March 1, 2011
Worcester HMO Reports $8.8M Net Loss
Worcester-based Fallon Community Health Plan lost $8.8 million on $1.1 billion in revenues during the fiscal year that ended Dec. 31, 2010, the company announced Tuesday.
The results were an improvement over the previous year, in which Fallon lost $19.7 million on revenue of $1.1 billion.
Fallon experienced a nearly 7-percent decline in its membership in 2010, ending the year with 212,850 members compared with 229,002 members at the same time in 2009.
The net loss on the year includes investment income of $19.7 million and an operating loss of $28.5 million.
R. Scott Walker, the company's executive vice president and CFO said in a statement that the results were consistent with FCHP's expectations for the year.
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