Medicare - The Medicare segment consists of consumer engagement activities which generate leads that we both sell to third-parties and feed to our business process outsourcing partners ("BPO") and captive distribution channels to support the distribution of a range of Medicare-related health insurance plans, including Medicare Advantage, Medicare Supplement, and Medicare Part D prescription drug plans.
Revenues for the year ended December 31, 2019 were $381.8 million, an increase of $30.7 million, compared to 2018. Revenue increased compared to the same period in 2018 primarily due the diversification of our revenue mix towards Medicare. IFP revenue decreased approximately $37.1 million, or 10.6%, compared to the prior year consistent with the increased focus on Medicare and the de-emphasis of IFP. Medicare contributed approximately $67.8 million as a result of the acquisitions.
We are the sole managing member of HPIH and have 100% of the voting rights and control. As of December 31, 2019, we had an 86.5% economic interest in HPIH, whereas HPI and HPIS collectively held the remaining 13.5%. As of December 31, 2018, we had a 83.0% economic interest in HPIH, whereas HPI and HPIS collectively held the remaining 17.0%. HPI and HPIS's interest in HPIH is reflected as a noncontrolling interest on our accompanying consolidated financial statements contained elsewhere in this report. The decrease in economic interest for HPI and HPIS in 2019 was due to the exchange of 125,000 and 500,000 shares of our Class B common stock for and equal number of shares of our Class A common stock on March 22, 2019 and July 3, 2019, respectively.
We have two reportable operating segments within our operating platform: Medicare and IFP.
For goodwill, we determine the fair value using a weighting of the income approach and the market capitalization approach. The income approach is based on the discounted cash flows of each operating segment and the market capitalization method utilizing our publicly available trading data. Components are aggregated due to their similar economic characteristics. The Company has two operating segments: Medicare and IFP. Key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections, tax rates and terminal value rates. Discount rates are set by using the Weighted-Average Cost of Capital (“WACC”) methodology. The WACC considers market and industry data as well as Company specific risk factors for each segment in determining the appropriate discount rates to be used. The discount rate utilized for each segment is indicative of the return an investor would expect to receive for investing in such a business. Our cash flow projections represent management's most recent planning assumptions, which are based on a combination of industry outlooks, views on general economic conditions, our expected growth, and expected future savings. Terminal value rates are determined using a common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and long-term growth rates.
Note 1 to the consolidated financial statements contains a summary of the Company's significant accounting policies, including a discussion of recently issued accounting pronouncements and their impact or potential future impact on the Company's financial results, if determinable, under the sub-heading "Recent Accounting Pronouncements."