Some concrete, low-cost steps for SMEs and other companies to meet employee needs in the area of health benefits.
Some concrete, low-cost steps for SMEs and other companies to meet employee needs in the area of health benefits.
2018, what a year it was. Uber merged with Grab, Trump and Kim had their historical meeting on our sunny island and we found out not all asians are actually crazy rich. But as we took some time to pause and reflect (before we repeat) here at Mednefits, we have actually accomplished quite a bit!
From product updates to new teammates to events and M.A.D (Mednefits Active Day) outings - check out our favourite moments from each month of 2018!
We kicked off 2018 with the ‘Employer-Provided Healthcare Platform’ strategised and planned in mind.
Hadi was on a mission together the interns to train all our health partners on the new product.
Huei Min joined the team, our longest 8 months internship programme.
Launched Member Benefits Wallet & Company In-Network Spending Account.
First Mednefits Credits transaction was on Valentine’s Day, 14 February.
Launched Out-of-Network digital claim portal.
We were honoured to be featured by MCI Singapore in their #SMETowkay column on “Making Affordable Healthcare for SMEs a reality”.
Got our own mini barista coffee machine for the Mednefits Team.
Partnered with the first co-wellness space in Singapore, Core Collective.
Chris shared his experience and journey as an entrepreneur at Health Tech Day in SMU.
We shared how employers and HRs can redesign corporate healthcare experience with technology at our first event and conference of the year with HRD HR Tech Summit.
Our PH dev team had their team bonding adventure day out in the wild.
Michael, Lucky, Jialing, and Desmond joined the sales team.
The founders went to KL Malaysia for market research and managed to gather interest from some health partners there.
Partnership with Enterprise Singapore - HR Tech Pilot Programme in promoting the use of data and technology for better human resource decision making. Mednefits is one of the appointed service provider for Compensation & Benefits.
HRM Asia HR Summit - we powered up from being in the start-up zone in 2017 to having our very own booth.
We created our Product Brochure 2.0, and it doesn’t look like your typical brochure.
We were glad to extend our benefits programme to the self-employed agents in ERA Singapore.
Received the Human Resources Director Asia Service Provider Awards in the Corporate Health & Wellbeing Category
We filmed in-house three creative videos to showcase how we imagine accessing corporate healthcare would be like in the future compared to the past - we will be launching them this year so stay tuned!
Our first radio interview with 938NOW Keith de Souza - much jitters for Chris and Hadi initially but what an experience!
Wei Xian joined the team.
We featured our largest exhibitor’s booth and growing team at the largest SME Expo in Singapore hosted by SCCCI.
Kang Wee, Ruiqin, Sarah and Celestine joined the team.
Chris shared about the problems with the current employee health benefits landscape and shared how HRs and employers can take a proactive role in the Employer-Provided Healthcare Economy at the HR Business Partners Forum organised by SHRI.
Shortlisted as a Most Promising Category Finalist (Mednefits Care Plan) at SG:D Techblazer Awards.
Launched Member Wellness Wallet and Company Wellness Spending Account.
Launched our Mednefits Care Plan (Lite Version).
Expanded our clinic network across Singapore borders to Johor Bahru and Kuala Lumpur - we now have 40+ clinics in Malaysia!
Hadi had his first ever live interview at Disruptive LIVE @ Cloud Expo Asia Singapore.
Dr Kevin Chua joins the Mednefits family as our Medical Advisor.
Featured by Asia Insurance Review for grouping SMEs together to provide affordable employee health benefits.
Went M.A.D together on the rock climbing wall for our inaugural Mednefits Active Day.
Alexandre and Wan Wen joined the team.
Had our first ever Christmas Photoshoot to send our holiday greetings to our members.
Rest & Recharge during our year-end retreat at Johor Bahru - amazing food, much-needed head-to-toe massage and last but not least our M.A.D activity: Go-Kart!
Keeping employees healthy could go a long way in boosting the workplace morale and performance. A culture of wellness has a big role to play in employee retention. Here are some essential steps to consider for creating a culture of wellness.
Our preparation for the SG:D Techblazer Awards was an exciting one, culminating with us being shortlisted as a Finalist in the Most Promising Category. Read on to get an insider scoop from Hadi, our Chief Happiness Officer, of our experience on this journey!
5 September 2018: Preliminary Judging Round
27 September 2018: Final Judging Round @ Singapore Institute of Management
7 November 2018: SG:D Techblazer Awards Night - Mednefits shortlisted as one of the Finalist for Most Promising Category (Mednefits Care Plan)
Having been around for 3.5 years, we are heartened to be serving a total headcount of around 22,000 employees spread around 220 SMEs. We see this competition as an important additional platform to help us reach out to a wider audience. Having the credibility of SGTech to boost our brand would help us tremendously in bringing the #betterbenefits message to the greater Singapore area.
Digitalisation is often not at the forefront of SME’s priorities, but we believe we are at the start of the fourth industrial revolution. Every industry in one way or another is going to be digitised. Being able to help the underserved community to digitise and have access to greater buying power is what drives us everyday. It re-affirms the journey and it invigours us to really try to assist every SMEs in Singapore.
