A new health insurance company backed by Minneapolis-based Allina Health System expects to start selling coverage to large employers next year, and hopes to be in the state's Medicare market beginning in 2019.
In January, Allina announced a joint venture with health insurance giant Aetna that could provide one of the first significant examples in many years of new competition in the state's health insurance market.
Last month, the new for-profit health insurer obtained its license to sell coverage in Minnesota.
Allina Health and Aetna Insurance Company hope to make a selling point out of "care management" services provided by Allina staff — rather than an insurance company — that will coordinate care for efficiency, said Dr. Ben Bache-Wiig, an executive vice president at Allina.
"Care management … is often done by health plans via phone with a very low uptake — it feels intrusive and extra to many members," said Bache-Wiig, who is also chairman of the new company's board. "We've agreed that this will be done by Allina. With the clinical expertise and the more hands-on programs we bring, we think it will bring additional coordination value for our members."
The company is authorized to issue an aggregate total of 2 million shares' worth of common stock, with a par value of $1 per share, according to articles of incorporation filed with the state.
The corporation will launch with paid-in capital of at least $500,000, the filing says, and surplus finds that won't be less than $1 million.
In an interview Tuesday, Bache-Wiig did not comment on financial details.