BALTIMORE, March 22, 2016 /PRNewswire-USNewswire/ -- Evergreen Health today announced that it was profitable in January and February this year, during which time the company reported record premium revenue and membership.
"Coming off a very strong 2015, these numbers are the first indication that our steady growth will continue for the foreseeable future. As we announced earlier this year, we expect to be profitable for all of 2016, and I think it's now fair to say that Evergreen Health is on very solid financial footing," said Dr. Peter Beilenson, CEO of Evergreen Health.
Following are some of Evergreen Health's most notable achievements at the end of February 2016:
- 37,800 enrolled members, a 27% increase compared to the end of 2015
- Assets of $50.3 million, a 32% increase compared to the end of 2015
- Risk Based Capital of more than 550%, more than three times the legal Maryland requirement
- Surplus of $18.2 million
- $25 million in premium revenue
- Medical Loss Ratio at 80%
- Administrative costs below 20% of revenue, a 27% improvement since the end of 2015
"I could not be more pleased with the way we have started the year. We are well positioned to have our best financial year ever in 2016, which will mean better service for our members. A lot of credit should go not only to our many hard-working employees but also to our broker partners and health providers," 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.
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SOURCE Evergreen Health