MVP Health Care posts $12.4 million loss in 2014

SCHENECTADY, N.Y. — MVP Health Care lost $12.4 million in 2014, which it said was a “nine percent improvement over 2013.”

The Schenectady–based health insurer announced its 2014 financials in a news release issued Wednesday.

MVP generated $2.9 billion in revenue last year, up nearly 18 percent from $2.5 billion in 2013. MVP’s membership remained “strong” with “significant” increases in several program areas, the release stated.

MVP’s fiscal performance in 2014 “significantly exceeded” its earlier projections due, in part, to “greater savings” as part of the integration of Hudson Health Plan operations, the health insurer said.

MVP acquired Hudson, a Tarrytown, New York–based Medicaid managed-care organization, 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,” Christopher Del Vecchio, executive vice president of strategy and innovation at MVP Health Care, said in the release.

MVP also listed what it considered as “achievements” in 2014.

The health insurer said it 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 about 12 percent in 2014.

Membership in its Medicaid managed-care programs also grew about 20 percent last year, the health insurer added.

MVP Health Care is the sixth-largest health insurer in Central New York, ranked by number of members, according to the 2015 Book of Lists. The health insurer has more than 62,000 members in Central New York. MVP employs 36 people in the region. 

MVP employs 1,500 people statewide and has 700,000 total members, according to updated figures provided by a spokeswoman on April 3.

Contact Reinhardt at ereinhardt@cnybj.com