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February 28, 2005
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MHMR Feb. 28, 2005; Volume 13, Number 4
Medco pays big for Accredo...MI HMO profits rise 19%...4Q MCO net up 16%...AZ HMO profits fall 20%...Chart: MI HMO financials...WI HMO net jumps 28%...Chart: WI HMO financials...Chart: 4Q MCO financials...Harvard Pilgrim ‘04 net falls...Humana completes CareFirst deal...Health Net launches HMO...Tenet gets Health Net settlement...HMO stocks rise 1%...HMO services stocks rise 9%...Medco wins IL PBM account...Aetna, Priority ramp up venture...Horizon to exit behavioral risk...WellPoint names dental exec...and more...
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MEDCO PAYS BIG FOR ACCREDO
Medco Health Solutions (Franklin Lakes, NJ), which already uses Accredo Health under a 10-year arrangement to distribute certain specialty drugs, has agreed to buy the company for a hefty $2.2 billion in cash and stock.
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MI HMO PROFITS RISE 19% THROUGH 9/04
Michigan HMO profits rose 19% to $143.29 million through the first nine months of 2004, compared to the same period a year earlier, according to an MHMR tally of data from the Michigan Dept. of Labor & Economic Growth for 31 health plans.
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4Q04 MCO NET UP 16% AMONG 14 MCOs
Final figures for 14 publicly traded managed care organizations show that net income rose 16% to $1.456 billion in the fourth-quarter of 2004 compared to the same period a year earlier.
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AZ HMO PROFTS FALL 20%
Arizona HMOs reported net income of $112.865 million through nine months of 2004, down 20% compared to the same period a year earlier, according to an MHMR tally of state Dept. of Insurance data from eight health plans.
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WI HMO NET JUMPS 28% IN 9 MONTHS 2004
Wisconsin HMOs reported net income of $115.416 million through nine months of 2004, up 28% from the same period a year earlier, according to an MHMR tally of data from 20 health plans filed with the Wisconsin Office of the Commissioner of Insurance.
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HARVARD PILGRIM ’04 NET FALLS 13%
Harvard Pilgrim Health Care (Wellesley, MA) reported 2004 net income of $38.6 million, down 13% from 2003, on revenues of $2.3 billion, up 10%.
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HUMANA COMPLETES ACQUISITION OF CAREPLUS
Humana Inc. (Louisville, KY) has completed the acquisition of CarePlus Health Plans of Florida, including 50,000 Medicare members, 10 medical centers and a pharmacy benefit management operation for $408 million (MHMR, Dec. 15, 2004).
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WHO CALLS HEALTH PLANS HMOs? HEALTH NET DOES
Call it a case of truth in labeling. Health Net (Woodland Hills, CA) announced that it was introducing what it called “a new health maintenance organization” in California named “HMO Silver Network,” with a physician network limited to eight counties and priced at 5% to 14% less than the company’s statewide network.
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MEDCO WINS ILLINOIS PBM ACCOUNT
Medco Health Solutions (Franklin Lakes, NJ) has won a five-year contract to provide comprehensive pharmacy benefit management services to the State of Illinois, serving more than 230,000 employees, retirees, and dependents.
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AETNA, PRIORITY VENTURE TO SERVE MEMBERS BY 3Q05
The specialty pharmacy joint venture of Aetna Inc. (Hartford, CT) and Priority Healthcare Corp. (Lake Mary, FL) expects to begin providing specialty medications to members by the third quarter of 2005, the companies announced.
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PEOPLE: SCHLOTTMAN; HINKLE
Humana Inc. (Louisville, KY) has named James Schlottman vice president of commercial group sales for Humana Health Benefit Plan of Louisiana.
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TENET GETS $28 MM SETTLEMENT FROM HEALTH NET
Tenet Healthcare announced that its California operations would receive $28.5 million from Health Net (Woodland Hills, CA) as part of a settlement of outstanding claims that arose prior to the two organizations entering into a new two-year network contract in November 2004.
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