Fallon Community Health Plan reports first quarter financial results
Worcester, Mass., May 16, 2011―Fallon Community Health Plan (FCHP) today reported net income of $10.2 million on revenue of $283 million for the first quarter that ended March 31, 2011. Net income includes investment income of $2.2 million and operating income of $8 million. For the same quarter last year, FCHP posted a net loss of $8.5 million on revenue of $285 million. The net loss included investment income of $2.3 million and an operating loss of $10.8 million. Membership was 209,857 as of March 31, 2011, compared with 223,269 ending March 31, 2010.
“In such a dynamic health care environment, our favorable results reflect our employees’ ability to remain focused on our business goals, disciplined at achieving greater cost-efficiencies, and committed to working together, and in partnership with our provider partners, to support our mission of making our communities healthy,” said R. Scott Walker, FCHP Executive Vice President and Chief Financial Officer.
Walker said one of FCHP’s priorities is to continue re-investing in ways that help optimize the quality and the cost of care members receive—from technology to product innovation to the overall member experience.
“As a stable, reliable source of high-quality, cost-effective health care and health insurance solutions for our customers, FCHP remains committed to improving the health care system,” Walker added.
Christine Cassidy
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.