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Alignment Healthcare, Inc. (ALHC) is a healthcare services provider focused on serving seniors through Medicare Advantage plans and other healthcare arrangements. The company operates as a single segment, offering healthcare coverage and services primarily funded by monthly premiums from the federal government. ALHC leverages its proprietary AVA technology platform to scale operations and enhance member experiences.
- Earned Premiums - Generates revenue from health plan memberships, including Medicare Advantage plans and ACO REACH programs, funded by per-member-per-month payments from the federal government.
- Capitation Revenue - Earns fixed monthly payments for providing medical care services to defined member populations under risk-sharing arrangements with third-party payors and CMS.
- Other Revenues - Includes income from interest-earning cash balances, management services, and adjustments related to the ACO REACH program.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John Kao ExecutiveBoard | Chief Executive Officer | John Kao is the founder, Chief Executive Officer, and a board member of Alignment Healthcare, Inc. since 2014 due to his extensive healthcare industry experience. | View Report → | |
Andreas Wagner Executive | Chief People Officer | Chief People Officer at Alignment Healthcare, Inc. since January 2024 with over 30 years of HR leadership experience. Previously served as Chief Human Resources Officer at Aerojet Rocketdyne from 2020 to 2023. | ||
Christopher J. Joyce Executive | Chief Legal & Administrative Officer | Christopher J. Joyce currently serves as the Chief Legal & Administrative Officer at ALHC since August 2023. He has over 27 years of legal leadership experience, previously serving as General Counsel at AdaptHealth Holdings (2018–2023) and InnovaCare, Inc. (2011–2018). | ||
Dawn Maroney Executive | President of the Company | Dawn Maroney is the President of the Company at ALHC since January 13, 2025 , and previously served as President, Markets since 2015. | ||
Hakan Kardes Executive | Chief Experience Officer | Hakan Kardes has been serving as the Chief Experience Officer at ALHC since February 2023, where he leads initiatives in artificial intelligence and consumer-centric operations. Previously, he served as Chief Technology Officer from January 2019 to February 2024, overseeing technology engineering and data management. | ||
Hyong (Ken) Kim Executive | Chief Medical Officer | Hyong (Ken) Kim serves as the Chief Medical Officer at ALHC since September 25, 2023. He previously held the CMO role at ALHC from June 2013 to March 2018 and brings over 25 years of healthcare leadership experience including roles at CareConnect MD, CMMI, and CareMore Health. | ||
Robert L. Scavo Executive | Chief Information Officer (CIO) | Robert L. Scavo has served as ALHC's Chief Information Officer since September 2020, overseeing data management, technology engineering, AI strategy, and claims operations. Previously, he was President and COO at Welltok, Inc. from January 2017 to April 2020. | ||
Sebastian Burzacchi Executive | Chief Operating Officer – Management Services Organization | Sebastian Burzacchi is the Chief Operating Officer – Management Services Organization at Alignment Healthcare since December 2023. He brings over 18 years of operations and management expertise, having previously held executive roles at Veho Tech and advisory and operational roles at Oscar Health. | ||
Thomas Freeman Executive | Chief Financial Officer (CFO) | Thomas Freeman has served as the Chief Financial Officer of Alignment Healthcare, Inc. since 2017. Previously, he joined the company in 2015 as Vice President of Corporate Development and has extensive experience from roles at General Atlantic and Morgan Stanley. | ||
David Hodgson Board | Member of the Board of Directors | Managing Director and Vice Chairman at General Atlantic; Chair of the Board of Directors at TriNet Group, Inc.; Board Member at Royalty Pharma plc | David Hodgson has served as a board member at Alignment Healthcare, Inc. since 2014 and is the Chair of the Nominating, Corporate Governance & Compliance Committee. He brings extensive private equity and healthcare expertise from prior roles at General Atlantic, TriNet Group, Inc., and Royalty Pharma plc. | |
Jacqueline Kosecoff Board | Member of the Board of Directors | Managing Partner at Moriah Partners; Senior Advisor at Warburg Pincus; Board member at Steris plc; Board member at TriNet Group, Inc.; Board member at Houlihan Lokey, Inc. | Jacqueline Kosecoff has been a board member at Alignment Healthcare, Inc. since 2017 and brings extensive experience from senior roles in healthcare management, including UnitedHealth Group and private equity firms. | |
Jody Bilney Board | Member of the Board of Directors | Director at Chuy’s Holdings, Inc. (since 2021); Director at Masonite International Corp. (since 2014); Director at Cracker Barrel Old Country Store, Inc. (since 2022) | Jody Bilney serves as a Member of the Board of Directors at Alignment Healthcare, Inc. since January 2022. She brings extensive leadership experience from previous roles as Chief Consumer Officer at Humana, Inc. (April 2013 – March 2020) and as Executive Vice President and Chief Brand Officer at Bloomin’ Brands, Inc. (2006 – March 2013). | |
Joseph Konowiecki Board | Chairman of the Board | Managing Partner at Moriah Partners, LLC; Founder and CEO of Advanced Sports Media Group; Chairman and CEO of Apollo Enterprise Solutions, Inc.; CEO of Future Solutions at UnitedHealth Group’s Ovations Division; General Counsel and Executive Vice President Corporate Affairs at PacifiCare Health Systems, Inc.; Founding Partner of Konowiecki & Rank Law Firm; Member of the RAND Healthcare Advisory Board | Joseph Konowiecki has served as Chairman of the Board at ALHC since 2014. He held an executive role from October 31, 2022 to December 2023, leading strategic network and business development. | |
