CDPHP 2024 Year in Review
This past year was arguably the most transformative in CDPHP® history. In May 2024, CDPHP announced an affiliation with The Lifetime Healthcare Companies, the parent company of Excellus BlueCross BlueShield and Univera Healthcare. The move represents a new chapter in our growth, giving us the scale and resources to continue offering high-quality, affordable, and personalized health care to even more individuals and families.
On July 1, 2024, Brian O’Grady was named the new president and CEO of CDPHP and sharpened our focus on doing what we’ve always done best—offering outstanding health coverage from a not-for-profit, community-based health plan whose mission is rooted in compassion and driven by purpose.
Despite this exciting news, 2024 was not without its financial challenges. CDPHP and our competitors continued to face significant financial headwinds, due in large part to the effects of the Medicare Wage Index, which is having a disproportionate impact on regional, not-for-profit plans in Upstate New York. At the same time, the industry as a whole continues to grapple with skyrocketing drug costs, being driven by an increased demand for weight loss drugs and the emergence of cell and gene therapies, rising hospital costs, as well as taxes, fees, and mandates imposed by the state and federal government.
To combat these headwinds, we’re implementing process improvements, technology enhancements, and operational efficiencies to focus resources where they matter most – delivering value to our members, employer groups, and provider partners. We remain confident in our ability to weather this financial storm and emerge stronger as a result.