Notes from Nancy

Tremendous Change, Solid Financial Results

During a period of tremendous change for our organization and our industry, I’m proud to report that CoreSource is delivering solid financial results. As we continue our aggressive transition schedule to the Integrated Client Environment (ICE) and prepare for enrollment activity for a potentially large new client, Evergreen Health Cooperative, third-quarter financial results show us ending the year solidly ahead of plan for revenue and margin.

Healthy financial results

Driven by strong repricing, runout and partner revenue, 2013 revenue is now expected to reach $123 million against a plan of $121 million, and margin is expected to hit $7 million against a plan of $6.5 million. We’re off to a great start for next year with already $7 million in sales for January, and we’re expecting to wrap up 2014 with sales ahead of this year.

Tremendous progress in ICE migrations

We’ve made tremendous progress in migrating our clients to ICE, the single largest business and technology project that CoreSource has ever undertaken. ICE enables CoreSource to maximize efficiency and implement best practices across our entire organization, qualities that are critical for our future success. We’ve steadfastly attacked the monumental project through hard work, determination, strong collaboration and creative solutions to multi-faceted issues. A total of 200 of 242 eCams groups, or 83 percent, have already migrated to ICE, with the last eCams groups scheduled for completion in early December. Meanwhile, 71 of 172 NGS CoreSource groups, or 41 percent, have migrated, with a schedule for completion in the second quarter of 2014.

Serving a new client: Evergreen Health

ICE allows us to better serve all our clients including one of our newest – Evergreen Health, a new nonprofit health insurance company established in Baltimore as a result of the Patient Protection and Affordable Care Act (PPACA). Evergreen Health’s individual health plans are now being sold on and off the Maryland health exchange, with group plans soon to follow. It took an incredible team of people across several offices to collaborate and work together to implement what we had to do for Evergreen Health. I'm so proud of their dedication and commitment to do what was needed in the short timeframes we had.

Thank you for your contributions toward another successful year. We’ve faced many challenges this year on several fronts, and remain a competitive force because of our true CoreSource teamwork, a core tenant of our culture that will serve us well into the future.

Best Regards,
Nancy Eckrich
President, CoreSource

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