Fallon Community Health Plan reports first quarter financials
Worcester, Mass., May 14, 2007―Fallon Community Health Plan (FCHP) today reported net income of $3.3 million on revenue of $226.5 million for the first quarter, ending March 31, 2007. Net income includes investment income of $2 million and operating income of $1.3 million. For the same quarter last year FCHP posted net income of $4.9 million on revenue of $214 million. Membership was 188,245 as of March 31, 2007.
During the first quarter, FCHP’s Summit ElderCareSM, an innovative program designed to help senior citizens live independently in their own homes for as long as possible, opened an adult day health center in Charlton, Mass., its second in the state. Located on the campus of the Overlook Masonic Health System, the facility houses both medical and adult day health services.
FCHP, a leader in developing high-quality health plans, also began offering subsidized health insurance plans to individuals earning between $9,804 and $29,412 annually. It is one of only four managed care organizations in the state to participate in Commonwealth Care, a new subsidized health insurance program included in the sweeping health care reform bill enacted in Massachusetts last year.
“FCHP continues to generate a modest net income and a strong balance sheet,” said Eric H. Schultz, President and CEO, FCHP. “We remain true to our mission of making our communities healthy with the expansion of Summit ElderCare and the expansion of our involvement in health care reform. As the requirements for health care reform expand in the months ahead, we feel well positioned in the marketplace with affordable products and our partnership with community hospitals and physicians across the state.”
Lauren M. DiBenedetto
lauren.dibenedetto@fchp.org
About FCHP
Founded in 1977, Fallon Community Health Plan provides health care services designed to meet the unique and changing needs of all we serve. FCHP is the only health plan in Massachusetts that is both an insurer and provider of care. Our insurance and self-insurance product portfolio includes a variety of group and non-group health plan options (HMO, POS, PPO, as well as Medicaid and Medicare Advantage plans) featuring flexible and innovative benefit designs. Our uniquely developed provider networks offer high-quality, cost-effective, coordinated care and give our members access to physicians and hospitals throughout Massachusetts. We also offer a broad spectrum of health and wellness services and programs to ensure our members, at every stage of life, remain as healthy and productive as possible. As a provider of care, FCHP operates an advanced and completely integrated program that offers seniors and their caregivers an alternative to nursing home care. Our continued commitment to deliver high-quality health care and exceptional customer service has earned FCHP consistent ratings as one of the nation's top health plans. Both our commercial HMO and Medicare Advantage plans have been awarded "Excellent" accreditation by the National Committee for Quality Assurance.