Masm members’ contributions hit K5.5bn in 2014

Medical Aid Society of Malawi (Masm) members’ contributions in 2014 jumped by 39 percent to K5.5 billion (US$12.2 million), chief executive officer Sydney Chikoti has said.

In an interview in Lilongwe after their annual general meeting (AGM), Chikoti said Masm is making strides in the health sector despite other players coming in.

“As a society, we are growing even though there is competition in the sector. This competition has made us to up our performance and the future looks bright.

“Imagine last year we had a surplus of over K5.5 billion, which shows that we are on a sound footing,” he said.

A report presented by Masm chairperson Evans Matabwa indicated that membership grew to 121 473 in 2014, representing nine percent growth over the same period the year before.

“The society was facing fraud acts by some medical practitioners who were inflating claims. Some members were also allowing relatives and colleagues who are non-members to utilise their membership cards to access treatment,” reads the report in part.

As one way of combating fraud that affected operations, Masm bought a sophisticated ICT system to help improve service delivery.

Going forward, according to the report, Masm will focus more on its core business of providing medical aid to its members while making its other investments self-sustaining.

“The society’s existing investments would be constantly reviewed to make sure that they are self-sustaining,” reads the report.