What Bankmed does

Bankmed Medical Scheme is a South African restricted medical scheme, registered with the Council for Medical Schemes and operating as a non-profit entity for the benefit of its members. Founded in 1914 (per firmographic data, with one source citing 1920), the scheme is positioned specifically for the banking and healthcare industry, serving both individual/family members and employer groups through tailored benefit plans. Its core business is the underwriting and administration of health insurance coverage, funded through recurring monthly member contributions structured across plan tiers that separate risk benefits from day-to-day benefits. Bankmed holds Prescribed Minimum Benefits (PMBs) cover, chronic medication management, hospital cover, and wellness programmes.

The scheme's operational backbone is outsourced to Discovery Health (Pty) Ltd, a subsidiary of publicly listed Discovery Limited. Discovery Health administers scheme operations, claims processing, managed-care programmes, and the underlying digital platform. On top of this platform, Bankmed operates a member-facing digital suite including a mobile app on iOS and Android, an Electronic Health Record (EHR) accessible to consented providers, a Medikredit-powered medication search tool, a self-service claims portal, a healthcare professional directory, and COVID-19-era products including a Vaccination Navigator and a Hospital at Home Benefit with biosensor-based remote monitoring. Emergency medical services are delivered through Netcare 911 under a separate partnership.

Bankmed generates revenue exclusively through member contributions; pricing is not publicly disclosed and is provided on a quote basis. Distribution runs through three channels: digital self-service (website and app), a toll-free call centre, and direct employer-group sales targeting the banking and healthcare verticals. The scheme is headquartered in Rivonia, Johannesburg, employs 101-250 staff, and reports operating nationally within South Africa. Compliance is anchored in the Protection of Personal Information (POPI) Act, with GDPR-style data handling referenced in privacy disclosures. Teddy Mosomothane serves as Chief Executive & Principal Officer.

Name

Bankmed

Legal name

Bankmed Medical Scheme

Website

https://bankmed.co.za

Company type

Private

Founded year

1920

Operating status

Operating

Headcount range

101–250 employees

Short description

Bankmed Medical Scheme is a South African non-profit restricted medical scheme serving the banking and healthcare industry, underwriting health insurance through monthly member contributions and operated via Discovery Health administration with member-facing digital tools.

Ownership category

akta.pro rank

Headquarters

HQ city

Johannesburg

HQ country

South Africa

HQ region

Africa

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Medical scheme contributions: Bankmed Medical Scheme generates revenue through monthly contributions paid by members for healthcare coverage. Members pay contributions based on their chosen plan tier, which funds the risk benefit and provides day-to-day benefits.

Pricing tiers

Distribution channels3 records

Marketing channels4 records

Core offering

Bankmed Medical Scheme is a South African medical scheme offering comprehensive health insurance coverage including hospital cover, chronic medication benefits, Prescribed Minimum Benefits (PMBs), and wellness programmes to individual members, families, and employer groups. Members access benefits and digital tools through a member portal, the Bankmed mobile app, and Discovery Health's administrative platform, with emergency support provided via Netcare 911.

Product overview

Bankmed Medical Scheme is a South African medical scheme operating as a single, integrated health insurance platform administered by Discovery Health. The scheme offers a comprehensive portfolio of digital tools and health management products accessible via a member portal website and the Bankmed App (available on iOS and Android). Core products include the Electronic Health Record (EHR) system, a Medication Search Tool (powered by Medikredit), a claims submission portal, and a healthcare professional directory. The scheme also provides the Discovery COVID-19 Vaccination Navigator portal for vaccine-related services, and add-on wellness and care management modules including the Hospital at Home Benefit for remote patient monitoring and Virtual/Telephonic Consultations. All digital services are underpinned by Discovery Health's administrative and technology infrastructure.

