Evergreen Health Announces Record Financial Results

03 Mar, 2016, 12:18 ET from Evergreen Health

BALTIMORE, March 3, 2016 /PRNewswire/ -- Evergreen Health today announced that it far surpassed its membership goals for the recently concluded open enrollment period, and that the company ended 2015 with record revenue and a clear path to profitability for all of 2016.

"These numbers are a testament to the hard work and dedication of our employees and our broker partners, and to the fact that more and more Maryland residents understand the unique value of being covered by Evergreen Health. I couldn't be more proud of the organization that we have built and am extremely optimistic about our future," said Dr. Peter Beilenson, CEO of Evergreen Health.

Following are some of Evergreen Health's most noteworthy accomplishments:

  • 37,500 enrolled members as of March 1, 2016, compared to 11,700 at the end of 2014
  • A 600% increase in member months in 2015 compared to 2014
  • $83 million in premiums in 2015, compared to $12 million in 2014 
  • $31 million in cash and investments
  • More than $17 million of surplus
  • A risk-based capital ratio – a measure of how much money has been set aside for the future – of 573%, approximately three times the amount required by the Maryland Insurance Administration
  • A $10.8 million net loss in 2015 -- with $7.3 million directly attributable to risk adjustment charges – compared to a $16.3 million loss in 2014

"For a company beginning its third year of operations, we're in great shape. We have clearly turned the corner financially and have a detailed plan in place that should result in our first profitable year this year," said Len Sherman, Chief Operating and Financial Officer of Evergreen Health.

Evergreen Health is a non-profit health co-op that was established in 2012 to provide high-quality, affordable, patient-centered health care in Maryland. Its affiliate, Evergreen Health Care, operates full-service, innovative health centers in Baltimore City, White Marsh, Columbia and Greenbelt.  What's more, Evergreen Health is now a leading advocate for the need to revise the federal risk adjustment formula, and is working closely with the Maryland Insurance Administration to limit the risk adjustment liability of new health insurers like Evergreen Health that provide innovation and increased competition in the health insurance marketplace.

 

SOURCE Evergreen Health