Grace Thompson
Fidelis Care, a New York-based health insurance company, was formed in 1993 as the NYC Catholic Health Plan Inc. by the Catholic Medical Center of Brooklyn and Queens, Inc. and the Diocese of Brooklyn. The company serves over 1.6 million New Yorkers and offers government-sponsored insurance programs like Medicaid and Medicare. In 2020, the state's Catholic bishops agreed to sell Fidelis Care to Centene Corp. for $3.75 billion, intending to put the proceeds into a charitable foundation to support healthcare for those in need. This deal, involving a large sum of money and impacting the healthcare of many New Yorkers, sparked some controversy and concerns about the state's role in the transaction.
| Characteristics | Values |
|---|---|
| What is Fidelis Care? | Fidelis Care is a New York-based health insurance company formed in 1993. |
| What was Fidelis Care previously known as? | NYC Catholic Health Plan Inc. |
| Who formed Fidelis Care? | Catholic Medical Center of Brooklyn and Queens, Inc. and the Diocese of Brooklyn |
| Who is it meant to serve? | Poor and medically underserved |
| Who bought Fidelis' assets? | Centene Corp |
| For how much? | $3.75 billion |
| What is Fidelis Care also known as? | New York State Catholic Health Plan |
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What You'll Learn
- Fidelis Care is a New York-based health insurance company, serving over 1.6 million residents
- It is a subsidiary of Centene Corp, which bought Fidelis for $3.75 billion
- Fidelis Care was originally the New York State Catholic Health Plan Inc., a non-profit organisation
- The company operates government-sponsored insurance programs, including Medicare and Medicaid
- It is the largest provider of state-funded health plans for poor and low-income New Yorkers
Fidelis Care is a New York-based health insurance company, serving over 1.6 million residents
Fidelis Care is a health insurance company based in New York that serves over 1.6 million residents. It was formed in 1993 as the NYC Catholic Health Plan Inc. by the Catholic Medical Center of Brooklyn and Queens, Inc. and the Diocese of Brooklyn. The company was established to serve the poor and medically underserved. Over the years, Fidelis Care has expanded its reach and now operates several government-sponsored health insurance programs, including Medicare, Medicaid, and Child Health Plus. They also offer managed long-term care plans and Qualified Health Plans on the NY State of Health Marketplace.
Fidelis Care is the business name for the New York State Catholic Health Plan, a non-profit managed care organization. The plan provides health insurance to members enrolled in Medicaid, Child Health Plus, Family Health Plus, and some categories of Medicare. As a non-profit, Fidelis Care's mission is to support healthcare for the needy, and it is the largest provider of major state-funded health plans for low-income New Yorkers.
In 2020, there was a proposed sale of Fidelis Care to Centene Corp. for $3.75 billion. This deal was unusual as the state's Catholic bishops agreed to provide $1.4-1.5 billion of the proceeds to the state, with the remaining funds going towards a charitable foundation. The sale sparked controversy as New York Governor Cuomo argued that the state government was entitled to most of the sale price, given that the state was the source of most of Fidelis Care's revenues. The outcome of this debate set a precedent for the state's involvement in private company transactions.
Despite the controversy, Fidelis Care continues to be a significant provider of health insurance in New York. With its focus on serving the underserved, Fidelis Care plays a crucial role in ensuring that low-income and vulnerable residents have access to quality healthcare. The company's reach extends across New York State, with offices throughout the region.
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It is a subsidiary of Centene Corp, which bought Fidelis for $3.75 billion
Fidelis Care is a New York-based health insurance company that was formed in 1993 as the NYC Catholic Health Plan Inc. by the Catholic Medical Center of Brooklyn and Queens, Inc. and the Diocese of Brooklyn. The company aimed to serve the poor and medically underserved. Fidelis Care operates several government-sponsored health insurance programs, including Medicare, Medicaid, and Child Health Plus. It also offers managed long-term care plans and Qualified Health Plans on the NY State of Health Marketplace.
In 2017, Centene Corp., a diversified, multi-national healthcare enterprise, announced its plans to acquire Fidelis Care for $3.75 billion. Centene, which has been expanding its presence on the Affordable Care Act exchanges, viewed the acquisition as an opportunity to benefit shareholders and improve care for underserved populations. The transaction was valued at $3.75 billion, making Fidelis Care Centene's health plan in New York State. Centene expected the deal to generate pro-forma total revenues of more than $60 billion in 2018, with pre-tax net synergies of $25 million in the first year and $100 million run-rate synergies in the second year.
The acquisition of Fidelis Care by Centene Corp. was completed in July 2018, following the receipt of all required regulatory approvals. Centene welcomed Fidelis Care's dedicated team members and looked forward to working with Fidelis Care's network of New York health professionals. The integration planning process reaffirmed the alignment between the two companies, with a shared mission of promoting accessible and affordable care for all.
As a subsidiary of Centene Corp., Fidelis Care continues to serve New York residents, offering a range of government-sponsored health insurance programs and managed care plans. The acquisition by Centene Corp. has allowed Fidelis Care to leverage Centene's comprehensive technology and management systems to further enhance the health and well-being of the communities they serve.
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Fidelis Care was originally the New York State Catholic Health Plan Inc., a non-profit organisation
Fidelis Care is a New York-based health insurance company that was formed in 1993. It was originally established as the New York State Catholic Health Plan Inc., a non-profit organisation. The company was set up by the Catholic Medical Center of Brooklyn and Queens, Inc. and the Diocese of Brooklyn to serve the poor and medically underserved.
