Fallon Community Health Plan reports second quarter financial results
Worcester, Mass., August 15, 2013 ― Fallon Community Health Plan (FCHP) today reported net income of $7.3 million on revenue of $311 million for the second quarter that ended June 30, 2013. Net income includes investment and other income of $4.5 million and operating income of $2.8 million. For the same quarter last year, FCHP posted net income of $4.3 million on revenue of $287 million. Net income included investment and other income of $1.6 million and operating income of $2.7 million. Membership was 229,385 as of June 30, 2013, compared with 208,366 ending June 30, 2012.
“Our results indicate that the marketplace continues to respond to the innovative and cost-effective health insurance solutions we’re offering,” said R. Scott Walker, FCHP Executive Vice President and Chief Financial Officer. “We continue to make operational and technological investments to comply with federal and state health care reform regulations and to enhance FCHP’s capabilities so that we can better meet the needs of the communities we serve.”
In the second quarter, Walker added, there were several investments in infrastructure, product development and network enhancements to ensure that members in FCHP’s commercial products and government programs have the access and options they need:
- Fallon Total Care, a Massachusetts One Care plan, continued preparing for accepting enrollments this fall, pending successful completion of a readiness review. Participation in the One Care program will allow Fallon Total Care to serve residents eligible for both Medicare and Medicaid in Worcester, Hampden and Hampshire counties.
- On May 1, FCHP opened Summit ElderCare® in Springfield, Mass., its sixth Program of All-inclusive Care for the Elderly (PACE) site in Massachusetts.
- In April, FCHP became the state’s first health plan to offer a cash wellness award as a standard benefit with the launch of the Healthy Health Plan, FCHP’s new plan that rewards subscribers for being—and becoming—healthy by giving them up to $200 in financial incentives.
- As of June 1, 2013, members of the FCHP Select Care network have the option to see specialists at Dana-Farber Cancer Institute, Massachusetts General Hospital and Brigham and Women’s Hospital.
- The FCHP Direct Care network welcomed the Central Massachusetts Independent Physician Association (CMIPA), one of Worcester County’s largest multi-specialty physician groups. CMIPA has more than 200 community-based physicians with privileges at UMass Memorial Health Care and Saint Vincent Hospital.
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.