AvMed Health Plan Upgraded to A- By TheStreet.Com Ratings
MIAMI, Sept. 28 /PRNewswire/ — AvMed Health Plans announced today that it has been upgraded to an A- rating, signifying that it offers “Excellent Financial Strength” to its members and employers, by TheStreet.com Ratings.
In making its upgrade announcement, TheStreet.com Ratings said the A- rating places AvMed “in the top 18.7 % of the industry, an elite group of 98 health insurance companies receiving an Excellent rating.” TheStreet.com Ratings, which acquired Weiss Ratings Inc. in August, evaluated the financial strength of 556 health plans across the United States.
“The A- rating means that, in our opinion, this company (AvMed) offers excellent financial security,” TheStreet.com Ratings said. “It has maintained a conservative stance in its investment strategies, business operations and underwriting commitments. While the financial position of any company is subject to change, we believe this company has the resources necessary to deal with severe economic conditions.”
Over the past three years, AvMed has received steady upgrades of its financial stability ratings from Weiss, and now, TheStreet.com Ratings. During that period, AvMed successfully introduced affordable new products that allow members more access and choice in doctors and specialists and consumer-driven health options, implemented a strategic growth plan and enhanced its financial strength. These long-term strategies have resulted in the past three years being the most successful ever for the company.
“At AvMed, our single most important job is being there for our members and employers when they need us, and then providing them with the highest levels of quality and service as possible,” said Doug Cueny, AvMed’s President and Chief Operation Officer. “We are delighted TheStreet.com Ratings has independently evaluated AvMed and determined that we are one of the financially strongest health plans in the country. What it really means is that our members and employers can enjoy peace of mind in knowing that our financial strength will meet their health care needs now and in the future.”
As Florida’s largest not-for-profit health plan, AvMed is able to reinvest its net income to enhance services to members and create more value for employers and providers – rather than having to distribute earnings to shareholders, as a publicly-traded company would be required to do.
Financial stability ratings are key benchmarks used by insurance agents and brokers to evaluate health plans on behalf of prospective members or employer groups. TheStreet.com Ratings, based in Jupiter, Florida, is nationally respected and is considered to be very conservative in issuing ratings on health plans.
About AvMed Health Plans
AvMed Health Plans is Florida’s largest not-for-profit health plan, improving access to health care for members for more than 30 years, while serving Florida communities in all major metropolitan areas of the state. Through an extensive broker network, AvMed offers health care coverage on a fully insured and self-funded basis for employer groups in Florida. Additionally, AvMed offers health care products to Medicare beneficiaries in South Florida. AvMed has offices in Miami, Fort Lauderdale, Palm Beach, Orlando, Tampa, Gainesville and Jacksonville. For more information, visit http://www.avmed.org/
AvMed Health Plans
CONTACT: Conchita Ruiz-Topinka, Director of Communications of AvMedHealth Plans, +1-305-671-7306
Web site: http://www.avmed.org/