FCHP Profit Down, Revenues Up For Q1
Fallon Community Health Plan of Worcester saw its net income drop slightly, to $976,163 in the first quarter of 2009 from $1.1 million for the same period last year.
At the same time, the insurer's revenues rose to $269 million from $244 million.
During both quarters, FCHP had an operating loss but stayed out of the hole thanks to investment income. For Q1 2009, it had an operating loss of $1.3 million and investment income of $2.2 million.
Membership rose 11 percent over the year, hitting 223,444 on March 31.
FCHP attributed the growth partly to an expansion of its service area and provider network. During the first quarter, it added provider groups in the Merrimack Valley and South Shore areas to its Select Care HMO plan. It also announced an expansion into southern New Hampshire.
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