HEALTH INSURANCE PLAN OF GREATER N… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1944

Legal Domicile

Principal Officer

KAREN IGNAGNI

Phone

6464475000

Tax Period

2023-01-01 to 2023-12-31

HEALTH INSURANCE PLAN OF GREATER NEW YORK, founded in 1944, is a large national nonprofit in the Health Care sector that reported $5.3B in total revenue in fiscal year 2023. Revenue decreased 8% compared to the prior year.

Mission

HIPGNY'S MISSION IS TO CREATE HEALTHIER FUTURES FOR ITS CUSTOMERS AND COMMUNITIES. HIPGNY WORKS ALONGSIDE ITS CUSTOMERS TO OFFER ACCESS TO HIGH-QUALITY, AFFORDABLE CARE, HELP NAVIGATE THE HEALTH CARE EXPERIENCE, AND MAKE GOOD HEALTH ACHIEVABLE.

Program Service Accomplishments

Program 1

Expenses: $2,327,560,889 Revenue: $2,508,036,488

SUBSCRIBER BENEFITS - HIPGNY IS A NOT-FOR-PROFIT CORPORATION THAT ARRANGES FOR THE PROVISION OF COMPREHENSIVE MEDICAL AND HEALTH CARE SERVICES FOR ITS SUBSCRIBERS/MEMBERS (INCLUDING HEALTH CARE...

SUBSCRIBER BENEFITS - HIPGNY IS A NOT-FOR-PROFIT CORPORATION THAT ARRANGES FOR THE PROVISION OF COMPREHENSIVE MEDICAL AND HEALTH CARE SERVICES FOR ITS SUBSCRIBERS/MEMBERS (INCLUDING HEALTH CARE SERVICES TO MEDICARE AND MEDICAID MEMBERS) WHICH IS AN EXEMPT FUNCTION. IN 2023, HIPGNY PROVIDED SERVICES (ACROSS ALL SERVICE LINES) TO APPROXIMATELY 257,000 MEMBERS.

Program 2

Expenses: $1,374,462,997 Revenue: $1,527,839,486

MEDICAID - HIPGNY SERVED APPROXIMATELY 259,000 MEDICAID MEMBERS. HIP HAS BEEN SERVICING THE MEDICAID POPULATION SINCE 1967 (WITH THE PASSAGE OF FEDERAL LEGISLATION AUTHORIZING THIS PROGRAM) AND HAS...

Program 3

Expenses: $1,212,078,319 Revenue: $1,273,284,352

MEDICARE - HIPGNY SERVED APPROXIMATELY 80,000 MEDICARE MEMBERS THROUGH ITS MEDICARE RISK AND COST CONTRACT PROGRAMS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $181,336

Program Service Revenue $5,309,979,819

Investment Income $4,232,089

Other Revenue $2,324,732

TOTAL REVENUE $5,316,717,976

Expense Breakdown

Grants Paid $185,570

Salaries & Benefits $189,473,444

Fundraising Expenses $0

Program Expenses $4,914,102,205

Other Expenses $5,219,432,491

TOTAL EXPENSES $5,409,091,505

Year-over-Year Comparison

	2023	2022	Change
Revenue	$5,316,717,976	$5,756,466,800	-0.1%
Expenses	$5,409,091,505	$5,755,127,247	-0.1%
Net Income	$-92,373,529	$1,339,553	-70.0%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

