The major private health insurer now owns 168 GP clinics nationally, making it one of Australia’s biggest corporate clinic owners.
Private health insurer Medibank has posted its first round of financials since buying GP chain Better Medical, with CEO David Koczkar vowing to “continue to drive [meaningful] change” across both public and private healthcare sectors.
In November last year, the insurance company paid $163.5 million for Better Medical’s network of 61 GP practices, bringing the total number of Medibank-owned clinics to 168.
This makes it the second-largest corporate operator in general practice.
Prior to November, Medibank already had a non-controlling interest in Better Medical, as well as a 90% stake in Myhealth Medical Group.
According to Medibank’s financial results for the first half of the 2026 financial year, which were released on Thursday, its various clinics have already recorded 1.67 million GP consults.
Almost one quarter of these were virtual, and Medibank’s revenue from primary care increased by 10.2% over the half-year.
Medibank’s underlying net profit after tax is $297.8m, a very slight decrease over the first half of the financial year.
In an accompanying commentary to shareholders, Mr Koczkar referred to the Better Medical acquisition as the insurer’s “next important step” in healthcare, before lamenting the pace of reform.
“Our support for primary care is geared to giving GPs and other health professionals the tools, technology and time they need to focus on proactive care and early intervention,” he said.
“Australia has never spent more on healthcare and yet in some parts the system is failing the community.
“Governments, operators, clinicians and patients know the system is under strain. But despite this, the pace of reform is far too slow.
“In the absence of meaningful change in the broader system, we will continue to drive this change with our partners, supporting both the private and public systems.”
Medibank is not the only insurer with growing interests in general practice.
Bupa has publicly announced its intentions to build out a network of 130 GP clinics, and has even exploited a workaround which allows it to fund telehealth consults between patients and GPs who have never met face-to-face.
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Like Medibank’s CEO, Bupa has framed its moves as a push for reform in healthcare.
“For Bupa, the way to do that is to invest in the primary care system by investing in and acquiring clinics,” Bupa’s clinical director for connected healthcare, Dr Simon Benson, told delegates at last year’s RACGP conference.
“But these clinics are not just for our members. These clinics are for everybody, but [we] can start to offer some primary and preventative services in that environment.”
Bupa is yet to release its financials for the first half of 2026.
