Four months after reporting bumper revenues and profits Liverpool health cash plan provider Medicash sets ambitious target to reach 1m corporate policyholders by 2030. Tony McDonough reports

Liverpool health cash plan provider Medicash is aiming to reach 1m corporate policyholders by 2030 in an ambitious new growth target and has shaken up its top team.

Based in Liverpool city centre, Medicash currently has around 675,000 policyholders so this would be a projected increase of almost 50%. As part of this plan the business aims to create more jobs.

In July Medicash reported a 21% surge in annual revenues to £61.7m for the 12 months to December 31, 2024, with the number of policyholders up by 9%. It also saw its profits rise significantly to £5.7m during the year, well ahead of the £1.8m achieved in 2023.

Alongside its policyholders target Medicash is planning to double the financial contribution of the Medicash Foundation – giving at least £750,000 a year to good causes.

Chief executive Andrew Healy said: “These goals sit side by side. They reflect not only our ambitions for growth but also our heritage and values to proudly support health and wellbeing in the communities we serve.

“On the one hand, we’ll continue to drive innovation, accessibility, and wellbeing in workplace health provision so we can grow from 675,000 policyholders today to over one million.

“And on the other, we’ll go back to our 150-year-old roots by channelling more of what we generate into worthy causes, helping those who need support in areas like homelessness, mental health, and preventative care.”

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Founded in the charity hospitals of Liverpool in 1871, Medicash has become the UK’s oldest and largest corporate health cash plan provider.

In 2023 it acquired its One Derby Square home – the former Pearl Assurance House – in the city centre for £12m. Owning the 70,161 sq ft building saves it around £200,000 a year in rent and provides a rental income stream from other tenants.

To support its ambitions, Medicash is reshaping its organisational structure to focus more than ever on digital innovation. Andy Roberts has been appointed to the new role of chief operating officer.

Paul Marley becomes chief technology officer and will report directly to Andrew Healy. Paul Gambon takes on the expanded role of chief commercial officer.

Alex McAleavey has joined as chief risk officer from Aldermore Bank and Dan Williams has been appointed head of change and transformation. Finally, Daniel Dickson-Hope has been appointed chief people officer.