Forbes May 2, 2024
Alignment Healthcare Thursday reported a net loss in its first quarter of $46.5 million as the provider of Medicare Advantage coverage to seniors experienced a 50% increase in health plan members.
Alignment ended the first quarter with 165,100 members, which boosted total revenue 43 percent to $628.6 million. The revenue increase comes amid an intensely competitive market as the number of seniors enrolling in private Medicare Advantage plans hits an all-time high while more health insurers enter the market to sell such coverage.
And like its larger rivals in the Medicare Advantage business and more seniors in its plans, Alignment’s medical expenses were way up at $573.2 million compared to $396.3 million in the year-ago period.
The higher medical expenses...
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