Leading insurance credit rating agency affirms Priority Health’s financial strength
(Grand Rapids, Mich. - August 9, 2017) Priority Health and its Michigan Medicaid program, Priority Health Choice, is the only Michigan-based health plan to receive the Financial Strength Rating of "A" (Excellent) from A.M. Best, the world's oldest and most authoritative insurance rating and information source. The outlook of this financial strength rating is stable.
"This rating validates that Priority Health provides our community with an incredible value; ensuring we are administratively and fiscally responsible while delivering on our commitment to provide individuals access to care when and where they need it at a price they can afford," said Joan Budden, president and CEO of Priority Health. "We look forward to continued growth knowing that employers and individuals can be confident in their decision to choose Priority Health."
In rating Priority Health, A.M. Best conducted a comprehensive quantitative and qualitative analysis of the company's balance sheet strength, operating performance and business profile, including an assessment of its importance to the overall Spectrum Health System. An A (Excellent) rating indicates Priority Health performs near the top of the industry in credit-worthiness and financial performance. A stable issuer credit rating of "A" is a positive indicator that Priority Health can meet its ongoing financial obligations.
Priority Health has reported growth across all business lines for the past five years - serving almost 800,000 people across Michigan to date. Not only has the company increased its individual, Medicare and Medicaid market share, it has received the Financial Strength Rating of "A" for two consecutive years and consistently reported favorable underwriting results. A.M. Best also noted that Priority Health has made changes in its product offerings and targeted medical management programs, to improve the company's financial results in the coming year.
Information about A.M. Best Rating Services can be found here.