Schenectady - MVP Health Care (MVP) reported its 2014 revenue increased by nearly 18 percent over the previous year and membership remained strong, with significant increases in several program areas. Revenue for 2014 was $2.9 billion, up from $2.5 billion in 2013.
In addition to a non-cash write-down of $7.8 million, the Schenectady-based insurer reported a deficit of $12.4 million for 2014, a nine percent improvement over 2013. MVP’s fiscal performance in 2014 significantly exceeded its earlier projections due, in part, to greater savings realized through the integration of Hudson Health Plan (Hudson) operations. MVP acquired Hudson, a Medicaid managed care organization based in Tarrytown, N.Y., in August 2013.
“MVP ended the year in a very strong position, growing membership, reducing expenses and investing in a multi-year transformation of our business to better serve our members,” said MVP Health Care Executive Vice President, Strategy and Innovation, Christopher Del Vecchio.
Among other achievements in 2014, MVP garnered the largest share of the health care exchange market in Upstate New York. MVP also provides services to more than 6,000 member groups, trusts and associations and grew that portion of its membership by 12.3 percent in 2014. Membership in its Medicaid Managed Care programs grew by 20.5 percent last.
In 2014, MVP’s Hudson Valley Medicaid Managed Care line of business, Hudson Health Plan, was the only plan in New York State to receive the highest Quality Incentive score from the New York State Department of Health. Also, MVP once again earned the highest accreditation status of “Excellent” from the National Committee for Quality Assurance (NCQA) for its commercial and Medicare HMO/POS products. Additionally, MVP maintained its overall 4.5 star rating (out of 5 stars) from the Centers for Medicare & Medicaid (CMS).
About MVP Health Care
MVP Health Care is a nationally recognized, community-focused, not-for-profit health insurer serving more than 700,000 members in New York and Vermont. Committed to the complete well-being of its members, MVP provides the tools and information they need to achieve better health and peace of mind. For more information, visit www.mvphealthcare.com, on Facebook atwww.facebook.com/mvphealthcare
, and on Twitter at @MVPHealthCare.