Tufts-Harvard Pilgrim health insurance company reports steep losses on earnings report

Point32Health, the combined company formed by Tufts Health Plan and Harvard Pilgrim Health Care, reported steep third-quarter losses, continuing to put the company in the red in its first year since being formally announced. 

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Five things to know:

1. Point32Health recorded $43.6 million in net losses this third quarter, including $86.3 million in operational losses. 

2. This puts the company $85.7 million in the hole for the year so far. 

3. Both figures are a stark contrast to 2020’s third quarter numbers, which included a profit of $109.2 million for the first nine months and $53.1 in income for the quarter alone. 

4. The insurer reported a current membership of 2.2 million lives. This is down about 100,000 lives from the same time in 2020. 

5. “We continue to monitor the impact of the COVID-19 pandemic on the industry as there continues to be volatility across the healthcare sector,” said Umesh Kurpad, CFO of Point32Health. “Point32Health has sustained $213 million in medical costs related to COVID-19 treatment and vaccine administration in the first three quarters of this year. As we have throughout the year, Point32Health is navigating financial pressures in some of our government-sponsored programs.”

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