Tufts Health Plan Announces First Quarter 2018 Financial Results
Revenue growth of 11 percent year over year, and membership increase of 30,000 new members
Watertown, MA – Tufts Health Plan today reported a net loss of $26.9 million for the first quarter ended March 31, 2018, on a GAAP basis. This amount comprised investment income of $9.2 million and operating loss of $36.1 million, with revenues of $1.3 billion. Membership was 1,145,000 at the end of the first quarter.
“Our operating results are in line with our expectations, despite a severe flu season. We effectively managed our administrative costs, and incurred ACA-related taxes and fees which were not charged last year,” said Umesh Kurpad, chief financial officer. “The quarter also included the launch of our four MassHealth ACOs, a significant undertaking. Our customer service and clinical teams worked hard to ensure that members were appropriately onboarded and transitioned smoothly.”
These results compare to a year ago when Tufts Health Plan reported a net income of $1 million for the first quarter, comprising investment income of $9.2 million and operating loss of $8.2 million, with revenues of $1.2 billion. Membership was 1,115,000 at the end of first quarter 2017.