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California's
Kaiser Foundation Health Plan, reported a $38.9 million, or 228.5
percent, increase from $17 million for the first quarter 2001, to $55.9
million for the most recently completed first quarter
Originally
Posted
at:http://southflorida.bizjournals.com/southflorida/stories/2002/12/16/daily72.html
South Florida Business Journal -- Broward Edition - December 18, 2002
December 18, 2002
Weiss Ratings: HMO profits up 162% in Q1 The nation's health maintenance organizations recorded $868.1 million in profit for the first three months of 2002, according to Weiss Ratings, which said the profit is a $536.6 million, or 162 percent, surge over the same period last year.
The Palm Beach Gardens-based financial ratings and analysts firm said it studied 441 HMOs, of which it said 73 percent reporting a profit during the period, up from 60 percent of the plans reporting a profit during the same period in 2001. However, the privately held firm added, just three percent of the HMOs, or 14 companies, contributed $267 million, or 50 percent, of the industry's first-quarter profit increase.
Included in the HMOs Weiss said reported the largest profit increases were California's Kaiser Foundation Health Plan, which reported a $38.9 million, or 228.5 percent, increase from $17 million for the first quarter 2001, to $55.9 million for the most recently completed first quarter; Pennsylvania-based Aetna Health, which reported a $33.9 million, or 182.3 percent, increase, from a $18.6 million loss for the first quarter 2001, to earning $15.3 million for the most recently completed first quarter; and New Jersey-based Aetna Health, which reported a $25.2 million, or 1,993.9 percent, increase from $1.2 million for the first quarter 2001, to $26.4 million for the most recently completed first quarter.
In Florida, the company singled out Humana Medical Plan for a $9.8 million, or 583.7 percent, increase from a $1.7 million first quarter loss in 2001, to earning $8.2 million in the most recently completed first quarter.