Tufts Health Plan Announces Fourth Quarter and Full Year 2017 Results
Tufts Health Plan reported a net loss of $3.8 million for the fourth quarter
Watertown, MA – Tufts Health Plan today reported a net loss of $3.8 million for the fourth quarter ended Dec. 31, 2017. This amount comprised an operating loss of $19 million and investment income of $15.2 million, with revenues of $1.2 billion. Full-year 2017 net income was $59.4 million, comprising operating income of $14.5 million and investment income of $44.9 million. Membership was 1,111,834 at the end of 2017.
“Our results reflect improved performance across the company from our continued commitment to delivering high value and improving the experience for our members,” said Umesh Kurpad, chief financial officer. “We are focused on successfully managing medical and pharmacy costs and, as always, watching our administrative costs. We enter 2018 with good momentum, although with the significant challenge of managing the transition of the MassHealth program to an ACO structure.”
These results compare to a year ago when Tufts Health Plan reported a net income of $31.4 million for the fourth quarter, comprising an operating loss of $2.6 million and investment income of $34 million with revenues of $1.2 billion. Full-year 2016 net income was $3 million, comprising an operating loss of $53.5 million and investment income of
$56.5 million. Membership was 1,110,169 at the end of 2016.
Milestones of 2017:
- Creating and supporting high-quality plans continues to be a Tufts Health Plan hallmark. Our quality rankings put us in the top tier of plans nationwide:
- For the third year in a row, we earned 5 stars out of a possible 5 for our Tufts Medicare Preferred HMO and Senior Care Options plans from the Centers for Medicare and Medicaid Services (CMS). The rating puts our Tufts Medicare Preferred HMO and Senior Care Options plans among the top four percent of plans nationally.
- Also for the third year in a row, our private HMO and Massachusetts PPO plans rated 5 out of 5 - the highest possible - by the National Committee for Quality Assurance.* We are the only organization in the country to earn this distinction for both our private HMO/POS and PPO products.
- Our Medicaid plan was rated 4.5 out of 5 by the National Committee for Quality Assurance, putting us in the top tier of plans in the nation.
- Entering the Rhode Island Medicaid market with RI Together, the first new Medicaid option in seven years for Rhode Islanders.
- Earning a perfect score on the 2018 Corporate Equality Index (CEI), a national benchmarking survey and report on corporate policies and practices related to lesbian, gay, bisexual, transgender and queer (LGBTQ) workplace equality, administered by the Human Rights Campaign Foundation. This is the second year in a row we earned a perfect score.
- Receiving the Organizational Diversity Champion award from the Northeast Human Resources Association.
- Joining the CEO Action for Diversity & Inclusion, a commitment to advance diversity and inclusion in the workplace.
- Being named a Top Place to Work by The Boston Globe for the seventh consecutive year.
- Receiving ENERGY STAR certification for superior energy performance from the U.S. Environmental Protection Agency for our Watertown campus for the 12th year in a row.
- Contributing nearly $4.79 million to community nonprofits through corporate giving and the Tufts Health Plan Foundation.