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Corporation
FINANCIAL | Insurance / Health Insurance
emblemhealth.com

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Investments

2

Partners & Customers

10

About EmblemHealth

EmblemHealth is a health plan that has serves the New York City area.

EmblemHealth Headquarter Location

55 Water St

New York, New York, 10041,

United States

877-411-3625

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Expert Collections containing EmblemHealth

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Find EmblemHealth in 1 Expert Collection, including Health Plans & Benefits Management.

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Health Plans & Benefits Management

698 items

Companies developing or offering digital platforms and services, including online insurance marketplaces, data analytics for claims adjustment, benefits administration, and payments systems, that help make private health insurance more affordable, navigable, or transparent.

EmblemHealth Web Traffic

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Page Views per Million (PVPM)
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Latest EmblemHealth News

Exclusive: How much Covid-19 hospitalization and treatment cost in NY

Oct 19, 2021

Plus: Flatiron District biotech firm closes $40 million IPO Gramercy Park platform for analyzing health plans raises $22M seed round Treatment for the most serious Covid-19 cases in New York carried median costs of more than $199,000 out of network and $79,000 in network, according to a new analysis of state claims data by Midtown-based nonprofit Fair Health. Those bills were for hospitalized patients with the most severe cases of the virus, meaning they required a ventilator and/or admission to an intensive care unit, Fair Health found. The average for such bills ran even higher, suggesting that some patients faced much larger bills for their hospital stay and treatment; the average charge out of network was nearly $273,000, and the average estimated fee for in-network care was more than $104,000. Median hospital costs for patients with less serious Covid cases, meaning they did not need a ventilator or intensive care, were about $61,000 out of network and nearly $31,000 in network, the nonprofit found. Outpatient Covid care, such as lab testing and physician or urgent care visits, had a median cost of $2,291 out of network or without insurance and $877 in network. "In New York, as in other states, it is notable how widely Covid-19 costs range depending on the severity of the disease," said Fair Health President Robin Gelburd. Fair Health, an independent nonprofit that manages a national database of billions of private health insurance claims, used its data to determine the median and average costs of Covid hospitalization and treatment in all 50 states . It calculated both the charges out of network or without insurance and the approximate rates for in-network care, which include the amount to be paid by the health insurer and an insured patient's out-of-pocket costs. New York's Covid median hospitalization and treatment costs were lower than the national averages for the most serious inpatient cases, but they were more expensive when it came to inpatient care that did not involve the ICU or ventilators. Nationally, the most serious inpatient cases came with median charges of $208,000 without insurance and $70,000 in network, exceeding New York's medians of $199,000 and $79,000, respectively. Less serious inpatient cases had a median charge of $54,000 without insurance and $25,000 in network across the U.S., while they were $61,000 and $31,000 in New York, respectively. Gelburd said the costs of living, labor and malpractice insurance and negotiations between providers and insurers likely play a role in explaining the price differences for Covid care across the country. Brian Conway, a spokesman for the Greater New York Hospital Association, said the charges reflect "how incredibly resource intensive" it was for hospitals to care for Covid-19 patients, especially during the pandemic's first wave. The association represents 140 hospitals and health systems in the state. "Many Covid-19 patients were in New York hospitals for weeks and sometimes more than a month, with scarce treatment options and huge numbers in the ICU," he said. Conway said hospital labor costs are also significantly higher in New York's downstate region, which accounted for a majority of hospitalizations during the first wave. Fair Health was founded in 2009. —Maya Kaufman EmblemHealth lays off 89 employees EmblemHealth, a Financial District–based nonprofit health insurer, has laid off 89 employees in its Medicare sales division. The insurer filed a notice of the layoffs Friday with the state Department of Labor, citing economic factors. Chief Corporate Affairs Officer Beth Leonard said EmblemHealth cut those employees to redirect resources to the needs of its existing Medicare members, whom she said were disproportionately affected by the Covid-19 pandemic. The company has approximately 123,000 Medicare members. Leonard said the layoffs would not affect business overall. The remaining Medicare sales employees will continue focusing on Medicare Advantage members. EmblemHealth will provide the terminated employees with severance and benefits, Leonard said. News of the layoffs comes after a report this month by health care insights company AIS Health that found EmblemHealth CEO Karen Ignagni received one of the largest pay bumps given to not-for-profit insurance CEOs across the