Point32Health Announces 2021 Financial Results
Point32Health today reported an adjusted net income of $156.0 million for the 12 months ending on Dec. 31, 2021.
Canton, Mass – Point32Health today reported an adjusted net income of $156.0 million for the 12 months ending on Dec. 31, 2021. Adjusted net income includes an operating loss of $11.7 million and investment income of $175.5 million, excluding mark-to-market investment gains and losses on equity securities, with revenues of $9.4 billion. Membership was 2.2 million at the end of 2021.
“The COVID-19 pandemic had a significant financial impact on our 2021 financial results, totaling $244 million related to testing, treatment and vaccine administration. While we navigated financial pressures throughout the year in some of our lines of business, our strong investment portfolio has helped us weather volatility,” said Umesh Kurpad, chief financial officer, Point32Health. “Throughout 2022, we look forward to announcing new health initiatives, including innovative health equity and behavioral health programs, that will benefit our members and the communities we serve throughout the region.”
These financial results compared to a year ago when the organization reported an adjusted net income of $32.8 million for the year ending Dec. 31, 2020, which comprised an operating loss of $21.8 million and investment income of $73.7 million, excluding mark-to-market investment gains and losses on equity securities, with revenues of $9.1 billion. Membership was 2.3 million at the end of 2020.
2021 Organizational Highlights
- Spearheaded a mobile vaccination initiative to reach traditionally underserved communities in several Massachusetts cities to vaccinate people for COVID-19, particularly in Black and Brown communities and non-English speaking populations
- For an unprecedented seventh year in a row, the Centers for Medicare and Medicaid Services (CMS) rated Tufts Medicare Preferred HMO and Senior Care Options 5 out of 5 Stars in its annual Star Quality Ratings
- Point32Health entered a new, multi-year agreement with OptumRx to provide integrated Pharmacy Benefit Management (PBM) solutions that will enhance services and deliver improved pricing for our members starting in January 2023
- Launched virtual health plans in New Hampshire and Maine
- Maternity health Initiatives
- Developed Team Birth with Ariadne Labs and UMass Memorial Health, a program aimed at improving maternal health and well-being across the region
- Collaborated with Women and Infants Hospital of Rhode Island and Meals on Wheels to design programs to identify at-risk pregnant women with food insecurity or dietary issues and provide nutritionally appropriate meals
- Invested $1 million in two pilot programs with Pear Therapeutics and Eleanor Health to expand access to substance use disorder through innovative technologies and treatment options for our members
- Relocated the Point32Health headquarters to 1 Wellness Way in Canton, Massachusetts
- Point32Health, the Tufts Health Plan Foundation and the Harvard Pilgrim Health Care Foundation gave nearly $12 million to support nonprofit organizations across the states we serve. This includes 5,300+ hours of volunteer service (valued at more than $180,000) by our colleagues. Foundation giving is focused in communities that have experienced discrimination and have been disproportionally affected by COVID-19. On January 1, 2022, the two foundations merged to form the Point32Health Foundation.
Point32Health is a leading health and wellbeing organization, delivering an ever-better health care experience to everyone in our communities. Building on the quality, nonprofit heritage of our founding organizations, Tufts Health Plan and Harvard Pilgrim Health Care, we leverage our experience and expertise to help people find their version of healthier living through a broad range of health plans and tools that make navigating health and wellbeing easier.
Our programs take a 360-degree view of health for our members—no matter their age, health, race, identity or income. Our Institute works to improve population health—and our Foundation works with communities to support, advocate and advance healthier lives for everyone. We use empathy to understand what’s important to those we serve, always making their priorities our own. And we work to guide and empower people by bringing together wide-ranging partners and perspectives to create new approaches that make a real difference for our community, our industry and our 2.2 million members across New England.