(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:

  • The Harvard Pilgrim Health Care Foundation provided $1 million to The Boston Foundation’s New Commonwealth Racial Equity and Social Justice Fund to help address health disparities. The Fund was founded by a coalition of Massachusetts Black and Brown executives for the sole purpose of working together to transform and address systemic racism and racial inequity in Massachusetts
  • Harvard Pilgrim provided close to $3 million to support nearly 300 independent primary care physicians throughout New England in September.  This support helped provide safe access to care for patients including the purchasing of necessary personal protective equipment (PPE), reconfiguring facilities to comply with physical distancing guidelines, supporting telehealth infrastructure, as well as other important necessary measures
  • 8th consecutive year of receiving a perfect score of 100 percent on the 2020 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
  • 9th consecutive year of being named a top place to work by The Boston Globe
  • 18th consecutive year of being honored as a best place to work by the Boston Business Journal

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.