Fallon Community Health Plan reports September year-to-date financials
Worcester, Mass., November 15, 2010—Fallon Community Health Plan (FCHP) today reported a net loss of $14.3 million on revenue of $861 million for the nine months that ended September 30, 2010. The net loss includes investment income of $17 million and an operating loss of $31.3 million. For the same nine months last year, FCHP posted a net loss of $16.3 million on revenue of $830 million. The net loss included investment income of $8.2 million and an operating loss of $24.5 million. Membership was 216,080 as of September 30, 2010, compared to 224,623 for the same quarter last year.
“Our results are consistent with our expectations, and are allowing us to meet our business goals,” said R. Scott Walker, FCHP Executive Vice President and Chief Financial Officer.
Walker also said the health plan continues to maintain strong cost controls to ensure members receive the greatest value for their premium dollar. “Massachusetts businesses and consumers continue to face a significant health care cost challenge and we remain focused on those areas we can directly influence to help
alleviate some of that pressure,” added Walker.
For the third quarter that ended September 30, 2010, FCHP reported net income of$6.9 million on revenue of $293 million. Net income includes investment income of $12.1 million and an operating loss of $5.2 million. For the same period last year, FCHP posted a net loss of $13.4 million on revenue of $283 million. The net loss included investment income of $3.2 million and an operating loss of $16.6 million.
For more information, contact:
Christine Cassidy
Senior Director of Corporate Communications
508-368-9502
christine.cassidy@fchp.org
About Fallon Community Health Plan
Founded in 1977, Fallon Community Health Plan is a nationally recognized, not-for-profit health care services organization. From traditional health insurance products available throughout Massachusetts for all populations, to innovative health care programs and services for independent seniors, FCHP supports the diverse and changing needs of all those it serves. FCHP has consistently ranked among the nation’s top health plans, and is the only health plan in Massachusetts to have been awarded “Excellent” Accreditation by the National Committee for Quality Assurance for its HMO, Medicare Advantage and Medicaid products.