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Harvard Pilgrim Announces Second Quarter Results

11:55 EDT 15 Aug 2019 | Businesswire
Harvard Pilgrim Health Care

Reports $36.2 Million Net Income for the Quarter

Harvard Pilgrim Health Care today reported results that exceeded their plan including net income of $36.2 million and operating income of $28.9 million on revenue of $756.1 million for the second quarter of 2019 which ended on June 30, 2019. For the same period in 2018, the health plan reported net income of $63.6 million and an operating income of $59.8 million on revenue of $831.5 million. Membership was 1,140,045 at the end of the second quarter of 2019.

“We are pleased to report solid financial results for the second-quarter with both net and operating income ahead of plan,” said Harvard Pilgrim Chief Financial Officer Charley Goheen. “Our consistent positive financial performance is driven by the strength of our core business as well as the successful execution of strategies aimed at controlling medical and pharmacy expense. We continue to benefit from strong geographical and product diversification as well as our strength in the self-insured market led by our subsidiary Health Plans, Inc., and its affiliates.”

“Harvard Pilgrim’s financial strength is a testament to our commitment to helping customers achieve better health outcomes, optimize their health care dollar and improve their overall health care experience. I’m proud of our teams’ accomplishments and eager to accelerate Harvard Pilgrim’s on-going investments in driving affordable access to high-quality care and transformative health care solutions across New England,” said Michael Carson, president and CEO of Harvard Pilgrim Health Care.

Additional accomplishments in the quarter:

  • Entered into agreements with:
    • Landmark Health to offer a new care coordination program for chronically ill Medicare Advantage members with complex health and social needs
    • ProgenyHealth to manage the care of members during and after their time in the neonatal intensive care unit (NICU) or special care nursery. ProgenyHealth case managers will work with and support families from the time of admission to 60 days post-discharge
  • Named by the Boston Business Journal as one of the most charitable companies in Massachusetts
  • Harvard Pilgrim’s disaster volunteer program, which deploys over 60 trained employees to assist when a local disaster strikes, received the Chandler Blackington Award by the American Red Cross of Massachusetts. Volunteers of the program recently supported residents of Barnstable County (Cape Cod), Massachusetts following a recent tornado
  • Announced its 2019 Opioid Misuse Prevention, Recovery and Treatment Grants program which offers individual grants up to $10,000 to local nonprofit organizations in New Hampshire that serve residents dealing with opioid addiction with evidence-based prevention, treatment or recovery services

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.

Philip Tracey
philip_tracey@harvardpilgrim.org
617-509-3493

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