Fallon Health reports first quarter financial results
Worcester, Mass., May 15, 2015 ― Fallon Health today reported a net loss of $4.2 million on revenue of $317 million on a GAAP basis for the first quarter that ended March 31, 2015. Net loss includes investment and other income of $2.4 million and operating loss of $6.6 million. For the same quarter last year, Fallon posted a net loss of $1.5 million on revenue of $295 million. The net loss included investment income of $1.5 million and an operating loss of $3.0 million. Membership was 226,527 as of March 31, 2015, compared with 226,195 ending March 31, 2014.
"Our results reflect the challenging conditions in the marketplace, including the regulatory impact within the merged market, rate reimbursements for certain government programs, and the growing demand for high-cost specialty drugs," said R. Scott Walker, Fallon Executive Vice President and Chief Financial Officer. "Despite these challenges, we continue to invest in new and emerging markets by expanding commercial and government programs such as we did recently in western New York with the launch of Fallon Health Weinberg."
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.