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Managed Care Companies
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CIGNA TO CUT 3000 JOBS, INVESTORS FLEE
Despite announcing an additional 3000 job cuts and gains in fourth-quarter profitability, Cigna Corp. (Philadelphia) suffered a 9% decline in its stock price last week as investors remain skeptical about the company’s long-term prospects.
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HEALTH NET HURT BY NJ CONTRACTING WOES
Health Net (Woodland Hills, CA) saw its stock price plummet 11% last week after the company announced that it had miscalculated the impact of cost increases from New Jersey hospitals.
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PACIFICARE EYES 7.5-8% M+C MEMBER GAIN
PacifiCare Health Systems (Cypress, CA) expects Medicare+Choice membership to increase 7.5% to 8% in 2004, as higher reimbursements allow the company to offer a more competitive product.
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4Q MCO NET INCOME RISES 86%
Fourth-quarter net income at 15 publicly traded managed care organizations rose 86% to $1.605 billion on revenues of $35.914 billion, up 8%.
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TAMPA EMPLOYERS OFFER MIXED BAG OF PLANS, OPTIONS
The solution to the puzzle of providing comprehensive employee health benefits while containing costs comes in many forms in the Tampa Bay, FL, area, according to an MHMR roundup of 10 major employers.
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TAMPA HMOs STRESS OPEN-ACCESS, COST-SHARING
Following a national trend, managed care plans in Tampa, FL, are stressing a wide variety of open-access health plans and cost-sharing options to meet employer demands for reduced cost.
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HORIZON TO REBATE $50 MILLION TO CERTAIN CLIENTS
Horizon Blue Cross Blue Shield of New Jersey (Newark, NJ) said it will rebate $50 million to small group, Medigap and individual policyholders, reflecting lower than expected healthcare costs in 2003.
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UNITEDHEALTH COMPLETES MAMSI ACQUISITION
UnitedHealth Group (Minnetonka, MN) has completed the acquisition of Mid Atlantic Medical Services Inc. (Rockville, MD) for $3 billion (MHMR, Oct. 31, 2003). MAMSI shareholders received $18 in cash and 0.82 shares of UnitedHealth stock for each MAMSI share.
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’03 U.S HEALTHCARE EXPENDITURES ROSE 7.8%, CMS SAYS
U.S. healthcare expenditures rose an estimated 7.8% to $1.674 trillion in 2003, according to preliminary figures from the Centers for Medicare & Medicaid Services (Washington), the first time in six years that the rate of increase in spending slowed.
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