The private healthcare sector cleared 20% more private medical insurance (PMI) invoices in the first half of 2023 than at the same point of last year.
According to Healthcode, the total value of PMI invoices cleared up to July 2023 was approximately £2.5bn.
In the first half of the year, the average year-on-year growth in non-hospital billing was 27%, compared with 13% for hospital billing, with a 13% rise for outpatients and 16% for admitted patients.
This reflected a different rate for admitted care which lagged behind outpatient episodes following the pandemic.
Orthopaedics and trauma accounted for the largest hospital speciality with an insured bill followed by radiology.
Obstetrics and gynaecology witnessed the largest year-on-year growth in billing volumes in July 2023 (32%) with cardiology only slightly behind on 31%. Over the seven months to July 2023, both specialties saw average growth of 23%.
According to Healthcode data, hospital billing volumes grew across all UK countries in July 2023 compared with July 2022.
Wales grew 26% while England was up 19% with Scotland and Northern Ireland 9% and 5% higher respectively.
Across all the English regions there was year-on-year growth of more than 15% in July 2023. The North East grew by 30% while Yorkshire & Humber grew by 25%.
In London, year-on-year growth in July 2023 was 19% with the capital accounting for most private healthcare practice.
Revenue targets and initiatives underway
The figures were released at an event celebrating 20 years since the private healthcare IT solutions company’s launch held to coincide with Healthcode’s annual general meeting.
Following the AGM, Healthcode managing director Peter Connor (pictured) told guests the firm hit £8m in revenue in 2022, it is set to hit £10m this year and has set a target of £17m by 2026.
Connor explained this growth will be driven by a focus on five key areas of the business including invoice clearing, practice management, clinical governance, ICE – its new booking system which is now live – and data reporting.
Connor said there were a number of initiatives underway, including:
- In invoice clearing – the launch of self pay billing, with new membership enquiry and preauthorisation systems to follow this year
- In practice management – a new practice management system will be launched this autumn featuring a diary management facility
- Within clinical governance, the rewriting of Healthcode’s private practice register system
- In data reporting and insight, the introduction of a business intelligence data reporting and insight solution later this year
“We have reached £8m in revenue last year,” Connor said. “That’s very big growth for us – even in a very short period of time.
“In 2020 it was £4.6m. It’s now £8m. We reported we’re going to hit £10m as an organisation this year. Our objective is to get to £17m by 2026.
“So we’re looking at 60% – 70% growth over these three years and we’re going to do it that way.
“We’re going to do it over those five lines of business and that’s what’s we got agreement from our board and from our shareholders to do.”