Northwell Health insurer more than triples enrollment

East Hills, N.Y.-based CareConnect — Great Neck, N.Y.-based Northwell Health's subsidiary health insurance plan — enrolled 91,193 members this year, up from 26,567 last year, according to Crain's New York Business.

The more than tripling of enrollees comes from two key factors. One is the closure of Health Republic Insurance of New York, a nonprofit insurance co-op. When Health Republic shut down, its 200,000 members were left without coverage, and a majority of them likely switched to CareConnect.

The other is the fact that Northwell Health offered its CareConnect plan to employees. Approximately 1,500 enrolled.

"We launched CareConnect because we believed that a new kind of customer-focused health insurance could actually make it easier to get and stay healthy, and we're gratified to be able to bring our new approach to so many new members," said Alan Murray, CareConnect's president and CEO, in a statement.

Founded in 2013, the insurance company itself is also growing. At the beginning of 2015, it employed 180 workers; it now employs 260.

However, its financial results are not as strong. The insurer lost $21.4 million over the first three quarters of 2015, and Mr. Murray believes it will take a few years before CareConnect will prove profitable, according to the report.

More articles on payer issues:
Molina Healthcare sees profit increase as revenue jumps 45.6%
The ACA marketplace turns 3: 8 findings on premiums, competition and offerings
Despite ACA, 30 million are still uninsured

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