Medicare Advantage provider Alignment Healthcare reported a $56.9 million loss in its first quarter as a publicly traded company, compared to a loss of $10 million during the same period last year. Alignment Healthcare offers health plan options through Alignment Health Plan, and also partners with select health plans to help deliver better benefits at lower costs.
- Q1 sales: Health plan membership at the end of the quarter was approximately 83,100, up 32% year over year. Total revenue of the company shot up to 19% which is $267.1 million whereas the Health plan premium revenue of $264.7 million represented 30% growth year over year. The medical benefit ratio was 91.5% and the adjusted gross profit was $22.6 million.
- A goal accomplished: “I’m incredibly proud of all Alignment Healthcare has accomplished in the first quarter of 2021, from successfully completing our initial public offering, to exceeding our expectations across each and every key performance metric, including health plan membership, revenue, adjusted gross profit, and adjusted EBITDA,” said John Kao, founder, and CEO.
- Consumer-centric platform: Alignment Healthcare is a consumer-centric platform delivering customized health care in the United States to seniors and those who need it most, the chronically ill and frail, through its Medicare Advantage plans. Alignment Healthcare provides partners and patients with customized care and service where they need it and when they need it, including clinical coordination, risk management, and technology facilitation.
- Expansion in healthcare markets: “Our success in the quarter was driven by continued execution on our near-term strategy of growing our membership, expanding into new markets, and establishing new beachhead markets in new states,” Kao added. “Our high-tech, the high-touch clinical model is working and our product innovation continues to meet the needs of our members. We’ve made great progress so far this year and we believe our proven model will drive growth throughout 2021 and beyond.”
- Champions for better healthcare: “We’ve built our organization with two guiding principles. We hire industry experts who are recognized as the best in their field, and we hire only people who are passionate about member-centric care. Meet the people who lead by example”, said John.
