Touchstone Health, a New York-based Medicare Advantage insurer, has closed on a $27.5m equity financing.
The funding will help Touchstone grow and improve operations. As stated by Bryan Birch, Chairman, President and CEO of the company, this capital will be used to increase membership and territorial expansion in New York State along with allowing the firm to enter other related businesses.
Touchstone offers a diverse portfolio of Medicare Advantage product options, including a choice of zero and low dollar co-pay plans with benefits including medical, pharmacy dental and mental health.
The company currently serves over 17,000 members primarily concentrated in the boroughs of New York City and in counties surrounding Syracuse and Binghamton.