BALTIMORE, April 26, 2016 /PRNewswire-USNewswire/ -- Evergreen Health today announced that the company was profitable in March of 2016, its third consecutive month of profitability. As a result, Evergreen Health recorded the first profitable quarter in the company's history.
"For a company in only its third year of sales, and in a business as competitive and as difficult to break into as health insurance, this is a remarkable achievement. I'm extremely proud of our entire team and very grateful to our members, healthcare providers and brokers," said Dr. Peter Beilenson, CEO of Evergreen Health.
Following are some of Evergreen Health's additional achievements for the first quarter of 2016:
- 40,000 enrolled members
- Risk Based Capital greater than 600%, more than three times the legal Maryland requirement
- Surplus of $25.3 million
- $40.9 million in premium revenue
- Net Income of $547,000
"I could not be more pleased with these developments, which continue our positive financial trend going back to the end of last year," said Len Sherman, Chief Operating and Financial Officer of Evergreen Health. "Barring something unforeseen, I expect that trend to continue well into the future."
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.
SOURCE Evergreen Health