NBFIRA places Symphony under temporary closure
Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has placed Symphony Health Scheme under temporary closure due to compliance requirements.
According to a notice from NBFIRA, the company is put under temporary closure in terms of Section 57 of the NBFIRA Act. “As a condition of the closure Symphony shall no longer take new clients or issue new medical aid covers until further notice. Existing members are advised that the temporary closure will not affect their medical aid covers and consequent rights and responsibilities,” reads the notice.Symphony Health Scheme stated in a media release that the temporary closure is specifically for failure to submit the 2016 Financials on the stipulated date. Nevertheless the Financials are currently being finalised, said the company refuting allegations of imminent closure.
“Established in 2013, Symphony Health enjoys strong relationships with various suppliers and stakeholders. Recently, however, the Scheme has experienced challenges that are not uncommon between entities that operate symbiotically.
“Our staff is working tirelessly, round the clock to ensure that these challenges are met with the necessary targeted solutions; guaranteeing the servicing of Scheme Beneficiaries as soon as possible,” it said in a statement. This is after members of the scheme expressed concern last week that they are being turned away by service providers because the Scheme has not paid up its debt. The clients who also flocked the company office at Fairgrounds could not get explanation as offices were locked and no notice was placed at the door.Members were however this week assured that the establishment’s dedicated staff is diligently working on the challenges currently being faced to ensure that the scheme beneficiaries can continue to experience brand promise.Symphony Health Scheme admitted through an email leaked to this publication dated 10th August 2017 that it has temporarily suspended its accounts at Bokamoso Private Hospital and Gaborone Private Hospital.
“Following our previous email regarding the temporary suspension of the Bokamoso Private Hospital (BPH) Account, we regrettably wish to update as follows: We had previously expected the BPH matter to be resolved within a short period of time. Regrettably this has taken a relatively longer time and is still unresolved, though we are working on a solution.
b) We have since had the GPH Account also temporarily suspended and have been working with the GPH to get the matter resolved within a reasonable time. It is our desire to get the GPH reinstated at the earliest and are working with the hospital to achieve this ASAP”, reads an email from the company’s Client Service department seen by this publication.”Through the same communication to clients, it has also been admitted that the company is generally behind with claims payment to Service Providers and this is presenting access challenges for members. “This is a situation that is regrettable and has been caused mainly by huge claims incurred by Members with over 50 percent going into private hospitals.”