Touchstone Health Announces New Capital Infusion To Fuel Growth, Provide for Expansion and Improve Operations
Touchstone Health, one of New York's fastest growing Medicare Advantage insurers, has closed on $27.5 million in equity financing, which will be used to increase membership and territorial expansion in New York as well as branching out into other related businesses.
- New York, NY (1888PressRelease) November 10, 2010 - Touchstone Health, one of New York's fastest growing Medicare Advantage insurers, announced that it has closed on a $27.5 million equity financing.
Bryan Birch, Chairman, President and CEO of Touchstone Health, said that this capital will be used to increase membership and territorial expansion in New York State along with allowing the firm to enter other related businesses. "I am very happy to announce this capital investment, as it was a necessary step to help Touchstone grow and improve operations." Further, Birch went on to say that "it is a testament to our new management team and our operating philosophy to attain capital in this very difficult economic environment."
Touchstone offers a diverse portfolio of Medicare Advantage product options, including a choice of zero and low dollar co-pay plans. Membership has grown in excess of 25% annually over the last three years and is currently over 17,000 members. These proceeds will be used, in part, to further expand into counties beyond the eleven already licensed. Touchstone's membership is primarily concentrated in the boroughs of New York City and in counties surrounding Syracuse and Binghamton.
About Touchstone Health:
Touchstone Health is one of New York's fastest growing Medicare HMOs serving more than 17,000 Medicare Advantage members. Touchstone is a licensed managed care company offering a diverse portfolio of product options, including zero and low dollar co-pay plans with benefits including medical, pharmacy dental and mental health. For more information, see http://www.TouchstoneH.com.