Canton Mass., March 1, 2023 – Point32Health today reported an adjusted net income of $13.1 million for the 12 months ended Dec. 31, 2022. Adjusted net income includes an operating loss of $97.5 million and investment income of $106.1 million, excluding mark-to-market investment gains and losses on equity securities, with revenues of $9.8 billion. Membership was 2.2 million at the end of 2022. Unrealized losses on equity securities for the year was $274.2 million.
“We are making good progress with our combination journey,” said Umesh Kurpad, chief financial officer, Point32Health. “Our market segments showed improved operating results from medical cost management initiatives, greater control of pharmacy costs, and lower costs associated with COVID-19.”
These financial results compared to a year ago when the organization reported an adjusted net loss of $43.6 million for the year ending Dec. 31, 2021, which comprised an operating loss of $211.3 million and investment income of $175.5 million, excluding mark-to-market investment gains and losses on equity securities and one-time real estate gain, with revenues of $9.4 billion. Membership was 2.2 million at the end of 2021.
Point32Health is a leading, nonprofit health and wellbeing organization, delivering a better health care experience to our members and the communities we serve. One of the top twenty health plans in the United States, Point32Health builds on the quality of our founding organizations, Tufts Health Plan and Harvard Pilgrim Health Care.
At Point32Health, we believe that everyone should have equitable access to affordable, high-quality health care, regardless of their age, race, ethnicity, socioeconomic status, orientation, gender identity or ability. We offer a diverse range of health plans that help improve the health and wellness of the 2.2 million members we serve. Every day, we work to deliver on our purpose of guiding and empowering healthier lives for everyone.
We are proud that our Harvard Pilgrim Health Care Commercial Combined HMO and POS plans in Massachusetts and Maine, our Exchange HMO plans in Massachusetts and Maine, as well as Tufts Health Plan’s Medicaid and Exchange HMO plans, have received full Health Equity Accreditation from the National Committee for Quality Assurance (NCQA).* And for the eighth straight year, our Tufts Medicare Preferred HMO plan received a 5-star rating from the Centers for Medicare & Medicaid Services, the highest rating possible.**
*NCQA’s Health Equity Accreditation program
**Every year, Medicare evaluates plans based on a 5-Star rating system. Star Ratings are calculated each year and may change from one year to the next. For more information on plan ratings, go to www.medicare.gov. Tufts Medicare Preferred HMO plans received 5 out of 5 stars for contract years 2016, 2017, 2018, 2019, 2020, 2021, 2022,2023.