Fallon Community Health Plan reports first quarter financial results
Worcester, Mass., May 15, 2013― Fallon Community Health Plan (FCHP) today reported a net loss of $0.2 million on revenue of $307 million for the first quarter that ended March 31, 2013. The net loss includes investment income of $2.6 million and an operating loss of $2.8 million. For the same quarter last year, FCHP posted net income of $4.2 million on revenue of $288 million. Net income included investment income of $2.8 million and operating income of $1.4 million. Membership was 227,620 as of March 31, 2013, compared with 209,495 ending March 31, 2012.
“Our results are consistent with our expectations as they reflect the continued investments we’re making to expand our reach and to deliver quality-based, affordable health care solutions to the many different markets and communities we serve,” said R. Scott Walker, FCHP Executive Vice President and Chief Financial Officer.
Technology advancements, Walker added, are among the investments FCHP continues to make. FCHP launched a new member portal on its Website (www.fchp.org/members) and continues to enhance its core business system and improve its enterprise data storage and reporting system. FCHP also continues to round-out the statewide service area expansion it began in 2012 in support of its Medicare Advantage products and programs. Additionally, FCHP continues to make the appropriate operational and technology changes to comply with federal Affordable Care Act and state Chapter 224 health care reform regulations that go into effect later this year and in 2014.
Walker said investments are also being made in support of Fallon Total Care, the integrated care organization FCHP created with Magellan Health Services. Fallon Total Care was selected to participate in a new, three-year demonstration program to provide integrated health care to individuals aged 21 to 64 years who are eligible for both Medicare and Medicaid. Participation in the program will allow Fallon Total Care to serve dual-eligible residents in 10 counties across Massachusetts: Barnstable, Bristol, Essex, Hampden, Hampshire, Middlesex, Norfolk, Plymouth, Suffolk and Worcester.
About Fallon Community Health Plan
Founded in 1977, Fallon Community Health Plan is a nationally recognized, not-for-profit health care services organization. From innovative health insurance products available throughout Massachusetts for all populations, to unique 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.