Medi Assist Healthcare Services Limited (“Medi Assist”) was incorporated on June 7, 2000. Medi Assist is the holding company and conducts its business of providing third-party administration (“TPA”) services to insurance companies through its wholly owned subsidiaries, Medi Assist TPA, Medvantage TPA and Raksha TPA. As a third-party administrator, it acts as a facilitator between (a) insurance companies and their policy holders, (b) insurance companies and healthcare providers (such as hospitals), and (c) the Government and beneficiaries of public health schemes.
As a third-party administrator, Medi-Assist act as a facilitator between: Insurance companies and their policy holders, Insurance companies and healthcare providers (such as hospitals), The Government and beneficiaries of public health schemes.
Company’s subsidiaries, Medi Assist TPA and Medvantage TPA, contributed to 96.32% of their revenue from contracts with customers in the FY2023 and 92.98% of the revenue from contracts with customers in the 6 months ended September 30, 2023.
The company managed ₹14,574.65 crore of health insurance premiums (group and retail) as at the end of FY2023 growing at a CAGR of 35.67% from ₹7,918.49 crore as at the end of FY2021. As of September 30, 2023, they work with 35 insurance companies in India and globally.
The company also facilitate other healthcare and ancillary services such as hospitalization services, call centre services, customer relations and contract management services, billing services and claims processing services through their company and their other Subsidiaries.
Medi-Assist serviced over 9,500 group accounts across sectors to help administer the insurance requirements of their employees. As of March 31, 2023, Medi Assist TPA and Medvantage TPA managed around ₹12,818 crore of group health insurance premiums, representing 27.61% of India’s overall group health insurance market.
The company also service individual insurance policyholders, and for the Financial Year 2023, they managed ₹1,757 crore of premiums for the retail health insurance market, representing 5.06% of the overall retail health insurance market in India.
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