Margaret McCarthy Board | Lead Independent Director | American Electric Power Co. Inc.; First American Financial Corp.; Marriott International | Margaret McCarthy serves as the Lead Independent Director at ALHC since October 2022 and has been a board member since December 2020. She previously held executive roles at CVS Health and Aetna, and she also sits on the boards of major companies including American Electric Power Co. Inc., First American Financial Corp., and Marriott International. | |
Mark McClellan Board | Member of the Board of Directors | Board Member at Cigna Corporation; Board Member at Johnson & Johnson | Mark McClellan has served as a board member at Alignment Healthcare since 2014. He also holds board roles at Cigna Corporation and Johnson & Johnson. | |
Robbert Vorhoff Board | Member of the Board of Directors and Chair of the Compensation Committee at ALHC | Managing Director at General Atlantic; Management Committee member at General Atlantic; Investment Committee member at General Atlantic; Head of Global Healthcare at General Atlantic; Board Member at Equality Health; Board Member at Included Health; Board Member at Marathon Health; Board Member at NationsBenefits; Board Member at Suvida Healthcare; Board Member at Author Health; Board Member at WelbeHealth | Robbert Vorhoff has been a member of the Board of Directors at ALHC since 2014 and serves as the Chair of the Compensation Committee. | |
Yon Jorden Board | Member of the Board of Directors | Director and Audit Committee Member at Cohu, Inc. (since May 2021); Director at Capstone Green Energy Corp. (since April 2017); Director and Finance Committee Member at Methodist Health System (since 2008) | Yon Jorden has served as a Member of the Board of Directors at ALHC since January 2022 and is also a member of the Audit Committee with designation as an Audit Committee Financial Expert. |
- Based on your remarks about the interplay of rate adjustments, risk adjustment, and care management, can you elaborate on which specific element—be it the rate notice, risk adjustment, or another factor—has been the most challenging to control compared to your peers?
- Your guidance indicates a targeted improvement in MLR despite headwinds from the V28 risk model and Part D changes under the Inflation Reduction Act; what are the key assumptions behind this outlook, and how would a deviation in these assumptions impact margin performance?
- With your rapid membership growth, especially given that new members typically start with lower MBRs, what specific strategies are you employing to accelerate the maturation of these cohorts without compromising profitability?
- Considering the variability in SG&A results—such as the higher fourth quarter expenses linked to increased commissions with rapid membership growth—how do you plan to maintain operating leverage as you scale further in 2025?
- The discussion highlighted potential tailwinds from improved Star ratings and anticipated rate bonuses from CMS for 2026 and beyond; can you provide more detail on the specific drivers behind these benefits and the risks if these regulatory changes do not materialize as expected?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Many of the other companies currently providing health insurance coverage and healthcare services, particularly national insurers, have been in business longer and/or have substantially more resources than we do. | |
Aetna | Many of the other companies currently providing health insurance coverage and healthcare services, particularly national insurers, have been in business longer and/or have substantially more resources than we do. |
Many of the other companies currently providing health insurance coverage and healthcare services, particularly national insurers, have been in business longer and/or have substantially more resources than we do. | |
Many of the other companies currently providing health insurance coverage and healthcare services, particularly national insurers, have been in business longer and/or have substantially more resources than we do. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Business Acquisition Q1 | 2022 | In Q1 2022, the company completed a business acquisition with a purchase price of $1,113k plus $240k in non-cash accounts payable and incurred $486k in acquisition-related fees. |
Business Acquisition Q2 | 2022 | In Q2 2022, the company executed a similar acquisition deal with a purchase price of $1,113k and $240k in accounts payable, reflecting a consistent acquisition strategy. |
Business Acquisition Q3 | 2022 | In Q3 2022, the company closed an acquisition at a higher purchase price of $2,393k with $375k recorded as accounts payable, indicating an expanded transaction compared to earlier quarters. |
Recent press releases and 8-K filings for ALHC.
- Q4 2024 Results: Reported 189,100 health plan members with a 59% year-over-year increase, achieving Q4 revenue of $701.2 million and full-year revenue of $2.70 billion .
- Profitability Improvement: Achieved its first full year of positive adjusted EBITDA, recording $1 million in both Q4 and full-year results, reflecting strong operational efficiency .
- FY 2025 Revenue & EBITDA Guidance: Provided guidance for FY 2025 with revenues between $3.72B and $3.78B and adjusted EBITDA of $35M to $60M, underpinned by robust enrollment trends .
- FY 2025 Membership Outlook: Expected membership growth to reach between 227,000–233,000 members .
- Strong FY2025 Guidance: Targeting $40M adjusted EBITDA with a planned 340 basis point SG&A improvement, following a $33M adjusted EBITDA improvement in 2024
- Robust Membership Growth: Expanded from 185,000 members (with 55% YoY growth in 2024) to a projected 209,900 members in FY2025 (with 35% YoY growth)
- Clinical & Strategic Excellence: Sustained 98% of members in 4-star rated plans through advanced clinical models and the AVA technology platform, while leveraging a data-driven care management approach for scalability and a favorable Medicare Advantage outlook
- Achieved 35% year-over-year membership growth to 209,900 as of Jan. 1, 2025, with year-end 2025 guidance of 225,000–231,000 members.
- Promoted Dawn Maroney to President to oversee day-to-day operations and drive operational excellence.
- Reaffirmed full-year 2024 guidance on key metrics and confirmed confidence in reaching a 2025 consensus adjusted EBITDA target of $40 million.