Mednefits provides a platform and mobile app that digitally connects our clients, their employees and our health partners seamlessly. We hope to drive the digitalisation of the entire employer-driven healthcare economy - from how people access care, how they pay for care and how employers manage cost and their budget. Enabled by technology, our goal is to provide personalised benefits and always-on preventive treatment to yield better healthcare outcomes for employees, better cost control for employers and a better healthcare experience for everyone.
From our interactions with SMEs, we realised that SMEs are actually very open to digitalisation. It is really a matter of reaching out and convincing them how digitalisation actually helps them.
All in all, it has been a very positive experience for us. We are really excited and honoured to be part of this journey, and we would like to thank IMDA for having us as part of the competition. We were exposed to a variety of judges from different industries who asked us important and relevant questions and that helped us to sharpen and crystallise our ideas and execution.
The two-day event was a huge success for us this year. We had a fruitful time meeting SME business owners, fellow esteemed exhibitors and sharing how we can provide better benefits for employees while helping employers take control and maximise their benefits investment.
This is our second time at the event and we are happy to see a bigger team and our largest event booth thus far.
Attendees who dropped by our booth got a taste of our digitised, real-time, automated workflow as we took them through the employer and employee experience of using the Mednefits app and platform.
This year, our co-founders Chris and Hadi also had the opportunity to share what motivates Mednefits to redesign the corporate healthcare experience and how employers can better attract and retain talent by creating a consumer-style benefits experience for their employees.
All in all, it was an amazing event for us and we are tremendously proud to see the growth of Mednefits and the team. We are also thankful to our partners and friends for their dropping by our booth and for their unwavering support. We look forward to be back again next year!
SMEICC 2018 is Singapore's annual bilingual SME business conference organised by the Singapore Chinese Chamber of Commerce & Industry, offering insights from local and global business and market leaders on conquering challenges and building successful businesses. It was held on 15 and 16 August 2018 at the Suntec Singapore Convention & Exhibition Centre, bringing together close to 6000 attendees and industry partners.
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In spite of the fact that SMEs make up the bulk of the Singapore economy and employ about 65% of the local workforce, they remain under-served when it comes to corporate health benefits. But with tech and the right data, Mednefits co-founder and CEO Chris Teo says the lack of big HR budgets should not inhibit SME employees’ access to comprehensive health care.
When it comes to the provision of employee benefits, cost control is a perennial issue and most small and medium enterprises (SMEs) face two options: ‘self-insurance’ or the purchase of corporate health insurance cover for employees. But neither of these methods is ideal.
For SMEs that self-insure, the lack of economies of scale means that most companies will not have the ability to work out a direct arrangement with healthcare providers and will thus have to pay a premium for services, said Mednefits co-founder and CEO Chris Teo.
On the flipside, corporate health insurance products ‘typically only offer outpatient and inpatient insurance together as a costly bundle’ and so, for reasons of cost, the option of corporate health cover is ‘often not accessible or appealing to SME employers’.
Current corporate health benefits programmes, he said, are limited by older systems that were not designed to share data, work together or learn from one another. This makes the experience frustrating and user- unfriendly to the company’s benefits administrator and employees.
But advances in technology – such as real-time big data accessibility – have enabled employers to reduce healthcare costs, customise health plans to suit their staff and to make comprehensive healthcare more accessible. He said,” The right data at the right time can empower. We didn’t have access to these fancy features in the past, but now with technology, employers have concrete means to change the entire health care experience for the better.”
Enter Mednefits, an InsurTech focused on making corporate health benefits affordable and accessible to SMEs. “In Singapore, where 99% of firms are SMEs, it’s crucial these companies have the benefits provision to maintain their competitive edge. Healthcare is a massive investment that few SME employers have control over, particularly with increasing medical costs and inflation. SMEs tend to get hit the hardest,” Mr Teo said.
By grouping SMEs on a single platform, Mednefits is able to give SMEs the buying power equivalent to a large enterprise, while connecting them directly to health providers – digitally – without the need to go through existing intermediaries. He said, “SMEs get direct cost savings and efficiency with the aid of technology. The result is greater cost control with a better healthcare experience. Ultimately, it’s all about scale.”
But aside from affordability and accessibility to benefits, Mr Teo said SMEs need to cultivate a wellness culture within organisations – that without doubt has proven outcomes such as productivity boosts, absenteeism reduction and talent attraction and retention.
The technopreneur also noted that the ‘game has changed’ in employee benefits – the new generation of employees entering the work force has a new definition of health, which is a ‘state of complete physical, mental and social well-being’. In view of this, he briefly touched on Mednefits’ current offering of an outpatient medical coverage plan – incorporated with a workforce management system – that includes a pilot customisable workplace health and wellness programme targeted at both physical and mental well-being.
That being said, Mr Teo was quick to outline the difference in propositions between Mednefits and fellow tech start-up CXA Group. “The CXA proposition is all about shifting spending from treatment to prevention and has been pretty successful in this. Mednefits’ value proposition is entirely different. For us, it is and always will be about SMEs, whose focus is first cost control and then efficiency.”
He added, “SMEs value a solution that is first affordable and cost predictable, simple, and ultimately human – that serves basic needs first, and that is primary healthcare. So while the preventive movement is up and coming, our view is that for SMEs, it starts with primary care. This is why we have collated an island-wide panel of primary healthcare providers to cover their basic needs.”
The article was originally published in Asia Insurance Review Magazine, Insurance - Life & Health September 2018.