2292

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$29,685,553

Total Directors

$6,323,240

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KAREN IGNAGNI	CHIEF EXECUTIVE OFFICER	35.00	Officer Director	$5,511,820	$84,092	$5,595,912
JOHN FEERICK	CHAIRMAN	2.00	Officer Director	$163,750	$0	$163,750
BERNARD SCHAYES MD	DIRECTOR	2.00	Director	$137,381	$21,333	$158,714
GREGORY FLOYD	DIRECTOR	2.00	Director	$0	$0	$0
JOHN H BANKS III	DIRECTOR	2.00	Director	$121,000	$178	$121,178
RICHARD BERMAN	DIRECTOR	2.00	Director	$143,750	$4,936	$148,686
WAYNE CAFRAN	DIRECTOR	2.00	Director	$135,000	$0	$135,000
GEORGE BABITSCH	SVP, ACCOUNT MANAGEMENT	35.00	Officer	$1,234,020	$383,266	$1,617,286
JEFFREY CHANSLER	CHIEF LEGAL OFFICER	35.00	Officer	$1,614,124	$64,473	$1,678,597
ALEXANDER CLAGUE THRU 062023	SVP, GOVERNMENT PROGRAMS	35.00	Officer	$1,626,420	$55,289	$1,681,709
RICHARD H DAL COL	CHIEF MEDICAL OFFICER	35.00	Officer	$1,471,747	$56,963	$1,528,710
BETH LEONARD THRU 062023	CHIEF CORPORATE AFFAIRS OFFICER	35.00	Officer	$1,576,401	$48,988	$1,625,389
DEBRA LIGHTNER	CHIEF COMPLIANCE OFFICER	35.00	Officer	$1,192,976	$53,311	$1,246,287
THOMAS MACMILLAN	CHIEF OPERATING OFFICER	35.00	Officer	$1,300,152	$43,439	$1,343,591
JENNIFER MARTINO THRU 092023	SVP, CLAIMS, G&A AND OPS COMPLIANCE	35.00	Officer	$642,489	$3,377	$645,866
MICHAEL PALMATEER	PRESIDENT	35.00	Officer	$3,514,982	$97,390	$3,612,372
NAVARRA RODRIGUEZ	SVP, PRESIDENT/CMO ACPNY	35.00	Officer	$1,347,864	$60,317	$1,408,181
HEATHER TAMBORINO	CHIEF FINANCIAL OFFICER	35.00	Officer	$2,960,120	$62,980	$3,023,100
WILLIAM VOIGT	CHIEF HUMAN RESOURCES OFFICER	35.00	Officer	$882,813	$55,192	$938,005
MICHAEL COSTA	SVP, PROVIDER NETWK & POP. HEALTH	35.00	Officer	$770,228	$33,910	$804,138
MATTHEW MIZE	CHIEF ACTUARY (THRU 06/2023)	35.00	Officer	$648,851	$47,168	$696,019
ABDOU BAH AS OF 032023	SVP, MEDICAL MGMT & CHIEF HEALTH EQ.	35.00	Officer	$750,185	$405	$750,590
PRIYANK PANDEY	SVP, CHIEF CUSTOMER OFFICER	35.00	Officer	$632,483	$41,925	$674,408
CHARLOTTE THOMAS AS OF 12023	SVP, COMMERCIAL PRODUCT STRATEGY	35.00	Officer	$601,582	$50,061	$651,643
DANIEL BYRNE	VP, LABOR RELATIONS (THRU 05/2023)	40.00	Highest	$712,256	$31,101	$743,357
CARLOS MANALANSAN	VP, DEPUTY GENERAL COUNSEL	40.00	Highest	$563,881	$50,532	$614,413
MICAH J HORTON	VP, ENTERPRISE FINANCE	40.00	Highest	$614,166	$40,912	$655,078
HECTOR TORRENS THRU 012023	VP, TECHNOLOGY (WELLSPARK)	40.00	Highest	$644,530	$5,421	$649,951
ERIC WALSH	VP, MEDICARE	40.00	Highest	$564,264	$50,518	$614,782

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$5,316,717,976	$5,409,091,505	$2,520,238,921	$-92,373,529
2022	$5,756,466,800	$5,755,127,247	$2,512,009,673	$1,339,553
2021	$5,607,634,442	$5,702,573,922	$1,946,544,199	$-94,939,480
2020	$5,381,630,436	$5,437,579,779	$1,883,926,436	$-55,949,343
2019	$5,066,236,411	$5,110,117,332	$1,785,212,281	$-43,880,921
2018	$5,052,381,972	$5,119,381,878	$1,646,076,948	$-66,999,906

HEALTH INSURANCE PLAN OF GREATER NEW YORK