BOSTON, Feb. 26, 2016 /PRNewswire-USNewswire/ -- Minuteman Health (www.minutemanhealth.org) today reported that its financial condition and membership growth is solid, and that it is helping lead the national push for revisions in the federal risk adjustment policy that has ended up hurting smaller, more efficient health plans.
Minuteman's to-date 2016 membership has jumped by 70.1 percent over 2015 totals, with most of the increase occurring during the open enrollment period that began November 1 and ends on January 31.
In addition to exceeding its membership targets, Minuteman has built a solid financial base, with $93 million in cash and $7 million in IBNR reserves for possible 2015 coverage payouts.
The company's Medical Loss Ratio is an industry-positive 88.7 percent even after adjusting for the federal governments '3Rs' programs. The company's administration, fees and assessments are only one percent above budget despite challenging costs imposed by federal and state regulations.
"Our conservative approach to budgeting and growth combined with our strong provider network is helping us maintain a steady keel amid a very volatile time in the industry," said CEO Tom Policelli.
About Minuteman Health
Minuteman Health, Inc. is a member-governed, non-profit health maintenance organization (HMO) committed to removing inefficiencies from today's health insurance system to provide high-quality care, cut administrative costs and reduce premiums for individuals and businesses in Massachusetts and New Hampshire.
Minuteman Health's In-Plan Provider network includes over 9,500 hospitals, physicians, and specialists who provide high quality care at lower costs in Massachusetts and New Hampshire.
CHOICES members are non-profit as well as investor-owned, health system-sponsored and independent, and newer entrants as well as companies with decades of experience as members of their local communities. The group came together to examine what gaps may exist between the policy intent and the practical reality of the '3Rs' programs today. Such gaps are to be expected in any launch of a new methodology, and CHOICES looks forward to continuing to work productively with CMS to replace old assumptions with the current data.
CHOICES founding members include Minuteman Health, Health New England (Massachusetts), HealthyCT (Connecticut), Land of Lincoln (Illinois), Melody Health Care (Colorado), New Mexico Health Connections, and the National Alliance of State Health CO-OPS (NASHCO).
SOURCE Minuteman Health