- Maryland's Evergreen Health announced last Friday it had "far surpassed" its membership goals for the latest open enrollment period.
- Even more notably, the company says it ended 2015 with record revenue and is on track to achieve profitability for 2016.
- "For a company beginning its third year of operations, we're in great shape," said COO and CFO Len Sherman, adding they had "turned the corner financially."
Evergreen has long stood out for its sure financial footing just as half the other health co-ops created under the ACA crumbled, particularly in late 2015.
"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," CEO Peter Beilenson said.
"I couldn't be more proud of the organization that we have built and am extremely optimistic about our future," Beilenson said.
Evergreen announced the following performance highlights:
- 37,500 members as of March 1, up from 11,700 at the close of 2014;
- A 600% increase in member months in 2015 compared to 2014;
- $83 million in premiums in 2015 vs. $12 million in 2014;
- $31 million in cash and investments;
- More than $17 million of surplus;
- A risk-based capital ratio of 573%, about three times the amount required by the Maryland Insurance Administration; and
- A $10.8 million net loss in 2015, of which $7.3 million is due to risk adjustment charges, vs. a $16.3 million loss in 2014.