U.S. last year. Ignagni got a 66.6% compensation boost in 2020, earning $5.3 million that year compared with $3.2 million in 2019. Her 2020 pay included a $1.2 million annual salary and a $4.1 million bonus. Across all 42 nonprofit insurers included in the AIS Health report, the average CEO pay hike was 7.2%. EmblemHealth serves more than 3 million members in the tristate area and has approximately 4,200 employees. —Alexandra White Flatiron District biotech firm closes $40 million IPO Flatiron District–based biotech company MiNK Therapeutics closed a $40 million initial public offering today. The company's platform develops invariant natural killer T-cell therapies for use in cancers, graft-versus-host disease and acute respiratory distress syndrome following Covid-19. The biotech firm last week offered approximately 3.3 million shares at a price of $12 each, trading on Nasdaq Global Market under the ticker symbol INKT. Investment banks Evercore, based in New York, and William Blair, based in Chicago, were joint book runners. "From our perspective, we've matured our technology and secured our manufacturing processes. Now's a good time to be raising capital independently of our sole investor," said CEO Jennifer Buell. MiNK in 2017 split from Agenus, a Lexington, Massachusetts–based biotech company that had invested $50 million in it. The raise affords MiNK funding through 2023, Buell said. With five clinical research programs and two preclinical ones—with some reading out data in November—the company will be looking to make some key hires, she said. The company currently has 35 full-time employees. MiNK also anticipates further optimizing its manufacturing facility in Lexington as the clinical programs advance, Buell said. It is currently producing approximately 10,000 doses per year, and it has the capacity for up to 700,000, which is enough for global delivery, she said. As of press time, MiNK's market capitalization was about $385 million. Agenus, with a market cap of $1.2 billion, was founded in 1994 and reported $11 million in revenue in the second quarter. —Shuan Sim Chelsea platform for analyzing health plans raises $22M seed round Insurights, an AI-powered platform to help employees understand their corporate health care benefits, has raised a $22 million seed round. The Chelsea-based startup will use the capital to expand its engineering, sales and marketing teams and launch a feature to help users choose a health plan, co-founder and co-CEO Guy Benjamin said. Fintech-focused venture capital firm Group 11 led the round, which comprised equity and a $3.5 million line of credit. Participants included Cresson Management, Good Company and Insurtech Israel. The funding is expected to last about two and a half to three years, Benjamin said. Employers pay Insurights $3 to $6 per month per employee for access to the platform, which uses a chatbot to provide instant information on what their health plan covers, estimated out-of-pocket costs and the names of local in-network providers. It also sends employees alerts to set up preventive-care appointments and screenings. Benjamin said the funding will help the startup build technology to analyze the details of every health plan, spearheaded by a growing engineering team. The new plan-selection tool will use those insights to assess the differences between available plans and make a recommendation to employees based on their needs. It is in pilot mode and expected to launch in the second or third quarter of next year. Insurights already partners with 12 companies, each with a few hundred employees, Benjamin said. It is on track for between $2.5 million and $5 million in annual recurring revenue by the end of next year and will grow from 23 employees to as many as 40 in the next six to nine months. Insurights was founded in 2020. Its R&D operations are based in Israel. —M.K. AT A GLANCE WHO'S NEWS: Matthew Lesieur has been appointed to the HIV Health and Human Services Planning Council of New York by Mayor Bill de Blasio for a three-year term. Lesieur is senior vice president of Willett Public Affairs and executive director of iHealth, a statewide coalition of community-based organizations that serve patients with multiple chronic diseases. Karin Ajmani has been named to Spring Health's board of directors, the Gramercy Park–based mental health and wellness benefits provider said Monday. Ajmani is the former president of fertility benefits provider Progyny. SEPSIS RESEARCH: Haichao Wang, professor at the Institute of Molecular Medicine at Feinstein Institutes for Medical Research, has earned the Shock Society's 2021 Scientific Achievement Award for his research, Northwell Health announced Monday. He received the award last Friday. Wang's research focuses on the molecular mechanisms that regulate the body's immune system and inflammation, particularly through the search for proteins that control sepsis. The Shock Society was founded in 1978 to advance research in trauma, sepsis and shock. EMPLOYEE INCENTIVE: Schrödinger, a Midtown drug discovery firm, on Monday said it has granted nearly $2 million in company equity to 13 newly hired employees. These grants were made as a material inducement for employees' acceptance of employment. CONTACT US: Have a tip about news happening in the local health care industry? Want to provide feedback about our coverage? Contact the Health Pulse team at [email protected]

EmblemHealth Investments

2 Investments

EmblemHealth has made 2 investments. Their latest investment was in Cityblock Health as part of their Series B - III on July 7, 2020.

