Portland insurer Moda Health raises $50M

Portland-based health insurer Moda Health has raised $50 million in funding through the sale of debt, according to a filing with the SEC. The insurer, which has members in Oregon, Washington and Alaska, did not immediately respond to an inquiry from MedCity News on what it plans to use the money for. The company, headed […]

Portland-based health insurer Moda Health has raised $50 million in funding through the sale of debt, according to a filing with the SEC.

The insurer, which has members in Oregon, Washington and Alaska, did not immediately respond to an inquiry from MedCity News on what it plans to use the money for.

The company, headed by  CEO Robert Gootee, has some 243,000 members across three states and has picked up a significant share of new members through Cover Oregon, the state’s online exchange established under the ACA.

The Portland Business Journal reported that Moda picked up 76 percent of all enrollees both in and out of the exchange.

Moda reported revenues of $293 million in 2013 and medical and hospital expenses of $260.5 million, according to the Business Journal.