November 16, 2018

Fallon revenues rise 23% to $411M

Photo/Grant Welker
Worcester's Fallon Health saw profits rise in the third quarter, as well as memberships, which rose by 23 percent from last year, to hit 275,000.

Fallon Health saw $5.6 million in net income on $411 million in revenue in the third quarter, the Worcester insurer reported Thursday.

Compared to the same quarter last year, Fallon saw revenues rise by $76 million, or 23 percent.

Memberships also rose, by 23 percent from last year, to hit 275,000. Much of that increase comes as Fallon participates in three new accountable care organizations across the state under the new MassHealth system of patient care.

Fallon's profitable quarter was joined by several of the state's other large insurers.

Blue Cross Blue Shield of Massachusetts, the state's largest provider with 2.8 million members, reported a net income of $92.8 million on $2 billion in revenue. That's up from a $76.8 million net income a year prior for the Boston-based insurer.

Tufts Health Plan, which is based in Watertown, said it had a net income of $61.6 million for the quarter on revenues of $1.3 billion. Membership was nearly 1.2 million. A year prior, Tufts reported $42.5 million in net income.

Wellesley-based Harvard Pilgrim Health Care said it tallied $26.2 million in net income on revenue of $775.5 million for the quarter. That significantly beat the third quarter of last year for Harvard Pilgrim, when it had a net income of $7.8 million and revenue of $748.7 million.

Harvard Pilgrim's membership dropped by 2 percent to roughly 1.2 million.

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