May 15, 2019

Fallon's membership down, profit up

Photo | Grant Welker
Fallon's Worcester headquarters

Fallon Health reported a 2% drop in membership in the first quarter of the year compared to a year ago but saw a return to profitability.

The Worcester insurer, announcing its results Wednesday, reported net income of $3.1 million on revenue of $404 million for the first quarter.

Longer-term, the company has still largely shown steady growth in the past five years. Fallon's membership has grown 18% during that time, while revenue has risen by roughly one-fourth.

For 2018 full-year numbers, Fallon previously reported 271,369 members, a one-year rise of 24%, and revenue of $1.6 billion, a jump of 21%.

Other Massachusetts insurers reported their quarterly earnings Wednesday.

Blue Cross Blue Shield of Massachusetts in Boston reported net income of $91.6 million on revenue of $2.1 billion. Its membership stands at 2.8 million, which has been roughly flat in the past year.

Harvard Pilgrim Health Care reported a net income of $29.2 million on revenue of $726 million, a sharp improvement from a year ago, when the Wellesley company reported $100,000 in profit. Membership was just under 1.2 million, continuing a recent slow drop in enrollment.

Tufts Health Plan of Watertown reported a net income of $92.5 million on revenues of $1.34 billion. Membership was just under 1.2 million, roughly flat with a year ago.

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