Cross Hospital North Harbour is the only private surgical in-patient hospital in North Shore City, New Zealand. It is run by Southern Cross Hospitals Limited, part of the Southern Cross Healthcare Group, and was established in 1991....
External links
- Southern Cross Healthcare Group (official company website)