The Oct. 23 front-page article “New health insurance co-ops are in jeopardy” stated that Evergreen Health Co-op is “forecast to have financial problems.” That is simply wrong.
Two years ago, a report issued by Deloitte for the Department of Health and Human Services (HHS) did find issues with our initial loan application. However, over the next several months, we addressed those issues, made significant changes to our business plan and resubmitted our application, which HHS reviewed and approved. Since that time, we have met every one of our corporate, regulatory and financial benchmarks and have been approved as a licensed health maintenance organization by both the Maryland Insurance Administration and the Maryland Department of Health and Mental Hygiene.
What’s more, we maintain financial reserves more than twice as large as Maryland law requires and, thanks in large part to a regular and rigorous auditing process, we have been under budget since our start-up last year. All of that gives me great confidence that we are extremely well-positioned to succeed as a business and to provide Maryland residents with the high-quality, low-cost health care that they deserve.
Peter Beilenson, Baltimore
The writer is chief executive of Evergreen Health Co-op.