Amherst-based health insurance provider Independent Health is announcing a new affiliation with Albany-based MVP Health Care.
Leaders from both companies say this will create a more personalized, connected, and proactive experience for its members.
“This affiliation brings together two mission driven not-for-profit organizations with deep community roots and a shared commitment to improving lives,” said MVP Health Care chief executive officer Chris Del Vecchio. “Together, the organizations will serve nearly one million members across New York and Vermont, and employ 3,000 people with revenues of $7 billion.”
Health insurance companies complain of rising health care and pharmaceutical costs, and place much blame on those rising costs for their financial struggles. Independent Health reported earlier this year a net loss of $66 million on revenues of $2.5 billion. That’s an improvement from 2023, when the health insurer reported losses of $193 million on $2.3 billion in revenue.
Dr. Michael Cropp, president and CEO of Independent Health, says entering an affiliation with MVP will give them the means to think about the right investments that may help them make more personalized approaches to their member service.
“This is a true partnership, and this partnership, I think, reflects the kind of partners that we've worked with in our communities to create that kind of focus on wellness and a culture of health,” Cropp said. “I cannot be more excited about what the future holds for these two organizations as we bring our complementary geographies, our complementary capabilities and knowledge to bear, to improve the health of the communities that we serve.”
The boards of directors for both entities unanimously approved the deal, which still needs federal regulatory approval.
