FCHP Revenues Up, Profits Down
Worcester-based Fallon Community Health Plan grew its membership by 10 percent in 2008, driving its revenues up to $1 billion from $916.2 the previous year.
Still, the health plan saw its net income fall to $6.7 million from $15.1 million in 2007. The net income number includes investment income of $5.7 million and operating income of $1 million. In 2007, the company had investment income of $11.1 million and operating income of $4 million.
For the fourth quarter of 2008, FCHP posted a net loss of $1.2 million, compared with net income of $10.3 million for the same period in 2007.
Meanwhile, Tufts Health Plan of Watertown reported net income of $18.8 million on revenues of $2.3 billion. In 2007, Tufts had a net income of $110 million on revenues of $2.2 billion in 2007.
Harvard Pilgrim Health Care of Wellesley reported net income of $48.1 million on revenue of $2.6 billion for 2008. In 2007, it had a net income of $45.6 million on revenue of $2.5 billion.
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