Fallon posts $20.2M operating loss
Photo | Grant Welker
Worcester's Fallon Health
Fallon Health had an operating loss of $20.2 million in the third quarter, the insurer reported Friday, extending a somewhat challenging year for the Worcester company.
Fallon's third-quarter loss came on revenue of $429 million. Revenue so far this year has been flat compared to the same period in 2018 at $1.2 billion. Net results in the third quarter were improved by investment and other income of $15.8 million.
Fallon's membership was down 2.4% from a high of 271,369 reached at the end of 2018. Year-to-date through the end of September, Fallon has reported an operating loss of $17.5 million.
Two other major health insurers in the state, Blue Cross Blue Shield of Massachusetts and Harvard Pilgrim Health Care, both reported profitable third quarters.
Boston-based Blue Cross Blue Shield — the state's largest health insurer with 2.9 million members — reported operating income of $33.7 million on revenue of $2.1 billion. Harvard Pilgrim, of Wellesley, had operating income of $12.5 million on revenue of $719.5 million, with membership growing slightly at more than 1.1 million.
Watertown-based Tufts Health Plan, which announced in August plans to merge with Harvard Pilgrim, announced an operating loss of $6.7 million on $1.38 billion in revenue. Membership was flat at nearly 1.2 million.
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