Fallon Health reports third quarter profit

Financial performance continues to improve

Worcester, Mass., November 15, 2018 ― Fallon Health today reported net income of $5.6 million on revenue of $411 million for the third quarter that ended on September 30, 2018. Net income included investment and other income of $2.4 million and operating income of $3.2 million. For the same quarter last year, Fallon posted a net gain of $3 million on revenue of $335 million. Net income included investment and other income of $2.5 million and an operating gain of $.5 million. Membership was 275,409 as of September 30, 2018, an increase of more than 51,000 members, or 23 percent, over the same period last year.

“Our positive financial results reflect membership growth across our product lines, our partnerships with great providers to provide the highest-quality care, and the efforts of our team to effectively manage administrative costs,” said Kevin Grozio, Chief Financial Officer at Fallon Health.

Other accomplishments cited by Grozio that support Fallon’s popularity and growth include:

  • The opening of Fallon’s newest Summit ElderCare PACE (Program of All-Inclusive Care for the Elderly) site in Webster, Mass. The 14,000 square-foot-facility increases by 50 percent the program’s capacity to serve people in the community.
  • The success of Fallon’s annual Golf and Gather FORE a Cause event to support hunger relief efforts. In collaboration with its many generous business partners, Fallon to date has raised $2 million for food pantries and hunger relief programs throughout the Commonwealth.
  • Receipt of the Associated Industries of Massachusetts’ 2018 Sustainability Award for Fallon’s commitment to addressing barriers that affect the health and well-being of under-served communities.

Melissa Cordial

About Fallon Health

Founded in 1977, Fallon Health is a leading health care services organization that supports the diverse and changing needs of those we serve. In addition to offering innovative health insurance solutions and a variety of Medicaid and Medicare products, we excel in creating unique health care programs and services that provide coordinated, integrated care for seniors and individuals with complex health needs. Fallon has consistently rated among the nation’s top health plans by the National Committee for Quality Assurance for its HMO , Medicare Advantage and Medicaid products.