Alignment Healthcare, Inc. reports developments tied to its Medicare Advantage business for seniors, including health plan membership, revenue growth, adjusted gross profit, adjusted EBITDA and annual guidance. The company operates under the Alignment Health consumer brand and works with local provider partners to deliver coordinated care through a customized care model, a 24/7 concierge care team and the AVA® technology platform.
Recurring updates include quarterly and full-year results, membership outlooks for HMO and PPO contracts, Medicare Advantage operating trends, investor conference presentations and registered offerings involving common stock. News also follows the company's expansion of health plan offerings and national footprint within senior care.
Alignment Healthcare (NASDAQ: ALHC) announced the closing of a $250 million senior secured term loan facility with Oxford Finance LLC. Upon closing, $165 million was funded, which was used to fully repay an existing loan with CRG Servicing LLC. The new facility allows for an additional $85 million draw, subject to certain conditions, and has a maturity of five years at an interest rate tied to the one-month SOFR plus a margin of 6.5%.
Alignment Healthcare's 2022 survey reveals key barriers to senior healthcare access. Conducted among 2,601 seniors, it identifies economic instability, loneliness, and food insecurity as primary obstacles. Over 20% of seniors cite inability to pay for healthcare, with 15% struggling with food access. The survey highlights that 35% prioritize grocery assistance and that technological access is a concern for 10% of seniors. This inaugural study aims to spark conversations on improving senior care conditions.
Alignment Healthcare, a tech-enabled Medicare Advantage company listed on NASDAQ as ALHC, announced its participation in the Morgan Stanley 20th Annual Global Healthcare Conference. CEO John Kao and CFO Thomas Freeman will engage in a fireside chat on September 13, 2022, at 12:55 p.m. EDT. The event will be accessible via a live audio webcast on the company's investor relations website. Alignment Healthcare focuses on delivering personalized health care to seniors and the chronically ill, offering tailored services and health plan options to enhance patient care.
Alignment Healthcare released the 2022 Social Threats to Aging Well in America survey, highlighting major barriers for seniors accessing healthcare. Key findings reveal that economic instability, loneliness, and food insecurity significantly hinder access to care. Notably, over 20% of U.S. seniors cite financial constraints as their main healthcare barrier. The comprehensive study involved 2,601 seniors and aims to spark discussions on addressing these pressing issues as 10,000 seniors reach age 65 daily.
Alignment Healthcare reported $366.5 million in total revenue for Q2 2022, marking an 18.6% increase year-over-year. The company's adjusted gross profit of $61 million exceeded guidance for the fifth consecutive quarter, reflecting a medical benefits ratio of 83.4%. Health plan membership rose to approximately 95,900, a 13.2% increase year-over-year. The company plans market expansions in 2023, aiming to increase reach to 8.2 million Medicare-eligible adults, subject to regulatory approval. Despite a net loss of ($11.6 million), the outlook remains positive for future growth.
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Alignment Healthcare (NASDAQ: ALHC) has added UCI Medical Center to its provider network, effective August 1, 2022. This partnership allows Medicare Advantage members in Alignment's PPO plans access to over 900 UCI Health physicians and the acclaimed hospital. UCI Health will also be available for Alignment's HMO members through referrals. The collaboration aims to enhance healthcare access for seniors, focusing on delivering high-quality care in Orange County, where UCI Medical Center is noted for its exceptional services, including being a National Cancer Institute-designated center.
Alignment Healthcare plans to expand its Medicare Advantage prescription drug plans to Alameda, Fresno, and Madera counties in California in 2023, pending regulatory approval. This expansion aims to serve over 5.4 million residents, representing 82% of California's Medicare-eligible population. The company's diverse plan offerings include low-cost HMOs and chronic condition special needs plans. They also provide benefits such as non-emergency transportation and a 24/7 concierge service. Additionally, Alignment is set to expand into 11 other states, enhancing its service reach.
Alignment Healthcare plans to extend its Medicare Advantage prescription drug plans to Carson City, Douglas, and Storey counties in Nevada in 2023, pending regulatory approval. This expansion will reach over 530,000 residents or 93% of the state's Medicare-eligible population. The introduction of PPO plans aims to offer enhanced choice and access to care for seniors, particularly in rural areas. If approved, this initiative will complement existing expansions in other states, collectively covering 8.2 million seniors across 52 counties.
Alignment Healthcare (NASDAQ: ALHC) has announced its expansion into Texas, offering Medicare Advantage plans to approximately 140,000 Medicare-eligible adults in El Paso and Hudspeth counties, pending CMS approval. The company aims to address the specific healthcare needs of diverse senior populations in Texas, where a significant portion of the 65+ demographic resides, especially among Hispanic Americans. If approved, beneficiaries can choose from HMO, PPO, and chronic condition plans starting January 1, 2023, with additional benefits like non-emergency transportation and virtual exercise classes.