SCHENECTADY, N.Y. — MVP Health Care reported net income of more than $42 million in 2015, an improvement from its operating loss of more than $12 million in 2014.
The Schenectady–based health insurer generated nearly $3 billion in revenue during 2015 for an operating margin of 1.4 percent, which it considers “solid.”
The nonprofit points to three factors as reasons for a “significant increase” in its operating margin in 2015, compared to the previous year.
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MVP cites the “successful” realignment of its product portfolio; the synergies that followed its acquisition of Hudson Health Plan; and “controlled” administrative costs, according to a news release the company issued Monday.
MVP Health Care in May 2013 announced the acquisition of Hudson Health Plan, a health insurer and Medicaid managed-care organization headquartered in Tarrytown.
The insurer also credits “value-based” contracting with providers and “improvements” to its pharmacy-benefits program with helping it achieve “significant” savings over the previous year.
“The hard work we’ve done, diversifying our product portfolio and reducing administrative costs by more than $30 million in two years, has had a significant impact on our bottom line,” Chris Del Vecchio, COO of MVP Health Care, said in the health insurer’s release. “We have focused efforts to improve our processes and our technology infrastructure and those efforts are delivering strong results that ultimately improve the services we provide to our members.”
MVP Health Care serves more than 700,000 members in New York and Vermont, according to its website. The figure includes nearly 60,000 members in Central New York (CNY), according to the 2016 Book of Lists.
MVP is the 5th ranked health insurer in CNY, based on the number of employees working in the region. The company has 32 of its 1,500 employees working in CNY, according to the same publication.
Contact Reinhardt at ereinhardt@cnybj.com