Differentiator

Problem solved

Functional benefit

Products and services

• Bankmed Medical Scheme (Membership) Comprehensive medical scheme membership providing hospital cover, chronic medication benefits, Prescribed Minimum Benefits (PMBs), and wellness support to individual members, families, and employer groups in South Africa.
• Bankmed App Mobile application for Android and iOS providing members convenient access to medical scheme information, benefits, claims, electronic health records, and digital membership cards.
• Electronic Health Record (EHR) Digital health record system allowing healthcare professionals, with member consent, to access a patient's medical history, benefits information, pathology results, electronic prescriptions, and referrals.
• Medication Search Tool Online search tool powered by Medikredit that allows members to search for medications covered under their Bankmed plan.
• Online Claims Submission Digital self-service portal for members to submit medical claims electronically for processing.
• Find a Healthcare Professional Directory and search tool enabling members to locate healthcare professionals within the Bankmed network.
• Wellness Screening Toolkit Collection of wellness screening tools and resources to help members monitor and manage their health.

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Partnerships

Three partnerships are on record, tiered core.

• Discovery Health (Pty) LtdcoreStrategic or Co-development PartnerDiscovery Health is the administrator of Bankmed Medical Scheme. They provide scheme administration services, digital platform infrastructure, claims processing, and managed care programmes. The partnership enables Bankmed members to access Discovery's established health management systems and digital tools.
• Netcare 911coreStrategic or Co-development PartnerNetcare 911 provides emergency medical services and ambulance transport for Bankmed members. In an emergency, members call 0860 999 911 and Netcare 911 dispatches response vehicles and arranges hospital transfers as needed.
• Discovery LimitedcoreStrategic or Co-development PartnerDiscovery Limited is the parent company of Discovery Health. As a public company (registration 1999/007789/06), Discovery provides the underlying technology platform and health management expertise that powers Bankmed's digital services and wellness programmes.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Discovery Limited: JSE-listed parent of Bankmed's administrator (Discovery Health) and operator of its own medical scheme, life insurance, and investment businesses. Overlaps with Bankmed through administration, technology platform, and shared member-services infrastructure.

Direct peers

• Fedhealth Medical Scheme: South African medical scheme with a multi-tier plan portfolio and established employer-group distribution. Comparable to Bankmed in member segmentation, benefit design, and digital self-service capabilities.
• Discovery Health Medical Scheme: The largest open medical scheme in South Africa, also administered by Discovery Health. Directly comparable to Bankmed in product structure, member-facing digital tooling, and regulatory environment; competes head-to-head for individual and employer-group members.
• Momentum Health: Major open medical scheme within Momentum Metropolitan Holdings offering hospital, chronic, and savings-plan options. Comparable to Bankmed in product breadth, employer-group distribution, and wellness-programme positioning.
• Bestmed Medical Scheme: Large self-administered open medical scheme in South Africa. Comparable to Bankmed in member segments, plan options, and reliance on regulated solvency and contribution frameworks.
• Medshield Medical Scheme: South African medical scheme providing hospital, chronic, and day-to-day benefits to individual and employer-group members. Comparable to Bankmed in product structure and target segments.
• Medihelp Medical Scheme: Long-established open medical scheme in South Africa serving individuals, families, and employer groups. Directly comparable to Bankmed in plan design, contribution-based revenue model, and regulatory classification under the Council for Medical Schemes.
• Bonitas Medical Fund: One of the largest open medical schemes in South Africa with a broad plan portfolio and employer-group focus. Directly comparable to Bankmed in member segments, plan design, and Council for Medical Schemes regulatory framework.
• GEMS (Government Employees Medical Scheme): Large closed/restricted medical scheme in South Africa serving public-sector employees. Comparable to Bankmed as a closed, industry-anchored medical scheme with employer-driven contribution flow and similar regulatory oversight.

Others

• Netcare Limited: Largest private hospital group and emergency-services provider in South Africa, and Bankmed's emergency-services partner via Netcare 911. Adjacent to Bankmed as a critical service-delivery partner rather than a direct scheme competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/bankmed_sa
• YouTubeyoutube.com/@bankmedmedicalscheme9490
• Instagraminstagram.com/bankmedsa
• Facebookfacebook.com/BankmedSA
• LinkedInlinkedin.com/company/bankmed-medical-scheme

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bankmed