Fallon Community Health Plan reports third quarter financials
Worcester, Mass., November 15, 2007―Fallon Community Health Plan (FCHP) today reported a net income of $2.8 million for the third quarter ending September 30, 2007. Net income includes investment income of $2.1 million and operating income of $0.7 million with total revenue $227.5 million. Membership was 191,642 as of September 30, 2007. For the same quarter last year FCHP posted net income of $4.8 million on revenue of $217.2 million with membership of 191,000.
“Our performance is on target with expectations and maintaining strong cost control measures remains a priority for Fallon Community Health Plan,” said Eric H. Schultz, President and CEO, FCHP. “Based on what’s been a positive marketplace response to the value of our various products and services, we fully expect steady membership growth, particularly in those areas where we’ve recently expanded.”
During the third quarter, FCHP saw a 2,000 member increase due, in large part, to growth in western Massachusetts, a key expansion area for the organization, and its participation in health care reform. FCHP also continued to invest in infrastructure to provide even greater administrative efficiencies to its customers.
Recent achievements and news from Fallon Community Health Plan include:
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Named the #1 health plan in America for Medicare and Medicaid plans in a joint ranking by U.S.News and World Report and the National Committee for Quality Assurance.
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Added Addison Gilbert Hospital, Beverly Hospital, Northeast Physician Hospital Organization, Lowell General Physician Hospital Organization, Lawrence General Hospital and the Lawrence General Independent Practice Association to the FCHP Direct Care network. FCHP Direct Care is a popular choice for many individuals and employer groups who want a high-quality, cost-effective health plan option. By offering a selective network of doctors and hospitals, FCHP Direct Care provides comprehensive benefits for a premium that can be as much as 15% less than the standard HMO products.
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Expanded its Summit ElderCareSM program with the opening of a facility in Leominster, its third location. Summit ElderCare is a Program of All-inclusive Care for the Elderly, or PACE, which provides prescription drugs, primary medical care, support services in the home, medical transportation, and adult day health services to address the complex health needs of adults aged 55 and older who are looking for an alternative to nursing home placement.
Lauren M. Petit
lauren.petit@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 product portfolio includes a variety of group and individual health plan options (HMO, POS, PPO, Medicaid and Medicare Advantage plans) featuring flexible and innovative benefit designs. We administer fully-insured and self-insured funding arrangements with customized services for employers. Our uniquely developed provider networks offer high-quality, cost-effective, coordinated care and give our members access to doctors and hospitals throughout Massachusetts. We also offer a broad spectrum of services and programs to ensure our members, at every stage of life, remain as healthy and productive as possible. FCHP is a provider of care through its Summit ElderCareSM program, an advanced and completely integrated program that offers seniors and their caregivers an alternative to nursing home placement. 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, and in 2007, placed our Medicare and Medicaid health plans as the best in the nation. FCHP is the only health plan in Massachusetts to have been awarded “Excellent” Accreditation by the National Committee for Quality Assurance for our HMO, Medicare Advantage and Medicaid products.