March 8, 2016
CareConnect Increases Membership in 2015
CareConnect, the health insurance company created by Northwell Health — formerly North-Shore LIJ — had nearly six times as many members in 2015 than in the previous year, according to its annual financial statement with the Department of Financial Services.
By the end of 2015, the Long Island-based insurer, which also offers coverage in the five boroughs and Westchester, had a little more than 69,000 members, up from the 11,600 members in 2014.
CareConnect reported an underwriting loss of nearly $29.92 million in 2015, slightly up from their 2014 loss of $27.25 million.
In 2014, then North Shore-LIJ launched its commercial health insurance plan. According to Modern Healthcare, during the first half of 2015, premium revenue for the company and the Medicaid managed care plan increased to $95.3 million.
CEO Michael Dowling, formerly a member of Gov. Andrew Cuomo’s Medicaid Redesign Team who has expanded the company’s reach beyond Long Island, had told Modern Healthcare in August that losses were “fully expected.”