Maine Community Health Options
- Assets
- $157.1m
- Revenue
- $306.4m
- Investments
- $0.0
- Employees
- 198
- Location
- New Gloucester, ME
- Founding
- 11/2012
- Data as of
- 12/2023
- EIN
- 45-3416923
Organization Overview
Maine Community Health Options is located in New Gloucester, ME. The organization was established in 2012. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2023, Maine Community Health Options employed 198 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2023, Maine Community Health Options generated $306.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (3.0%) each year. All expenses for the organization totaled $331.0m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (4.0%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PARTNER WITH MAINE PEOPLE, BUSINESSES, AND HEALTH PROFESSIONALS TO PROVIDE AFFORDABLE, HIGH-QUALITY BENEFITS THAT PROMOTE HEALTH AND WELLBEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS ESTABLISHED AND OPERATES AS A CONSUMER-OPERATED AND ORIENTED PLAN ("CO-OP") IN ACCORDANCE WITH THE PROVISIONS OF SECTION 1322 OF THE PATIENT PROTECTION AND AFFORDABLE CARE ACT. AS A CONSUMER-GOVERNED NONPROFIT HEALTH INSURANCE ISSUER, THE ORGANIZATION: (1) PARTNERS WITH MEMBERS, BUSINESSES, AND HEALTH PROFESSIONALS TO PROVIDE AFFORDABLE, HIGH-QUALITY BENEFITS THAT PROMOTE HEALTH AND WELLBEING, (2) CREATES AND DEVELOPS INNOVATIVE FORMS OF HEALTHCARE DELIVERY FOR THE PURPOSE OF CREATING BETTER HEALTHCARE VALUE THROUGH IMPROVED HEALTH OUTCOMES AT LOWER COST, AND (3) PROMOTES THE HEALTH OF THE PEOPLE OF MAINE AND EDUCATES THE PUBLIC ABOUT HEALTH, HEALTHCARE, AND RELATED TOPICS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Andrews Director | Trustee | 2 | $0 |
Michelle Betz Director (until 12/2023) | Trustee | 2 | $0 |
Leslie Clark Director | Trustee | 2 | $0 |
Rebecca Swanson Conrad Director | Trustee | 2 | $0 |
Jerod Cronkite Director | Trustee | 2 | $0 |
Cheryl Greaney Director (beg 01/2023) | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ust Healthproof Inc Claims Platform Vend | 12/30/23 | $3,073,779 |
Tierpoint It Solutions | 12/30/23 | $889,628 |
Inovaloninc Software Technology | 12/30/23 | $842,798 |
Healthtrio Llc Software Technology | 12/30/23 | $552,654 |
Salesforcecom Software Technology | 12/30/23 | $551,549 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $304,268,082 |
| Investment income | $2,230,909 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$200,629 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $306,360,987 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $289,242,539 |
| Compensation of current officers, directors, key employees. | $1,684,306 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,359,882 |
| Pension plan accruals and contributions | $449,187 |
| Other employee benefits | $2,690,258 |
| Payroll taxes | $1,071,834 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $83,627 |
| Fees for services: Accounting | $441,755 |
| Fees for services: Lobbying | $60,250 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $212,488 |
| Fees for services: Other | $2,087,289 |
| Advertising and promotion | $843,648 |
| Office expenses | $1,099,834 |
| Information technology | $4,505,314 |
| Royalties | $0 |
| Occupancy | $182,162 |
| Travel | $71,897 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $618 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $137,520 |
| Insurance | $530,217 |
| All other expenses | $0 |
| Total functional expenses | $330,991,903 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,677,808 |
| Savings and temporary cash investments | $12,255,770 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,588,869 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $111,605,737 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,976,226 |
| Total assets | $157,104,410 |
| Accounts payable and accrued expenses | $39,366,091 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $27,031,915 |
| Total liabilities | $66,398,006 |
| Net assets without donor restrictions | $90,706,404 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $157,104,410 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Maine Community Health Options New Gloucester, ME | $157,104,410 | $306,360,987 |
New Hampshire Bankers Association Insurance Trust Concord, NH | $848,132 | $8,474,963 |
Main Insurance Agents Assoc Hallowell, ME | $1,157,243 | $1,093,668 |
Bangor Hydro-Electric Company Voluntary Employee Benefit Bangor, ME | $36,700 | $2,162 |
New Hampshire Association Of Insurance Agents Inc Concord, NH | $1,331,156 | $706,949 |
Maine Self Insurance Guaranty Association Cape Elizabeth, ME | $4,352,275 | $159,277 |
J W Robinson Welfare Trust Gardiner, ME | $1,304,684 | $81,633 |
Workers Compensation Coordinating Council Augusta, ME | $98,416 | $0 |
Claremont Youth Baseball & Softball Inc Claremont, NH | $25,931 | $0 |