Medibank is a leading Australian health insurer established in 1975 as a not-for-profit organization and has since grown through mergers and acquisitions to become a for-profit entity. Healthcare costs in Australia are rising significantly and are projected to exceed revenue by 2050 due to factors like an aging population and increased rates of chronic disease. Medibank aims to address these challenges by focusing on preventative and primary care, improving access to GPs, coordinating care for high-needs patients, and paying providers based on health outcomes rather than activities.