Insolvent Obamacare Co-Op Executives Paid Six-Figure Salaries

New Mexico Health Connections CEO paid $450,000

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A dozen executives at New Mexico Health Connections, an Obamacare co-op, received six-figure salaries totaling as much as $450,000, the World Tribune reported.

Tax filings show that the co-op's CEO Dr. Martin Hickey earned $450,000 and the chief medical officer Dr. Mark Epstein earned $413,000. Other top earners were Anne Sapon, the chief operating officer who earned $342,000, and Frances Torres, a primary care staffer, who earned $318,000.

According to the article, the co-op had used $77.3 million in federal government loans, was losing about $20 million a year, and finally went insolvent in June.

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"The board of directors of New Mexico Health Connections resigned last year in an attempt to get the state to take control of what board members said was an insolvent organization," the Albuquerque Journal reported.

Diane Denish, a board director for the co-op, said all board members wanted the company to succeed, but it was effectively insolvent in June.

"Our understanding was that resigning would begin the process of putting the company into receivership," she said. "We thought that was the best thing for consumers under the circumstances."