Page 16 - Insurance Times May 2023

Medi assist set to acquire quisition for us for some time. It signifi-
Rajasthan passes Right
cantly adds presence, scale and the
Raksha Insurance TPA in
to Health Bill strength of relationships for us. This
Rajasthan became the first state expansion push will be a game changer sort of trans-
action not just for us but also in the TPA
to pass in Assembly the Right to Health insurance third-party adminis-
industry because it's one of the largest
Health Bill, which gives every resi- trator Medi Assist is set to acquire
TPA M&A that has happened in India,"
dent of the state the right to avail 100% stake in Raksha Insurance TPA in
he said.
free Out Patient Department what could be the largest deal in third-
(OPD) services and In Patient De- party administrator or TPA space, its Last year in November, Medi Assist had
partment (IPD) services at all pub- CEO Satish Gidugu told. acquired a 60% stake in UK-based
lic health facilities. Also, similar healthcare-focused service provider
The partnership will allow Bengaluru-
healthcare services will be pro- Mayfair We Care, marking its first over-
based Medi Assist to significantly ex-
vided free of cost at select private seas acquisition. "This is another exten-
pand its retail capacities along with
facilities. sion that Raksha customers can enjoy,
strengthening its presence in the inte-
which is access to global benefits based
The Bill was passed despite pro- riors of the country, he said.
on their requirements," Didwania said.
tests by the opposition BJP, which
"This is the largest M&A deal so far in
wanted to bring in certain changes
the TPA space. In fact, Raksha will add
to the provisions, as well as an Supplement employer
almost 35% or more to our existing
agitation by a section of doctors,
retail premiums. They will give us sig- health plan with a per-
who have been demanding with-
nificant access to deeper parts of
drawal of the legislation. sonal cover
north, central and some deeper parts
Employer-sponsored health insurance
According to the Bill, free of western regions, making it truly a
is a critical element of the benefits
healthcare services, including con- pan-Indian company," he said.
package provided to employees. When
sultation, drugs, diagnostics, emer-
The company plans to reach tier-2 and
gency transport, procedure and the coverage is comprehensive and
tier-3 locations like Baroda, Lucknow,
emergency care, will be provided the sum insured is sufficient, it provides
Indore and Bhopal, where Medi Assist
at all public health institutions and protection, and hence peace of mind,
has scanty presence.
select private facilities subject to to the employee and his family. A re-
Niraj Didwania, head of M&A at Medi cent study by Plum, a health insurance
conditions specified in the rules,
Assist, said the company will approach platform, which examined the health
which will be formulated now.
the Insurance Regulatory and Develop- insurance policies offered by over
Also, all residents will be entitled
ment Authority of India (Irdai) this 2,500 employers, revealed several
to emergency treatment and care
week for the next steps and expects gaps in the coverage they provide.
for accidental emergency without
approval within the next two months.
Employer-sponsored health insurance
prepayment of any fee or charges.
"This has been a very sought after ac- offers multiple advantages to employ-
The Insurance Times May 2023 15