IC places Getwell Health Systems under conservatorship

The Insurance Commission (IC) has placed Getwell Health Systems Inc., a health maintenance organization, under conservatorship due to its failure to meet government requirements.

In a notice, IC Commissioner Reynaldo Regalado informed the public that GHSI will be managed by the regulator until it can address its compliance issues and restore viability.

The guidelines require HMOs to maintain security deposits of at least 25 percent of their paid-up capital or P5 million, whichever is higher. As of end-2024, GHSI had a paid-up capital of P15 million.

GHSI has been ordered to stop taking on new HMO business and must comply with the IC's guidelines to protect member interests and ensure continued healthcare services.

The company reported a 10 percent reduction in net loss but saw its revenues drop by nearly 80 percent, with health care benefits and claims also declining significantly.