Start­ing with a clean slate

The Star Early Edition - - NEWS -

GOV­ER­NANCE is­sues at Sizwe Med­i­cal Fund have been crit­i­cally re­viewed and ad­dressed un­der the lead­er­ship of Cu­ra­tor, Joe Se­oloane. He has now handed the Fund back to its mem­bers through the ap­point­ment of a new Board of Trus­tees at its re­cent An­nual Gen­eral Meet­ing.

He as­sures that this paves the way for one of South Africa’s top 10 med­i­cal funds to start on a clean page and build on a solid base of sound cor­po­rate gov­er­nance prin­ci­ples and faith in an elected Board of Trus­tees.

Sizwe has weath­ered the storm fol­low­ing an ex­tended cu­ra­tor­ship, and Se­oloane has been in­stru­men­tal in re­build­ing the re­la­tion­ship with ad­min­is­tra­tor, Sech­aba Med­i­cal So­lu­tions.

No­tably, Sizwe ends the cu­ra­tor­ship with its best fi­nan­cial re­sults since 2006, in­clud­ing:

Re­turn on in­vest­ment as a per­cent­age of in­vest­ments in­creased from 10.84 per­cent to 17.00 per­cent;

Sol­vency ra­tio in­creased from 25.44 per­cent in 2012 to 34.40 per­cent in 2013;

Ac­cu­mu­lated and to­tal mem­bers funds in­creased to R768 mil­lion in 2013 from R545 mil­lion in 2012, a 41 per­cent in­crease and,

The sur­plus for the year in­creased to R223 mil­lion in 2013 from R8,7 mil­lion.

Seloane said, “In the year that cel­e­brates the Fund’s 35th An­niver­sary, it is ready to cel­e­brate this mile­stone by ad­vanc­ing as a rep­utable, sound and sta­ble med­i­cal fund that cares for its mem­bers by of­fer­ing qual­ity health­care through rich ben­e­fits.

“I am pleased to be able to hand a healthy and sta­ble Fund back to its mem­bers and I be­lieve it can now only grow from strength to strength. The storm is most def­i­nitely over and I am con­fi­dent that Sizwe is now in a po­si­tion to step to­wards a new chap­ter that will start on a sound foot­ing and place it as a pow­er­ful force in the mar­ket place. ”

The Fund was placed un­der Cu­ra­tor­ship in Septem­ber 2012. At that time, in a joint state­ment with the Coun­cil for Med­i­cal Schemes the clear mes­sage to mem­bers and providers was that there was no ba­sis for any claims to be re­jected.

Dr Monwabisi Gantsho, Chief Ex­ec­u­tive of Coun­cil and Regis­trar of Med­i­cal Schemes as­sured, “The cu­ra­tor­ship has noth­ing to do with the long-term sol­vency and sus­tain­abil­ity of the Fund. I am con­fi­dent that at the end of cu­ra­tor­ship Sizwe will emerge even stronger with its mem­bers bet­ter pro­tected than ever be­fore”.

Sizwe con­tin­ued to hon­our all its fi­nan­cial obli­ga­tions in­clud­ing claims set­tle­ment.

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