Point32Health Announces Mid-Year Financial Results
Point32Health today reported an adjusted net loss of $51.4 million for the six months ended June 30, 2023.
Canton, Mass., August 15, 2023 – Point32Health today reported an adjusted net loss of $51.4 million for the six months ended June 30, 2023. Adjusted net income includes an operating loss of $102.7 million and investment income of $51.3 million, excluding mark-to-market investment gains and losses on equity securities, with revenues of $4.8 billion. Membership was 2 million. Unrealized gains on equity securities for the period were $43.3 million.
“Our operating results for the first six months of this year represent headwinds related largely to the cyber incident that are transient and one time in nature,” said Scott Walker, chief financial officer at Point32Health. “Our company remains in a solid financial position with strong risk based capital and resilient colleagues. We remain confident in our strategic direction and are building momentum.”
Point32Health is a leading, nonprofit health and wellbeing organization, delivering a better health care experience to our members and the communities we serve. One of the top twenty health plans in the United States, Point32Health builds on the quality of our founding organizations, Tufts Health Plan and Harvard Pilgrim Health Care.
*NCQA’s Health Equity Accreditation program
At Point32Health, we believe that everyone should have equitable access to affordable, high-quality health care, regardless of their age, race, ethnicity, socioeconomic status, orientation, gender identity or ability. We offer a diverse range of health plans that help improve the health and wellness of the 2 million members we serve. Every day, we work to deliver on our purpose of guiding and empowering healthier lives for everyone.
We are proud that our Harvard Pilgrim Health Care Commercial Combined HMO and POS plans in Massachusetts and Maine, our Exchange HMO plans in Massachusetts and Maine, as well as Tufts Health Plan’s Medicaid and Exchange HMO plans, have received full Health Equity Accreditation from the National Committee for Quality Assurance (NCQA).* And for the eighth straight year, our Tufts Medicare Preferred HMO plan received a 5-star rating from the Centers for Medicare & Medicaid Services, the highest rating possible.**
**Every year, Medicare evaluates plans based on a 5-Star rating system. Star Ratings are calculated each year and may change from one year to the next. For more information on plan ratings, go to www.medicare.gov. Tufts Medicare Preferred HMO plans received 5 out of 5 stars for contract years 2016, 2017, 2018, 2019, 2020, 2021, 2022,2023.