2024 Power 100: Mary Craig Ritter
Photo | Courtesy of Fallon Health
Mary Craig Ritter, chief strategy & government programs officer at Fallon Health
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Much of the last 20 years of Mary Craig Ritter’s career have taken place at the Worcester-based healthcare nonprofit Fallon Health, making her an expert in insurance products and services primarily for those covered by Medicare and Medicaid insurances. Her steady expertise and presence was important during a time of transition for Fallon, as eight-year President & CEO Richard Burke retired in January, with his successor Manny Lopes set to start in July.
Today, Ritter plans products and pricing fitting with Fallon’s ever-increasing focus on serving vulnerable populations. Fallon has 200,000+ members, making it a small but important link in the Mass. health plan market. Posting positive net income each fiscal year since 2019, Ritter’s knack for the job is apparent.
Publicly funded insurance plans aren’t generally seen as moneymakers in the commercial health plan world, but with revenue of $1.75 billion, net income of $18.3 million, and assets of almost $700 million in fiscal 2022, according to the Internal Revenue Service, the niche is working for Fallon.
A major employer with a downtown presence in Worcester, Fallon this year is relocating its headquarters from Chestnut Place to One Mercantile. Retaining Fallon downtown was a win for the City of Worcester’s effort to create a vibrant city center, as the insurance company seeks to provide a modern, collaborative work environment for its team of hybrid office employees.
Formerly chief operating and strategy officer, Ritter took a five-year hiatus from Fallon to launch a nonprofit consulting business, which gave her a chance to share her expertise with healthcare, human service, and cultural organizations. She returned in 2019, citing the unique, mission-driven culture of the company. Fallon’s charitable giving tops $1 million annually in Worcester County.
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