August 14, 2009
FCHP Posts $3.9M Q2 Loss
By Matthew L. Brown
Prescription drug cost increases put Worcester-based Fallon Community Health Plan into a $3.9 million net loss in the second quarter.
The nonprofit health care services provider reported revenue of $278 million for the quarter compared to $250 million a year ago. The quarterly loss includes investment income of $2.7 million offset by an operational loss of $6.6 million. In the second quarter of 2008, FCHP reported net income of $1.2 million.
At the end of the quarter, membership was 225,383 compared to 208,498 a year ago.
Along with the cost of prescription drugs, the cost of outpatient hospital visits have also put financial pressure on the organization, FCHP said.
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