Please do not leave this page until complete. This can take a few moments.
Fallon Health had a strong 2020, the Worcester health insurer reported Monday, with an operating profit of $63 million for the year.
The year was generally a strong one for health insurers at a time when patient trends were upended by the coronavirus pandemic, including a sharp curbing of many elective health procedures and other appointments. Health claims began making a return toward normalcy in the second half of the year, CFO Todd Bailey said in a statement accompanying the company's earnings report.
Fallon brought in $1.7 billion in revenue, including $415 million in the fourth quarter. Membership dipped slightly over the year to 260,760, a drop of less than 1%.
Fourth-quarter operating income was $19.6 million, a minor drop from consecutive quarters in which that tally exceeded $20 million.
Last year was a sharp reversal of financial fortune for Fallon, the state's fourth largest commercial health insurer. Revenue was flat year-to-year, but net income was a major improvement from a $43-million operating loss in 2019.
Fallon described an eventful 2020, shifting the vast majority of its 1,200 employees to remote work and changing coverage for members, including relaxing prior authorization, covering medically necessary coronavirus testing, treatment and counseling, and waiving cost-sharing for pandemic-related telehealth services. The company opened a 24/7 infirmary for eligible Summit ElderCare patients with COVID-19.
Among other patient-focused moves, Fallon launched an improved member portal called MyFallon in December and became the state's first health plan to offer a prescription plan called Rx Savings Solutions to Medicare beneficiaries.
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