Johannesburg - Healthbridge was still growing despite the market downturn in the technology and medical sectors, the medical claims processor said yesterday.
"Over the past year we have grown at about 25 percent a month, a compounded growth rate of about 90 percent a quarter. While we're not cash flow positive yet, we're exceeding all our budgets and hope to break even this financial year," said chief executive Gerrie van Zyl.
Healthbridge, which launched in June 2000, is a joint venture between Dimension Data (Didata), Medscheme and Discovery. It offers real time verification of medical aid status and real time claims processing between doctors and funders.
Outwardly it would seem a strained marriage, but Van Zyl said that while Discovery and Medscheme had always been strong competitors they were able to stand together for the good of the sector.
"When people are on the board they all wear Healthbridge hats, and from our perspective we haven't seen or perceived any acrimony."
Angus MacRobert, a director of Didata Protocol, the group's business development division, said Didata was excited about its investment.
"If we could, we would buy more . The take-up has been phenomenal. It'll be cash flow positive in a couple of months," MacRobert said.
Employees own 15 percent of Healthbridge, with shareholders holding the remaining 85 percent equally.
Van Zyl said that although Healthbridge was a late entrant to the market, it had a competitive advantage over established companies.
"Our competition didn't get the fact that this was going to be an internet business. They didn't see the opportunity in real time processing," he said.
Healthbridge said it had sealed deals with two large hospital groups - Afrox and Mediclinic - in the past few months. Van Zyl said that together these accounted for about 50 percent of the local hospital industry. He expected Afrox to give final approval tomorrow.