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March 15, 2005
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MHMR March 15, 2005; Vol. 13, Number 15
United taps Wallgreen for Part D...FL HMO profits rise 25%...PA HMO net margin hits 2.6%...Harvard Pilgrim to acquire TPA...Chart: FL HMO financials...PacifiCare AZ Medicare gains...Chart: PA HMO financials...LA HMO net falls 14%...AR HMO profits slide 35%...United debt rated “a” by Best...Best upgrades Aetna...WellPoint’s Kapustay to retire...Humana’s Jones to retire...Amerigroup names Yoder CMO...HMO stocks fall 4%...HMO services stocks fall 3%...NMHCS acquires PCN...Aetna to expand mail order unit...Magellan 4Q04 net is $19.9 MM...Horizon secondary offering...Matria to acquire Miavit...and more...
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UNITED PICKS WALGREEN FOR PART D
UnitedHealth Group (Minnetonka, MN) has selected Walgreen Co. (Deerfield, IL) to provide pharmacy benefit management services including network management, retail and mail-order fulfillment, and online order capabilities for the company’s Medicare Part D drug benefit.
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FL HMO PROFITS RISE 25%
Florida HMOs reported net income of $477.781 million through the first nine months of 2004, up 25% compared to the same period a year earlier, according to data from the Florida Dept. of Financial Services.
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PA HMO NET MARGIN RISES TO 2.6%
HMOs in Pennsylvania reported net income of $269.198 million through nine months of 2004 on revenues of $10.414 billion, a net margin of 2.6%, , according to an MHMR tally of state insurance department data for 21 plans.
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HARVARD PILGRIM TO ACQUIRE TPA
Harvard Pilgrim Health Care (Wellesley, MA) has made a major push to expand its penetration in the self-insured market, announcing a deal to acquired Health Plans Inc. (Westborough, MA), a third-party administrator serving 81,000 health, dental and short-term disability lives primarily in Massachusetts, Maine and New Hampshire.
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PACIFICARE EYES CONTINUED AZ MEDICARE GAINS
PacifiCare Health Systems (Cypress, CA), which experienced 18% membership growth in its Arizona Medicare Advantage plan in 2004 to more than 100,000 lives, said it hopes to continue to post gains through 2005. As of this month, PacifiCare had 103,000 Medicare Advantage lives in Arizona.
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LA HMO NET INCOME FALLS 14% THROUGH 9 MONTHS 2004
Louisiana HMOs reported net income of $37.335 million through the first nine months of 2004, down 14% from the same period a year earlier, according to data from the state department of insurance.
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AR HMO PROFITS FALL 35% THROUGH 9 MONTHS 2004
Arkansas HMOs reported net income of $13.555 million through the first nine months of 2004, down 35% from the same period a year earlier, according to an MHMR tally of state insurance department data.
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UNITEDHEALTH DEBT GETS “a” RATING FROM BEST
Ratings firm A.M. Best (Oldwick, NJ) said it assigned a debt rating of “a” on $500 million in 4.875% 10-year senior unsecured notes issued by UnitedHealth Group (Minnetonka, MN).
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BEST UPGRADES AETNA’S DEBT RATINGS TO “bbb+”
Citing a “high quality balance sheet and earnings stream,” ratings firm A.M. Best (Oldwick, NJ) upgraded to “bbb+” from “bbb” the debt ratings of Aetna Inc. (Hartford, CT) on its $450 million 7.375% senior notes due 2006, $450 million 7.875% senior notes dues 2011, and $700 million 8.5% senior notes due 2041.
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WELLPOINT’S KAPUSTAY, FRICK TO RETIRE
Rebecca Kapustay, 51, executive vice president of WellPoint Inc. (Indianapolis) and chief executive of the company’s Blue Cross Blue Shield of Wisconsin operation, will retire effective April 1.
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HUMANA CHAIRMAN JONES TO RETIRE
Humana Inc. (Louisville, KY) announced that chairman and co-founder David Jones, 73, will retire next month. A successor will be elected at the company’s April 26 board meeting immediately following the annual shareholders’ meeting.
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NMHCS ACQUIRES MONEY-LOSING PCN FOR $13 MILLION
National Medical Health Card Systems Inc. (Port Washington, NY) has announced the acquisition of money-losing pharmacy benefit management company Pharmaceutical Care Network (Sacramento, CA) for $13 million in cash plus additional potential payments based on future performance.
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AETNA TO EXPAND MAIL ORDER DRUG OPERATIONS
Aetna Inc. (Hartford, CT), which is currently filling more than 500,000 mail order prescriptions monthly, will open a second mail order facility this year in Pompano Beach, FL.
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