Despite a turbulent year for the Affordable Care Act (ACA), the Hawai‘i Medical Service Association’s (HMSA) financial stability continued with a net income of $6.3 million for April to June of this year. The company filed its second quarter financial report with the state Insurance Division today.
HMSA Chief Executive Officer Michael A. Gold said, “With the uncertainty around the federal health law, we’re more focused than ever on local health solutions like payment transformation, Sharecare, and the Blue Zones Project that improve the health of Hawaii. I’m proud of the outstanding dedication of HMSA’s employees around the state to serve our members and Hawaii’s communities.”
The company collected $854.8 million in premium revenue and used $774.4 million to pay for members’ doctor visits, hospital stays, prescription drugs, and other health benefits. The cost of administering those benefits was $74.8 million. HMSA reported 732,116 members at the end of the second quarter.
HMSA’s reserve helps to protect members and the community from financial loss because of unexpected situations, such as a disease outbreak or natural disaster. At the end of June, HMSA maintained a reserve of $469.6 million, or about $641 per member.
Sharecare, Inc., is an independent company that provides health and well-being programs to engage members on behalf of HMSA.
Blue Zones Project® is a trademark of Blue Zones, LLC. All rights reserved.
Caring for the people of Hawaii is our promise and our privilege. Working together with employers, partners, and physicians and other health care providers, we promote wellness; develop reliable, affordable health plans; and support members with clear, thoughtful guidance.
HMSA is the most experienced health plan in the state, covering more than half of Hawaii’s population. As a recognized leader, we embrace our responsibility to strengthen the health and well-being of our community.
Headquartered on Oahu with centers and offices statewide to serve our members, HMSA is an independent licensee of the Blue Cross and Blue Shield Association.