Tufts Health Plan Announces Third Quarter 2017 Financial Results

Tufts Health Plan reported a net income of $42.5 million for the third quarter 

November 15, 2017  

Watertown, MA – Tufts Health Plan today reported a net income of $42.5 million for the third quarter ended September 30, 2017 on a GAAP basis. This amount comprised investment income of $6.3 million and operating income of $36.2 million, with revenues of $1.2 billion. Membership was 1,107,000 at the end of the third quarter.

“Our results this quarter reflect our continued focus on delivering high value to our members while keeping a careful focus on costs and being efficient. We are successfully addressing increasing medical and pharmacy costs through our care management and other programs,” said Umesh Kurpad, chief financial officer. “Looking ahead, we remain very concerned about changes to the Affordable Care Act, the stability of the Qualified Health Plan market and funding for Medicaid.”

These results compare to a year ago when Tufts Health Plan reported a net income of $19.1 million for the third quarter, comprising investment income of $5.9 million and operating income of $13.2 million, with revenues of $1.2 billion. Membership was 1,099,637 at the end of third quarter 2016.

Tufts Health Plan reported a net income of $63.2 million for the nine months ended September 30, 2017, which comprised investment income of $29.7 million and an operating income of $33.5 million, with revenues of $3.6 billion. For the nine months ended September 30, 2016, Tufts Health Plan reported a net loss of $28.4 million, which comprised investment income of $22.5 million and an operating loss of $50.9 million, with revenues of $3.4 billion.