May 15, 2008
FCHP's Q1 Profit Takes $2M Dive
By Matthew L. Brown
Worcester-based Fallon Community Health Plan reported a first quarter operating net income of $1.1 million on revenue of $244 million.
But all was not particularly well with FCHP. The insurer/care provider also reported an operating loss of $2.3 million for the quarter. For the same period last year, FCHP reported net income of $3.3 million on revenue of $226 million. The plan's membership has also grown since the first quarter of 2007, from 188,233 to 201,329.
Fallon executives said the quarter's results met expectations. They said it's very challenging to keep premium increases low despite the high cost of providing care, especially inpatient services and high-cost technologies.
But all was not particularly well with FCHP. The insurer/care provider also reported an operating loss of $2.3 million for the quarter. For the same period last year, FCHP reported net income of $3.3 million on revenue of $226 million. The plan's membership has also grown since the first quarter of 2007, from 188,233 to 201,329.
Fallon executives said the quarter's results met expectations. They said it's very challenging to keep premium increases low despite the high cost of providing care, especially inpatient services and high-cost technologies.
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