Wellesley, MA (May 15, 2019) – Harvard Pilgrim Health Care today reported better than budget net income of $29.2 million and operating income of $24.3 million on revenue of $725.6 million for the first quarter of 2019 which ended on March 31, 2019. For the same period in 2018, the health plan reported net income of $0.1 million and an operating loss of $9.4 million on revenue of $790.8 million. Membership was 1,155,289 at the end of the first quarter of 2019.
“Our first-quarter results reflect the success of the strategies we developed and executed including initiatives that controlled pharmacy and medical expenses,” said Harvard Pilgrim Chief Financial Officer Charley Goheen. “Our Massachusetts, New Hampshire and Connecticut markets exceeded our expectations and we experienced higher than expected revenue and membership in the self-insured market led by our subsidiary Health Plans, Inc., and its affiliates. Harvard Pilgrim remains committed to investing in initiatives that deliver high-quality, affordable health plans to our customers and members.”
Additional accomplishments cited by Goheen include:
- Continued strong market response to Harvard Pilgrim’s aggregation of dental and ancillary benefit offerings through its partnership with The Guardian Life Insurance Company of America
- Successful implementation of MyHealthMath partnership, a unique and differentiating research and predictive analytics program which transforms how employees and employers make the best possible decisions regarding their health insurance benefit plans
- Completion of Harvard Pilgrim Health Care Foundation’s initial three-year Healthy Food Fund grant program distributing 4.6 million pounds of healthy, fresh, local produce to low-income families in the region worth $9.6 million
- 17th consecutive year of being honored as a best place to work by the Boston Business Journal
- 7th consecutive year of receiving a perfect score of 100 percent on the 2019 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
About Harvard Pilgrim Health Care
Harvard Pilgrim and its family of companies provide health benefit plans, programs and services to more than 3 million customers in New England and beyond. A leading not-for-profit health services company, we guide our members – and the communities we serve – to better health.
Founded by doctors 50 years ago, we’re building on our legacy. In partnership with our expansive network of doctors and hospitals, we’re improving health outcomes and lowering costs through clinical quality and innovative care management.
Our commitment to the communities we serve is driven by the passion of the Harvard Pilgrim Health Care Foundation. Through its work, low- and moderate-income families are gaining greater access to fresh, affordable food — a cornerstone to better health and well-being.
Learn more at www.harvardpilgrim.org. Connect with us on Facebook, Twitter, YouTube and LinkedIn.