Tufts Health Plan Announces Fourth Quarter and Full-Year 2018 Results
Full-year 2018 net income was $130.4 million
Watertown, MA – Tufts Health Plan today reported a net income of $35.6 million for the fourth quarter ended Dec. 31, 2018. This amount comprised an operating income of $6.5 million and investment income of $29.2 million, with revenues of $1.34 billion. Full-year 2018 net income was $130.4 million, comprising operating income of $72.6 million and investment income of $57.8 million, with revenues of $5.35 billion. Membership was 1.16 million at the end of 2018.
“Our overall 2018 results were positive, which allows us to make significant investments into our business and support infrastructure to continue to deliver value to our members and customers,” said Umesh Kurpad, chief financial officer. “Our focused discipline on managing administrative costs is also an important aspect of the work we do. We enter 2019 with good momentum and are grateful to all our employees for all their hard work, their commitment to our mission and their support in advancing our programs, services and capabilities.”
These results compare to a year ago when Tufts Health Plan reported a net loss of $3.8 million for the fourth quarter, comprising an operating loss of $19 million and investment income of $15.2 million with revenues of $1.24 billion. Full-year 2017 net income was $59.4 million, comprising an operating income of $14.5 million and investment income of $44.9 million, with revenues of $4.87 billion. Membership was 1.11 million at the end of 2017.
Some milestones of 2018:
- Earned a 5-star rating – the highest rating possible – from the Centers for Medicare & Medicaid Services for our Tufts Medicare Preferred HMO and Senior Care Options plans, based on nearly 50 different measurements that include health outcomes and member satisfaction. Only 14 plans nationally achieved this rating. This is the fourth year in a row Tufts Health Plan has earned this rating.
- Rated 4.5 out of 5 by the National Committee for Quality Assurance on its annual rating of private health insurance and Medicaid plans. Tufts Health Plan is rated in the top 10 percent of all participating plans in the country
- Expanded into Connecticut with the launch of CarePartners of Connecticut, a first-of-its-kind joint venture between an insurer and provider system – Hartford HealthCare – to form a new health plan. CarePartners of Connecticut offers Medicare plans to eligible seniors
- Earned 100 percent on the annual Disability Equality Index and named a "Best Place to Work for Disability Inclusion" by the American Association of People with Disabilities and Disability:IN
- Named a Top Place to Work by The Boston Globe for the eighth consecutive year
- Received ENERGY STAR certification for superior energy performance from the U.S. Environmental Protection Agency for the 13th year in a row
- Awarded ISO 27001 certification, one of the most rigorous certifications related to information security management, for the fifth year in a row
- Tufts Health Freedom Plan in New Hampshire, serving small and large businesses, grew its membership to capture 20 percent of the small business market
- The Tufts Health Plan Foundation marked its 10th anniversary, having invested more than $32 million in the community since its inception. In 2018, through Foundation grants and corporate giving, $5.1 million was contributed to community nonprofits in New Hampshire, Massachusetts, Rhode Island and Connecticut.