Fallon Health reports second quarter financial results
Worcester, Mass., August 15, 2014 - Fallon Health today reported net income of $2.3 million on revenue of $312 million on a GAAP basis for the second quarter that ended June 30, 2014. Net income includes investment and other income of $3.2 million and operating loss of $0.9 million. Included in these results are a $2 million ACA fee and $3.3 million for expensive hepatitis C treatments. For the same quarter last year, Fallon posted net income of $7.3 million on revenue of $311 million. Net income included investment and other income of $4.5 million and operating income of $2.8 million. Membership was 227,930 as of June 30, 2014, compared with 229,385 ending June 30, 2013.
“Our second quarter results are in line with our expectations,” said R. Scott Walker, Executive Vice President and Chief Financial Officer. “We continue to make investments in technology, complex care management, new products and network expansion to ensure the communities we serve have access to high quality, affordable health care. In addition, Fallon remains committed to investing in new products and geographies that provide us with the opportunity to grow and diversify as we continue our commitment to ensure compliance with federal and state health care reform.”
About Fallon Health
Founded in 1977, Fallon Health is a leading, non-profit health care services organization that supports the diverse and changing needs of those it serves. In addition to providing innovative health insurance solutions and a variety of Medicaid and Medicare products, Fallon excels in unique health care programs and services that coordinate care for seniors and individuals with complex health needs. Fallon 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.