Fallon Health reports first quarter results

Worcester, MA, May 15, 2019 — Fallon Health today reported net income of $3.1 million on revenue of $404 million for the first quarter, which ended on March 31, 2019. Net income included investment and other income of $1.7 million and an operating income of $1.4 million. For the same quarter last year, Fallon posted a net loss of $4.4 million on revenue of $354 million, which included investment and other income of $1.5 million and an operating loss of $5.9 million. Membership was 264,342 compared to 270,055 as of March 31, 2018.

“Our solid results, which are consistent with expectations, continue to reflect strategic investments in government programs and effective management of administrative expenses,” said Lisa Cohen, Interim Chief Financial Officer.

Other highlights cited by Cohen that support Fallon’s business objectives and mission include:

  • The creation of two new innovative financial incentives, which are being offered for mid-sized employers. The Smooth Start Guarantee and the Shared Performance Program are the first of their kinds in Massachusetts.
  • The construction of a new building on Grove Street in Worcester to house a Summit ElderCare PACE (Program of All-inclusive Care for the Elderly) Center, replacing Fallon’s East Mountain Street location. Once approved by regulators, the relocation site will offer participants a brand new, state of the art facility for their medical and social needs.
  • Distribution of Fallon’s Community Benefits Grants, including $10,000 grants awarded to each of 10 community-based organizations addressing health care barriers in underserved communities from Lowell to Worcester to the Berkshires.

Melissa Randall
Corporate Communications Manager

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 rated among the nation’s top health plans by the National Committee for Quality Assurance for its HMO , Medicare Advantage and Medicaid products.