FCHP Releases 2012 Financial Results
Revenue held steady at $1.2 billion in 2012 for Worcester-based health care services organization Fallon Community Health Plan (FCHP), but net income decreased to $15.3 million, compared to $38.5 million in 2011, according to financial results released by FCHP Friday.
The company experienced an operating loss of $6.4 million, including costs related to the close out of its pension program, which was frozen in 2006.
Declining net income came during a year full of new investments for FCHP. According to the report, the company made technology upgrades including enterprise-wide reporting capabilities, a mobile ID card systems, and a new member portal, which will be launched soon.
The company is also investing in Fallon Total Care, a demonstration program designed to provide health care to people eligible for both Medicaid and Medicare. It is slated to begin services this spring.
"Consistent with our mission and our commitment to the markets and communities we serve, we have made, and will continue to make, meaningful investments in our business to deliver quality-based, affordable health care solutions to our customers," said CEO Patrick Hughes.
Membership for FCHP is on the rise, according to the company, with members totaling 223,235, up from 213,537 in 2011.
In the fourth quarter, net income was down slightly at $2.3 million, compared to $2.4 million in the same period in 2011.
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