Fallon Health reports $5.6M first-quarter loss
Worcester nonprofit insurer Fallon Health on Friday reported a $5.6-million first-quarter net loss and a 14,000 member year-over-year decline.
The $5.6-million net loss was posted on revenue of $298 million for the first quarter. The first-quarter loss represented a year-over-year decline from a first-quarter 2015 loss of $4.2 million on revenue of $317 million. The losses come as the company reported a net loss of $6.8 million for the entire fiscal 2015.
Membership was 212,535 at the end of the first quarter 2016, compared with 226,527 for the close of the first quarter of 2015.
For the full-year 2015 results and the first quarter of 2016, the company cited the high cost of specialty and generic drugs as a factor for its financial difficulties. For the first quarter of 2016, Fallon also cited the difficulty caused by volatile investment markets.
Two of the other largest nonprofit health insurers in Massachusetts -- Harvard Pilgrim and Blue Cross Blue Shield of Massachusetts -- also reported operating losses of $34.9 million and $77.8 million, respectively, in the first quarter of 2016.
WBJ Web Partners
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