Madison Teachers Inc. and five other Madison-based unions are so concerned about significant financial losses at Group Health Cooperative of South Central Wisconsin, they’re urging members to vote for particular candidates in Group Health’s board election Thursday.
“MTI cannot stand idly by and watch GHC disappear,” John Matthews, the teacher union’s executive director, wrote in a letter last month to members.
Group Health lost $18.7 million last year after losing $15.7 million in 2013 and $5.5 million in 2012, according to financial statements filed with the National Association of Insurance Commissioners.
Kevin Hayden, Group Health’s CEO, is on leave for reasons the HMO won’t explain.
Group Health made $364,000 the first quarter of this year and expects a “substantial improvement over 2014,” a statement by board president Ken Machtan said.
The losses were covered by “substantial reserves so no debt was accumulated,” Machtan said. Group Health “continues to maintain a healthy reserve,” he said.
Healthcare costs have long been a significant issue in the Madison School District’s budget.