Please do not leave this page until complete. This can take a few moments.
Fallon Health reversed a steep operating loss at the end of 2019 to come back to profitability in the first quarter of the year with a net income of $2.3 million, the Worcester insurer reported Friday.
Fallon had a slight operating loss of $800,000 in the first quarter, with investments and other income bringing it back to profitability after a bleak fourth quarter. Fallon had an operating loss of $25.5 million to end 2019, contributing most of what ended up being a $43-million loss for the year on revenue of $1.7 billion.
The first three months of 2020 brought better results.
Fallon reported $441 million in revenue for the quarter, up $37 million, or 9%, from the same period last year. Membership was down slightly: 252,545 compared to 264,342 as of March 2019.
CFO Todd Bailey said the results were in line with expectations for what the company expected for the early stages of the coronavirus pandemic. The insurer said it turned its senior care center on Grove Street in Worcester into an infirmary for coronavirus patients who are eligible Summit ElderCare participants.
Fallon has launched an initiative to help members most at risk of coronavirus, improved access to healthcare services including telehealth, and established a hotline to connect members with representatives who could answer questions about the virus and available benefits.
Watertown-based Tufts Health Plan reported a first-quarter operating loss of $43.9 million on revenue of $1.5 billion. That compares to an operating income of $20.9 million in the first quarter last year, with revenues of $1.3 billion. Membership was 1.16 million.
Stay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Sign upWorcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
SubscribeWorcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
See Digital EditionStay connected! Every business day, WBJ Daily Report will be delivered to your inbox by noon. It provides a daily update of the area’s most important business news.
Worcester Business Journal provides the top coverage of news, trends, data, politics and personalities of the Central Mass business community. Get the news and information you need from the award-winning writers at WBJ. Don’t miss out - subscribe today.
Worcester Business Journal presents a special commemorative edition celebrating the 300th anniversary of the city of Worcester. This landmark publication covers the city and region’s rich history of growth and innovation.
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
In order to use this feature, we need some information from you. You can also login or register for a free account.
By clicking submit you are agreeing to our cookie usage and Privacy Policy
Already have an account? Login
Already have an account? Login
Want to create an account? Register
This website uses cookies to ensure you get the best experience on our website. Our privacy policy
To ensure the best experience on our website, articles cannot be read without allowing cookies. Please allow cookies to continue reading. Our privacy policy
0 Comments