As a non-profit organisation, Fidelis Care's primary function was to provide health insurance to members who received health insurance from Medicaid, Child Health Plus, Family Health Plus, and some categories of Medicare. The company also operated several other government-sponsored health insurance programs, including Medicare, Medicaid, and Child Health Plus.
In 1997, Fidelis expanded its operations to Western New York by acquiring Better Health Plan, a Buffalo-based HMO. This expansion demonstrated the company's commitment to increasing access to healthcare services for underserved populations in the region.
Fidelis Care played a significant role in the New York healthcare landscape, particularly in serving the needs of low-income and vulnerable populations. The company's non-profit status aligned with its mission to improve healthcare accessibility and support those in need.
However, in a notable shift, Fidelis Care's operations underwent a change. In 2020, there was a deal in place for Centene Corp. to purchase Fidelis' assets for $3.75 billion. This transaction sparked controversy, with Governor Cuomo arguing that the state government, as the source of most of the company's revenues, was entitled to a significant portion of the sale price. The outcome of this situation resulted in the state receiving $1.4-1.5 billion from the sale proceeds, with the remaining amount going towards a charitable foundation established by the state's Catholic bishops to continue supporting healthcare for the needy.
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The company operates government-sponsored insurance programs, including Medicare and Medicaid
Fidelis Care is a New York-based health insurance company formed in 1993. It was initially known as the NYC Catholic Health Plan Inc. and was established by the Catholic Medical Center of Brooklyn and Queens, Inc. and the Diocese of Brooklyn. The company aimed to serve the poor and medically underserved population. Over the years, Fidelis Care has expanded its reach and now serves a large number of New York residents.
In terms of its operations, Fidelis Care runs several government-sponsored health insurance programs. These programs include Medicare and Medicaid, which are designed to provide essential healthcare coverage to eligible individuals. Medicare is a federal health insurance program that primarily caters to individuals aged 65 and older, while Medicaid is a joint federal and state program that assists individuals with low incomes and limited resources.
Medicare, offered by Fidelis Care, provides comprehensive coverage for various healthcare services. It typically covers hospital stays, doctor visits, prescription medications, and other medical services deemed necessary. On the other hand, Medicaid, another program operated by Fidelis Care, offers a range of benefits tailored to the needs of low-income individuals and families. This can include coverage for hospital stays, doctor visits, pregnancy and childbirth, long-term care, and mental health services, depending on the specific guidelines and eligibility criteria set by the state.
In addition to Medicare and Medicaid, Fidelis Care also administers other government-sponsored programs such as Child Health Plus. This program is specifically designed to provide health insurance coverage for children from low-income families who do not qualify for Medicaid. Child Health Plus helps ensure that children have access to the necessary healthcare services, including regular check-ups, immunizations, and treatments for illnesses or injuries.
By offering these government-sponsored insurance programs, Fidelis Care plays a crucial role in providing healthcare access to a significant portion of the New York population. The company's focus on serving the underserved aligns with its roots in the Catholic Church's mission to assist those in need.
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It is the largest provider of state-funded health plans for poor and low-income New Yorkers
Fidelis Care, a New York-based health insurance company, is a separate entity from Fidelis Catholic but they are closely related. Fidelis Care was formed in 1993 as the NYC Catholic Health Plan Inc. by the Catholic Medical Center of Brooklyn and Queens, Inc. and the Diocese of Brooklyn. Its purpose was to serve the poor and medically underserved. As of 2018, Fidelis Care served over 1.7 million New York residents, making it the largest provider of state-funded health plans for poor and low-income New Yorkers.
Fidelis Care operates several government-sponsored health insurance programs, including Medicare, Medicaid, and Child Health Plus. These programs ensure that low-income individuals and families have access to essential healthcare services. Medicaid, for example, is a federal and state program that provides health coverage for people with low incomes and assets. The program covers a wide range of services, including hospital stays, doctor visits, prescriptions, and more.
Child Health Plus is another vital program offered by Fidelis Care, providing health insurance coverage for children under the age of 19 who do not qualify for Medicaid. This program ensures that children from low-income families have access to the healthcare they need to stay healthy and thrive.
In addition to these programs, Fidelis Care also offers managed long-term care plans and Qualified Health Plans on the NY State of Health Marketplace. The NY State of Health Marketplace allows individuals and small businesses to shop, compare, and enroll in low-cost quality health plans that meet their specific needs. This marketplace ensures that those who are not covered by employer-provided insurance or other forms of health coverage can still access affordable healthcare options.
The company's commitment to serving the underserved and providing accessible healthcare options has made Fidelis Care a vital resource for low-income New Yorkers. Their range of government-sponsored programs and affordable health plans has helped to improve the health and well-being of individuals and families who might otherwise struggle to access necessary medical services.
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Frequently asked questions
Fidelis Care is a New York-based health insurance company formed in 1993. It is a subsidiary of Centene Corp and has offices throughout New York State.
The New York State Catholic Health Plan, Inc. is a non-profit managed care organization for members who receive health insurance from Medicaid, Child Health Plus, and some categories of Medicare.
Yes, Fidelis Care is the business name for the New York State Catholic Health Plan, Inc.
Fidelis Care was formed in 1993 as the NYC Catholic Health Plan Inc. by the Catholic Medical Center of Brooklyn and Queens, Inc. and the Diocese of Brooklyn to serve the poor and medically underserved. In 1997, Fidelis expanded to Western New York with the acquisition of Better Health Plan, a Buffalo-based HMO.
Fidelis Care operates several government-sponsored health insurance programs, including Medicare, Medicaid, and Child Health Plus. The company also offers managed long-term care plans and Qualified Health Plans on the NY State of Health Marketplace.
