APRA Delays Implementation of Reporting Standard for Health Insurers
APRA published a letter to inform private health insurers about the postponement of the implementation of HRS 605.0, which is the reporting standard on private health insurance reforms data collection, to support insurers to devote resources to handling the impact of COVID-19. HRS 605.0 was initially scheduled to commence for the quarter ending June 2020. This letter also contains information regarding further changes to HRS 605.0 following feedback from insurers. This consultation will be delayed until at least September 2020. Consequently, the first collection would be for the quarter ending March 2021. APRA will advise entities when consultation on HRS 605.0 opens in due course.
Although APRA is pausing the implementation of the December 2019 version of HRS 605.0, private health insurers will continue submitting data using the Excel-based collection. APRA and the Department of Health are concerned that entities may have progressed into building and implementing processes to prepare and submit HRS 605.0 data and, therefore, wish to provide details of the changes prior to further implementation. APRA and the Department have drafted two key changes to HRS 605.0. These changes are relatively minor but will improve the usefulness of HRS 605.0 data. The changes include removing co-payment from Table 2 on insured persons and Table 3 on policies and adding an additional dimension (column) to Table 4 on hospital services, benefits, fees charged, and treatment days and episodes to separately collect psychiatric services.
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Keywords: Asia Pacific, Australia, Insurance, Private Health Insurers, HRS 605.0, COVID-19, Data Collection, Reporting, APRA
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