The move marks PHP’s entrance into the self-pay market.
PHP managing director Jan Lawson will become chairman of MCD, while MCD boss and founder Malcolm Jones will continue as managing director.
MCD assists individuals and company employees to identify consultants and hospitals matching their criteria for diagnosis and hospital treatment.
The acquisition is the eighth since PHP became part of the Skipton Building Society Group in November 2002.
PHP says MCD will retain its own separate brand identity, but support services such as finance and compliance will be provided by the parent company.
PHP managing director Jan Lawson says: “The self-pay sector of the market has been growing 20 per cent year on year for the last 3 years and this latest acquisition is very exciting for the PHP Group. It takes us into a new segment of the healthcare market and complements perfectly our core business of medical insurance and our subsidiary RED ARC’s care advisory services.
“The self-pay market fits naturally with a number of existing products such as high excess PMI policies, critical illness policies and in particular Trust schemes where the scheme sponsor has a close interest in ensuring a value for money purchase. Also it can provide significant cost advantages for private individuals who are not covered by a private medical insurance scheme.”