Alignment Healthcare surpassed 100,000 members earlier this year and reported its fourth quarter earnings Feb. 28.
As of Jan. 1, total membership is more than 108,000, and the company estimates membership could reach up to 115,000 by the end of 2023.
"The focus on quality, service delivery, improving people's health, and living the values of putting the senior first are the constants throughout the years," founder and CEO John Kao told Becker's.
Mr. Kao shared that he is pushing the Medicare Advantage company to earn at least four and a half stars from CMS across all its markets, which totals six states this year, along with reaching EBITDA profitability in 2024.
In June, the Orange, Calif.-based company said it would expand its Medicare Advantage plans to Florida and Texas for 2023.
"In 2020 we actually were profitable, and then we invested in, and are still investing in, a whole bunch of new markets," Mr. Kao said. "We cannot grow at all costs. We have to grow responsibly with the right, gross profit margin goals and path to profitability."
Total revenues for Alignment in 2022 were $1.4 billion, up 23 percent year over year, according to its earnings report. In the fourth quarter, total revenue was $361.8 million. For 2023, the company projects revenues of $1.7 billion.
Alignment recorded a net loss of $149.6 million in 2022, compared to a net loss of $195.3 million in 2021. In the fourth quarter, net losses totaled $57 million.
The company's medical loss ratio was 86.5 percent for 2022 and 89.4 percent for the latest quarter.