Fallon Health squeaks out $100K in earnings
Fallon Health managed to bring in $100,000 in earnings in the second quarter, despite drops in both revenue and membership, the company announced Monday.
Although the margin was slim for the Worcester organization, it beat out the $2.5 million in losses it took in the second quarter 2015.
The driving force behind the positive earnings for Fallon was $2.6 million in investment yields in the quarter. Its revenue was actually down from the second quarter last year -- $302 million vs. $321 million -- and the organization posted a $2.5 million in operating losses for the quarter before the investment income was factored in.
Membership at Fallon was 210,684 at the end of the quarter, compared with 221,588 at the same time last year.
Fallon’s financial news comes in an environment where insurance companies are happy for a break-even scenario. Local competitor Harvard Pilgrim Health Care reported earnings of $700,000 for the same period, with CFO Charley Goheen saying in a statement the organization was pleased with those results.
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