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June 15, 2006
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MHMR June 15, 2006; Volume 14, Number 11
SPECIAL REPORT: Managed Behavioral...Behavioral toughs it out...Chart: Managed behavioral lives...Magellan, ValueOptions, United, Cigna, MHN, APS, Horizon, Comprehensive...MO HMO net falls 7%...Specialty drug costs soar...Cigna taps Boughey for Midwest...Best affirms Sierra ratings...Amerigroup names Truess CFO...Centene buys MediPlan...Chart: MO HMO financials...NM HMO net falls 68%...Chart: NM HMO financials...Electronic claims to top 90%...HMO stocks fall 1%...Services stocks fall 6%...and more...
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MO HMO NET INCOME DROPS 7.1% IN 2005
HMOs in Missouri reported net income of $190.5 million, down 7.1%, on revenues of $3.465 billion, down 5%, in 2005, according to an MHMR analysis of state insurance department data.
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SPECIALTY DRUG COSTS SOAR, ESRX SAYS
Expenditures on biotech drugs to treat inflammatory diseases—including Enbrel (Amgen), Humira (Abbott Labs), Kineret (Amgen) and Remicade (Centocor)—increased 34% in 2005, according to the 2006 Express Scripts Drug Trend Report.
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BEST AFFIRMS RATING FOR SIERRA HMO UNIT
Ratings firm A.M. Best has affirmed the financial strength rating of “B++” or “very good” for Health Plan of Nevada Inc., the primary HMO subsidiary of Sierra Health Services (Las Vegas, NV). Best also affirmed HPN’s issuer credit rating of “bbb+.”
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AMERIGROUP NAMES TRUESS CFO
Amerigroup Corp. (Virginia Beach, CA) has named James Truess chief financial officer, effective July 5. Sherri Lee, who has served as interim CFO, will stay on through a transition period. Truess was most recently with Group Health Cooperative (Seattle).
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CENTENE COMPLETES MEDIPLAN ACQUISITION
Centene Corp. (St. Louis) has completed the acquisition of MediPlan for $8.5 million, a deal that affects 13,000 Medicaid members in Canton, OH (MHMR, Feb. 15).
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NM HMO NET INCOME DECLINES 68.2% IN 2005
HMOs in New Mexico reported a 68.2% decline in net income to $4.6 million on revenues of $2.096 billion in 2005, according to an MHMR tally of state insurance department data.
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ELECTRONIC MEDICAL CLAIMS TO TOP 90% IN 3 YEARS
The penetration of electronic medical claims submissions is expected to reach more than 90% within the next three years, according to Claims Management Data Pak and Action Guide, 2006, soon to be released by Corporate Research Group.
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