It is Australia's fifth biggest private health insurance provider with a national market share of 7.82%.

HBF's purpose can be directly traced back to its origins as a key provider of social services prior to the introduction of universal government health cover in Medicare.

It was established to provide a pool of funds to ensure the ongoing provision of affordable health services for members.

[4] In 2021, HBF completed the acquisition of Brisbane-based CUA Health Pty Ltd. As of 2021, this increased the company's market share to approximately 8%, with 17% of members living outside of Western Australia.

[5] In 2022, HBF acquired Life Ready Physio and in 2023, completed the acquisition of Queensland Country Health Fund.