PacificSource Health Plans Reports 2017 1st Quarter Results
(SPRINGFIELD, Ore.) May 30, 2017— PacificSource Health Plans announced consolidated financial results for the quarter ended March 31, 2017, reporting $16M of GAAP earnings before taxes, on $338M of revenue. As a tax paying entity, PacificSource also reported income tax expense of $7 million to achieve Net Income of $9M for the quarter.
“We’re pleased to have started out this year on strong footing with significant membership growth and positive earnings,” said Peter Davidson, executive vice president and CFO of PacificSource. “We are always cautious about using one quarter to project annual results, however, we believe that the strategic and operational work we have completed over the past three years is having the budgeted impact on financial performance. PacificSource continues to meet its targets across a wide array of fully insured, administrative service, and government plan products, including its individual commercial policies. Further, our affiliation with Legacy Health continues to expand our market opportunities in the Portland Metro area.”
About PacificSource Health Plans:
PacificSource Health Plans is an independent, not-for-profit community health plan serving the Northwest. Founded in 1933, PacificSource is based in Springfield, Ore. with local offices throughout the state as well as in Idaho and Montana. The PacificSource family of companies employs more than 900 people, serves more than 300,000 individuals, and has 3,900 employer clients throughout the Northwest. For more information visit pacificsource.com.