Tufts Health Plan witnessed the largest decrease in profit. Its second quarter profit fell 93.6 percent, from $35.9 million last year to $2.3 million this year. Net income at Fallon Community Health Plan dropped 68.4 percent, from $13.6 million last year to $4.3 million this year. Harvard Pilgrim Health Care‘s second quarter profit totaled $5.9 million, a 56.3 percent drop from last year’s $13.5 million total. Blue Cross Blue Shield of Massachusetts saw its net income plunge 49.9 percent.
According to a Boston Globe report, some within the state healthcare sector are wondering if health insurers can sustain profitability as the state shifts to more healthcare cost control measures and as health insurers continue to invest more money into technology and data reports.
“We’re in a situation where state and federal governments are dictating to the insurers what the market should be,” said Josh Archambault, director of health care policy for the Pioneer Institute, in the report. “If this trend continues and healthcare utilization rises, whether they’ll be able to make money is up for grabs.”
More Articles on Health Insurers:
Hospital Execs Rank WellPoint as Worst Payor
