January 27, 2015 9:11 PM ET

Insurance

Company Overview of MVP Health Care, Inc.

Company Overview

MVP Health Care, Inc., a not-for-profit health insurance company, provides health benefit plans to businesses and individuals in New York, Vermont, and New Hampshire. The company, through its subsidiaries, offers fully-insured and self-funded employer benefit plans, dental insurance, Medicare advantage plans, and ancillary products, such as flexible-spending accounts. MVP Health Care, Inc. was founded in 1982 and is based in Schenectady, New York.

625 State Street

Schenectady, NY 12301-2207

United States

Founded in 1982

Phone:

518-370-4793

Fax:

518-370-0830

Key Executives for MVP Health Care, Inc.

Chief Executive Officer and President
Age: 48
Chief Financial Officer
Executive Vice President of Commercial Business
Executive Vice President of Networks and Contracting
Chief Medical Officer and Executive Vice President
Age: 63
Compensation as of Fiscal Year 2014.

MVP Health Care, Inc. Key Developments

MVP Health Care Names James Hynek as New Chief Financial Officer; Announces Earnings Results For the Year 2013

MVP Health Care has a new chief financial officer, James Hynek. Before taking the job at MVP, Hynek worked in the insurance industry for more than 22 years, including his most recent stops as an administrator for health care companies in Pennsylvania and Delaware. Hynek will be replacing Mark Fish, who left MVP in 2013 after serving as CFO. Hynek is part of the leadership transition at MVP since 2013, when Denise Gonick became CEO and president of the company. The company announced earnings results for the year 2013. For the period the company reported that revenue declined from $2.7 billion to $2.5 billion, a 7% decrease. The company also reported a loss of $13.6 million on its revenue for the year.

Attorney General Eric T. Schneiderman Announces Settlement with MVP Health Care, Inc

After an investigation uncovered widespread violations of mental health parity laws, Attorney General Eric T. Schneiderman announced a settlement with MVP Health Care, requiring the health insurer to reform its behavioral health claims review process, cover residential treatment and charge the lower primary care co-payment for outpatient visits to most mental health and substance abuse treatment providers. The settlement, the second against a health insurer so far this year enforcing the parity laws, also requires the health insurance plan which has more than 500,000 members in the Albany region, Central New York and the Hudson Valley to submit previously denied mental health and substance abuse treatment claims for independent review, which could result in more than $6 million being returned to its members. An investigation by the Attorney General's Health Care Bureau found that since at least 2011, MVP Health Care, through its behavioral health subcontractor, Value Options, issued 40% more denials of coverage in behavioral health cases than in medical cases. The agreement with MVP is the second reached by the Attorney General's office so far this year and stems from a broader, ongoing investigation into health insurance companies' compliance with mental health parity laws.

MVP Health Care Reports Earnings Results for the Year 2013

MVP Health Care reported earnings results for the year 2013. For the year, the company's revenue declined in 2013 from $2.9 billion to $2.7 billion, a 7% decline. Net income fell from $32.7 million to $25.5 million, a 20% decline.

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