November 15, 2011
Revenues, Profits Falls For Harvard Pilgrim
By Brandon Butler
Revenues and profits fell for Wellesley-based health insurer Harvard Pilgrim Health Care, which has recently made a move to expand its Central Massachusetts presence.
The company made a $37.9 million profit on $694.1 million in revenue during the third quarter, which compares to a $44.5 million profit on $751.7 million in revenue during the same quarter last year.
While cost-containment measures have led to lower medical costs, the company said the driving factor for reduced revenues is the still-sluggish economy, which is leading to decreased utilization of medical services.
The health insurance provider has more than 1.16 million members. It recently opened a downtown Worcester office on Main Street.
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