Fallon profits cut in half during investment-heavy year
Photo | Grant Welker
Fallon Health's Worcester headquarters
Worcester insurer Fallon Health had $33.1 million in net income in 2021, according to a year-end financial report released Tuesday, on revenue of $1.8 billion.
This marks less than half the net income of 2020 for the nonprofit. In 2020, the company posted net income of $75.3 million on $1.7 billion in revenue, according to a Fallon release.
But in 2021, the company continued to meet challenges associated with the COVID-19 pandemic and made investments into the company that included an improved member portal as well as new jobs. The company also reported covering more than 261,650 COVID-19 PCR tests in 2021.
“We are pleased to have another year of solid financial results despite ongoing challenges stemming from the COVID-19 pandemic,” said Fallon CFO Todd Bailey. “As the virus wains locally, we are anticipating utilization among members to increase. At the same time, investments we have made, including growing our workforce to support members enrolled in Medicare and Medicaid programs, have been advantageous for our future.”
The nonprofit reported that total health plan membership was 250,314 at the end of 2021, a 4% drop from 260,760 members at the end of 2020.
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