Alignment Healthcare, which grew to become a publicly-traded firm listed on the Nasdaq final 12 months, … [+]
Alignment Healthcare, a fast-growing well being plan for seniors, is increasing into two new markets for 2023, launching Medicare Benefit in Florida and Texas.
Alignment, which grew to become publicly-traded firm final 12 months within the widespread and aggressive Medicare Benefit enterprise, Wednesday mentioned its enlargement to Florida and Texas can even embrace launching plans “into further counties throughout the 4 states the place it presently operates.” Alignment already sells Medicare Benefit in 4 states: Arizona, California, Nevada and North Carolina.
The market potential in Florida and Texas is massive and rising. Alignment mentioned its further expansions, which nonetheless should be authorised by regulators, will “attain an extra 1.1 million Medicare-eligible seniors, leading to complete of 8.2 million Medicare-eligible seniors throughout 52 counties in six states in 2023.” If authorised, seniors will be capable of select Alignment’s numerous well being plan choices for the 2023 plan 12 months through the open enrollment interval that begins Oct. 15 of this 12 months.
“1 / 4 of our nation’s seniors reside in California, Florida and Texas,” mentioned Alignment founder and chief govt officer John Kao. “At a time when each the quantity and desires of seniors are on the rise, it’s important that we deliver our mannequin to extra individuals and speed up our constructive impression on senior care on this nation.”
Medicare Benefit plans contract with the federal authorities to supply additional advantages and companies to seniors, comparable to illness administration and nurse assist hotlines with some additionally providing imaginative and prescient, dental care and wellness applications. And in recent times, the Facilities for Medicare & Medicaid Providers has allowed Medicare Benefit plans to cowl extra supplemental advantages, including to their reputation amongst seniors.
Alignment earlier this 12 months mentioned well being plan membership as of Dec. 31, 2021, was up 26% to 86,100 12 months over 12 months. That helped complete income rise 23% to $298.3 million within the fourth quarter of final 12 months in comparison with the year-ago interval. Alignment releases second quarter 2022 earnings Aug. 4.
“Too many seniors stay susceptible with out the care coordination and personalised consideration they so desperately want,” Kao mentioned. “Placing the senior first is on the coronary heart of our mannequin and our development technique. We imagine that our data-driven method has the potential to enhance the standard of our members’ way of life and healthcare expertise throughout all geographies.”
