Perpustakaan Digital ITB
The foundation at the center of this study is a health organization, incorporated in 2014, that
administers a medical insurance scheme covering 91,897 members as of the 2024 financial year.
That figure anchors the quantitative baseline used throughout. Its members fall into three groups:
active employees, retirees who have completed the full retirement process, and the dependents of
both. For most of its history the foundation has done essentially one thing: deliver medical services,
from annual planning down to on-site execution. The operating environment has since shifted, and
quickly. The organizational form it inherited, built to satisfy earlier legal provisions, no longer
matches the pace of that change or the new demands placed on it. Two pressures converged. First,
the Ministry of State-Owned Enterprises issued Regulation No. PER-02/MBU/03/2023, rewriting
the compliance and corporate-governance obligations that bind SOE-affiliated foundations.
Second, well-capitalized digital health platforms entered the corporate health-benefits market,
competing on capabilities the foundation had partly built yet cannot commercialize. This raises a
direct question: does the foundation form still make sense? To answer it, the study applies a case
study design drawing on government document review, benchmarking against the Telkom
Foundation and Pustaka Medika, stakeholder engagement, and a capital-budgeting model. The
findings converge. A wholly foundation-owned entity clears the legal test under Government Law
No. 16 of 2001, meets the Ministry of SOE governance requirements, and proves financially
feasible: the model returns a net present value of Rp 99.4 billion and an internal rate of return of
17.1 per cent against a weighted-average cost of capital of 11.6 per cent, conditional on reaching
the planned revenue base. On this evidence, spinning the operation into a subsidiary company is
the transformation path the foundation should take.
Keywords: organizational transformation, feasibility study, BUMN foundation (yayasan),
dual-entity structure, discounted cash flow