Fallon Posts Losses From Investments
Fallon Community Health Plan reported a loss of $200,000 for its first quarter of 2013, attributing much of it to technology investments and operational adjustments.
The net loss includes investment income of $2.6 million and an operating loss of $2.8 million, FCHP said. For the same period last year, the organization reported net income of $4.2 million.
Revenue for the quarter, which ended March 31, was $307 million, up from $288 million last year. Membership also grew over the year, to 227,620 up from 209,495.
"Our results are consistent with our expectations as they reflect the continued investments we're making to expand our reach and to deliver quality-based, affordable health care solutions to the many different markets and communities we serve," said Fallon's Executive Vice President and CFO R. Scott Walker.
Walker said technology advancements are included in the investments Fallon continues to make, including its new member portal on its website. It's also improving its data storage and reporting system, and continues work on its statewide service area expansion began in 2012, supporting its Medicare Advantage products and programs.
WBJ Web Partners
Most Recent
Most Recent
0 Comments