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May 31, 2006
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MHMR May 31, 2006; Volume 14, Number 10
AZ HMO profits drop 10%...WellPoint last in paying docs...HSA highlights...Chart: AZ HMO financials...Humana outlook downgraded...WI HMO profits rise in 2005...Chart: WI HMO financials...Molina wins CA Medicaid lives...Molina buys Cape Health...Health Net taps Hoffmeier...HMO stocks rise 3%...Services stocks rise 2%...Drug costs rise 5%, Medco says...and more...
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AZ HMO PROFITS DECLINE 10.3% IN 2005
HMOs in Arizona reported net income of $154.4 million in 2005, down 10.3%, on revenues of $4.036 billion, up 2.7%, according to an MHMR tally of state insurance department data.
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WELLPOINT RANKED LAST IN PAYING DOCS
WellPoint Inc. (Indianapolis) ranked worst among seven national payers in paying claims, based on an “ease of doing business with the insurer index” established by AthenaHealth (Watertown, MA), a provider of physician practice management software.
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HUMANA OUTLOOK DOWNGRADED BY A.M. BEST
A.M. Best Co. (Oldwick, NJ) has affirmed the “A-” financial strength rating of Humana Inc. (Louisville, KY); however, Best downgraded the outlook on the rating to negative from stable to reflect the Humana’s increased exposure to the Medicare Advantage and Part D programs.
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WI HMO PROFITS INCREASE 14.3% IN 2005
HMOs in Wisconsin boosted net income 14.3% to $147.1 million in 2005 on revenues of $4.177 billion, up 4%, according to an MHMR tally of state insurance department data.
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MOLINA WINS CA MEDI-CAL CONTRACTS
Molina Healthcare Inc. (Long Beach, CA) said that it had won contracts to continue to serve 100,000 Medicaid lives in California’s San Bernardino and Riverside counties through the state’s Medi-Cal program.
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DRUG COSTS RISE JUST 5.4% IN 2005, MEDCO SAYS
Medco Health Solutions (Franklin Lakes, NJ) reported that spending on prescription drugs rose just 5.4% in 2005, the lowest rate of increase since the company began tracking the data in 1999.
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HEALTH NET FEDERAL SERVICES HIRES HOFFMEIER
Health Net Inc. (Woodland Hills, CA) has hired Donna Hoffmeier as vice president of government relations at its Sacramento-based federal services operation. She was most recently with UnitedHealth Group.
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