(Wellesley, MA) November 13, 2020 – Harvard Pilgrim Health Care today reported net income of $36 million and operating income of $45.5 million on revenue of $807.2 million for the third quarter of 2020 ending on September 30, 2020. For the same period in 2019, the health plan reported net income of $12.1 million and operating income of $12.5 million on revenue of $719.5 million.
Year-to-date, the health plan reported net income of $55 million and operating income of $82.7 million on revenue of $2.2 billion. For the same period in 2019, it reported net income of $77.5 million and operating income of $65.7 million on revenue of $2.2 billion
Harvard Pilgrim’s total membership for the third quarter of 2020 stands at 1,119,082.
"Harvard Pilgrim’s third quarter results were positively impacted by the receipt of $47 million owed from 2014 – 2016 under the ACA’s risk corridor program,” said Charley Goheen, chief financial officer of Harvard Pilgrim. “In the third quarter, medical claims returned to normal levels and, as we experienced in the second quarter, there was a significant increase in pharmacy spend. As we announced in June, Harvard Pilgrim’s fully-insured employer groups and Medicare Supplement members received a 15% credit on their September invoices. We continue to closely monitor the impact of the COVID-19 pandemic on the industry as there continues to be much volatility across the health care sector.”
“Our continued financial stability has enabled us to deploy significant financial and services support for our provider partners, members and employer group customers, as well as the New England communities we serve at large, during this challenging year,” added Michael Carson, president and chief executive officer of Harvard Pilgrim.
Third Quarter Highlights:
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 over 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.
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