Fallon profits $19M in first quarter, as it leaves commercial business
Photo | Courtesy | Fallon Health
A Fallon Health Summit ElderCare patient in Worcester receives a COVID-19 vaccination.
As Worcester insurer Fallon Health is following through on its plan to leave the commercial insurance market, the nonprofit organization had $18.7 million in net income for the first quarter, far outpacing the $2.3 million it made in the first quarter 2020.
Its membership rose to 260,844 in the first quarter, a 3% increase over the 252,545 it had at the same point last year.
Fallon announced in March it was dropping out of the commercial insurance market, in favor of providing insurance to patients on government programs like Medicare and Medicaid. The company has stopped accepting new commercial clients and is phasing out the existing ones by September 2021.
Much of Fallon's first quarter was spent dealing with the coronavirus pandemic, including educating its members on vaccine safety, administering COVID vaccines at select facilities, and sending COVID care kits to its members most at risk during the pandemic.
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