Community Health Options emerges from deficit
For the first quarter of 2017, Community Health Options, the Lewiston-based nonprofit health insurer, saw a surplus of $3.7 million.
Maine Public reported the surplus comes after two years of operating losses of nearly $90 million.
CHO spokesman Mike Gendreau told Maine Public the Lewiston-based health insurer pulled itself out of a deficit by reducing administrative costs, increasing rates and educating members on when to go a doctor’s office or clinic instead of the emergency room. The company is one of five remaining “Consumer Operated and Oriented Plans” insurers out of the 23 that were established under the Affordable Care Act.
Monthly reporting of the company’s financial performance was implemented by Eric Cioppa, superintendent of Maine's Bureau of Insurance, in March 2016 after CHO posted a net loss of $31 million in 2015. For 2016, the report showed the insurer had net losses of $58.3 million.
Read more
Most Recent
Most Recent
Comments