Stakeholders Protest Soaring Costs of Healthcare in Nigeria

Shareholders from Hallmark Health Services Limited (Hallmark HMO) have raised concerns about the increasing costs of healthcare in Nigeria, stating that this issue is putting additional strain on health management organizations (HMOs) and jeopardizing their viability.

Eddie Efekoha, who serves as the Group CEO of Consolidated Hallmark Holding Plc and is also the Chairman of Hallmark HMO, expressed this during the fourth edition of the Stakeholders' Engagement event for Hallmark Health Services Limited (Hallmark HMO), which took place on Wednesday in Abuja.

Efekoha suggests that increasing pressures are leaving private Health Maintenance Organizations (HMOs) in a financially vulnerable state since health insurance rates continue to stagnate.

Expressing his concerns about the issue, Efekoha stated: "The expenses associated with delivering high-quality healthcare are increasing dramatically, thus putting pressure on the financial resources of numerous private enterprises' stakeholders, and there are currently no evident strategies for recouping these costs."

For him, Hallmark HMO grasps the fine line between fiscal reality and healthcare accessibility, yet he also noted that this equilibrium is growing ever more difficult to maintain.

Efikoha stressed that although universal healthcare coverage is an important and essential objective, it should not undermine the financial stability of the private sector; otherwise, it could deter investment in that sector.

Privately run Health Maintenance Organizations (HMOs) are crucial components within the healthcare system, and they should be safeguarded and bolstered rather than undermined as we strive toward national health goals," he added. "A robust workforce serves as the backbone of every successful enterprise. Unforeseen medical emergencies can impose substantial financial strains on both employees and employers, which might threaten the existence of these businesses.

He stated that the focus of this year's iteration of the stakeholder meeting, 'The Impact of Global Economic Decline on Healthcare Coverage for Small and Medium Enterprises,' is pertinent because "for SMEs to continue fostering economic progress, creativity, and job creation, ensuring accessible and viable medical care should be integral to our collective goals."

Regarding the regulatory landscape, he pointed out that the regulatory environment is growing more challenging for players within the sector.

"One of the major issues at hand is the unclear definition and delineation of responsibilities among private HMOs, government-funded healthcare programs, and the National Health Insurance Authority (NHIA). This overlap frequently leads to conflicting directives and rules, causing confusion for various parties involved and impeding the provision of effective and integrated services," he stated.

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