Fallon Community Health Plan reports second quarter financials
Worcester, Mass., August 14, 2009—Fallon Community Health Plan (FCHP) today reported a net loss of $3.9 million on revenue of $278 million for the second quarter, ending June 30, 2009. Net income includes investment income of $2.7 million and an operating loss of $6.6 million. For the same quarter last year, FCHP posted net income of $1.2 million on revenue of $250 million. Net income included investment income of $4 million and an operating loss of $2.8 million. Membership was 225,383 as of June 30, 2009, compared to 208,498 for the same quarter last year.
“Our consistent membership growth is a clear indicator that the marketplace continues to respond to the cost-effective health insurance solutions we’re offering,” said Charles Goheen, Executive Vice President and Chief Financial Officer, FCHP. “Financially, the economy is still a factor, but one of the greatest premium pressures we’re facing is increasing medical costs, particularly the cost of prescription medications and outpatient hospital services. Health insurance premiums are driven by health care costs, and we’re doing all we can to ensure our customers receive the greatest value for their premium.”
In the second quarter, FCHP expanded its FCHP Select Care HMO network to Southern New Hampshire, providing more choice and greater access for Massachusetts-based companies with employees living in New Hampshire. In addition, FCHP became the first Massachusetts health plan to sell insurance through eHealth’s online insurance retail site, making it easier for individuals to find FCHP coverage that best suits their needs. Also in the second quarter, FCHP announced Family Fun 2009, a program designed to provide members with savings of up to $250 through free child admissions and other discounts at local, family-oriented places.
Lauren M. Petit
lauren.petit@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.