Sovereign Health's core business is health care financing and risk management which, in short, involves provision of professional medical aid administration and management services.
From its formation in 1999, Sovereign Health managed the Anglo American Medical Aid Society, A.A.C.M.A.S. In December 2000 Sovereign launched Generation Health Medical Fund, an open plan scheme which offers traditional insured benefits for high cost medical events, in combination with an individual medical savings account (MSA) to fund day-to-day, out of hospital items.
In December 2005 AACMAS voluntarily folded its scheme and its members migrated to GENERATION HEALTH MEDICAL FUND.
Sovereign has successfully registered a new fund, ACCESS MEDICAL AID SOCIETY on behalf of The ACCESS Medical Trust and this fund will launched in the third quarter of 2010
Services provided by Sovereign Health include:
- Establishing and maintaining relationships with members.
- Establishing and maintaining relationships with medical service providers.
- Processing and payment of claims.
- Production of management accounts.
- Driving co-ordinated cost containment initiatives for the benefit of the funds.
- Ensuring that medical fund members receive the contracted level of service
- Using management information to assist trustees of medical funds to devise benefit structures and budgets uniquely suited to their benefit profile
- Attending Trustees' meetings to give guidance to the Trustees where necessary
- Educating trustees and employer groups on changes in the healthcare funding industry
- Performing statutory duties on behalf of medical funds
- Developing new products and enhancing existing products to meet the needs of medical funds
- Custodians of Member's Resources.
- Control, management, ownership and guardianship of all information, clinical and financial concerning corporate members
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