Fallon Health reports second quarter financial results
Worcester, Mass., August 15, 2016 ―Fallon Health today reported a net income of $.1 million on revenue of $302 million on a GAAP basis for the second quarter that ended June 30, 2016. Net income includes investment and other income of $2.6 million and operating loss of $2.5 million. For the same quarter last year, Fallon posted a net loss of $2.5 million on revenue of $321 million. The net loss included investment income of $2.5 million and an operating loss of $5.0 million. Membership was 210,684 as of June 30, 2016, compared with 221,588 ending June 30, 2015.
“In this post-reform environment we are continuing to strategically reposition our commercial business to focus on products where we have competitive advantages, can best serve our communities and moderate risk exposure,” said R. Scott Walker, Executive Vice President and Chief Financial Officer.
Walker noted that longtime investments in senior care and government programs have led to an 8% membership growth this year in Fallon’s MassHealth, Fallon Senior Plan, NaviCare, Summit ElderCare, Fallon Health Weinberg and Community Care products. “The outlook for these products is very favorable as individuals turn to MassHealth and the Connector for coverage and as our population ages.”
About Fallon Health
Founded in 1977, Fallon Health is a leading health care services organization that supports the diverse and changing needs of those we serve. In addition to offering innovative health insurance solutions and a variety of Medicaid and Medicare products, we excel in creating unique health care programs and services that provide coordinated, integrated care for seniors and individuals with complex health needs. Fallon has consistently ranked among the nation’s top health plans, and is accredited by the National Committee for Quality Assurance for its HMO, Medicare Advantage and Medicaid products. For more information, visit www.fallonhealth.org.