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EmblemHealth Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

7/2/2020

Series B - III

Cityblock Health

$53.5M

No

4

4/11/2019

Series B

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$99M

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10

Date

7/2/2020

4/11/2019

Round

Series B - III

Series B

Company

Cityblock Health

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Amount

$53.5M

$99M

New?

No

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Co-Investors

Sources

4

10

EmblemHealth Acquisitions

2 Acquisitions

EmblemHealth acquired 2 companies. Their latest acquisition was HIP Health Plan of New York on September 30, 2005.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/30/2005

Merger

1

9/30/2005

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$99M

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10

Date

9/30/2005

9/30/2005

Investment Stage

Companies

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Valuation

Total Funding

$99M

Note

Merger

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Sources

1

10

EmblemHealth Partners & Customers

10 Partners and customers

EmblemHealth has 10 strategic partners and customers. EmblemHealth recently partnered with Quest Diagnostics on February 2, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

2/16/2021

Partner

Quest Diagnostics

United States

EmblemHealth and Quest Diagnostics Renew Long-Standing Strategic Relationship

NEW YORK and SECAUCUS , N.J. , Feb. 16 , 2021 / PRNewswire / -- EmblemHealth , one of the nation 's largest non-profit health insurers , and Quest Diagnostics , the world 's leading provider of diagnostic information services , have renewed their long-standing strategic relationship to provide comprehensive clinical laboratory services for the more than three million members of EmblemHealth and its affiliate , ConnectiCare .

1

3/11/2020

Partner

Medly Pharmacy

United States

1

7/24/2019

Partner

AdvantageCare Physicians

United States

New Medical Center Increases Access to High-Quality Care in East New York. EmblemHealth and AdvantageCare Physicians to Provide Cutting Edge Care in Underserved Community

AdvantageCare Physicians.com , a partner of EmblemHealth , is one of the largest multispecialty practices in the New York metropolitan area , serving half a million patients at 36 locations throughout the boroughs of Manhattan , Brooklyn , Queens and Staten Island , as well as Nassau and Suffolk counties .

3

3/28/2019

Partner

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10

4/17/2018

Partner

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10

Date

2/16/2021

3/11/2020

7/24/2019

3/28/2019

4/17/2018

Type

Partner

Partner

Partner

Partner

Partner

Business Partner

Quest Diagnostics

Medly Pharmacy

AdvantageCare Physicians

Country

United States

United States

United States

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News Snippet

EmblemHealth and Quest Diagnostics Renew Long-Standing Strategic Relationship

NEW YORK and SECAUCUS , N.J. , Feb. 16 , 2021 / PRNewswire / -- EmblemHealth , one of the nation 's largest non-profit health insurers , and Quest Diagnostics , the world 's leading provider of diagnostic information services , have renewed their long-standing strategic relationship to provide comprehensive clinical laboratory services for the more than three million members of EmblemHealth and its affiliate , ConnectiCare .

New Medical Center Increases Access to High-Quality Care in East New York. EmblemHealth and AdvantageCare Physicians to Provide Cutting Edge Care in Underserved Community

AdvantageCare Physicians.com , a partner of EmblemHealth , is one of the largest multispecialty practices in the New York metropolitan area , serving half a million patients at 36 locations throughout the boroughs of Manhattan , Brooklyn , Queens and Staten Island , as well as Nassau and Suffolk counties .

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Sources

1

1

3

10

10

EmblemHealth Team

29 Team Members

EmblemHealth has 29 team members, including current Chief Executive Officer, President, Karen Ignagni.

Name

Work History

Title

Status

Karen Ignagni

Chief Executive Officer, President

Current

Heather Tamborino

Gateway Health, Highmark, BlueCross BlueShield of Michigan, Health Net, and Deloitte

Chief Financial Officer

Current

Thomas MacMillan

Chief Information Officer

Current

Debra Lightner

Chief Compliance Officer, Senior Vice President

Current

Richard Dal Col MD MPH

Chief Medical Officer

Current

Name

Karen Ignagni

Heather Tamborino

Thomas MacMillan

Debra Lightner

Richard Dal Col MD MPH

Work History

Gateway Health, Highmark, BlueCross BlueShield of Michigan, Health Net, and Deloitte

Title

Chief Executive Officer, President

Chief Financial Officer

Chief Information Officer

Chief Compliance Officer, Senior Vice President

Chief Medical Officer

Status

Current

Current

Current

Current

Current

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