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MVP reports 'minor net loss' of $13.6 million in 2013

Rochester Business Journal
March 31, 2014

In what CEO Denise Gonick called “a minor net loss,” MVP Health Care posted $13.6 million in red ink on revenues of $2.5 billion last year.

“Our financial performance reflects the dramatic changes taking place in health care today,” Gonick said.  “There has been a reduction of federal reimbursement for Medicare Advantage plans, while health care costs continue to rise.”

The Schenectady-based non-profit’s 2013 numbers compare to net income of $25.5 million in 2012 on revenues of $2.7 billion for a surplus margin of just under 1 percent.

MVP is the Rochester region’s second largest health insurer. Its MVP Gold Medicare Advantage plans—acquired from Preferred Care in MVP’s 2006 takeover of the Rochester headquartered HMO—in the past have been among the non-profit health insurance carrier’s strongest products.

Despite its 2013 loss, MVP is well positioned for future growth, Gonick said. On the upside, she cited the company’s strong showing in direct sales on the state’s health exchange and its addition of 125,000 new subscribers with the acquisition of the Hudson Health Plan last year. 

A provider of the government sponsored Medicaid and Child Health Plus plans for low-income subscribers, Hudson Health is based in Tarrytown, N.Y.

With the “integration of Hudson Health into our family of companies,” MVP expects to see further expansion in Hudson Valley markets, Gonick said.

An employer of 591 locally, MVP ranked as the region’s 39th largest private employer on the Rochester Business Journal’s May 3, 2013 list.
    
(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.
 



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