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June 30, 2006
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MHMR June 30, 2006; Volume 14, Number 12
BCBS HMO/POS lives fall...1Q06 HMO/POS lives rise 1%...Magellan to buy Icore...Chart: BCBS HMO/POS lives...Chart: 1Q06 HMO/POS lives...Faller to retire from WellPoint...Health Net refinances debt...United, Coventry win ruling...HMO stocks fall 2%...Services stocks fall 1%...and more...
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1Q06 BCBS LIVES FALL 2.4%
Fully funded HMO and POS lives among 19 leading Blue Cross Blue Shield companies dropped 2.4% to 24.668 million as of March 31, 2006.
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1Q06 HMO/POS LIVES RISE 0.6%
Fully funded HMO and POS enrollment among 21 leading managed care organizations increased 0.6% to 59.389 million as of March 31, 2006, compared to the same period a year earlier.
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MAGELLAN TO BUY SPECIALTY PHARMACY
Magellan Health Services (Avon, CT) continued to diversify away from its core managed behavioral business, announcing the an agreement to acquire specialty pharmacy management firm Icore Healthcare (Orlando, FL) for $210 million plus a potential $75 million earn-out to Icore owners through 2008.
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FALLER TO RETIRE FROM WELLPOINT
Keith Faller, president and chief executive of the central region of WellPoint Inc. (Indianapolis), announced that he will retire in early 2007. A replacement will be named prior to Faller’s departure, the company said. Faller joined the company in 1970.
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HEALTH NET REFINANCES DEBT, TO TAKE CHARGE
Health Net (Woodland Hills, CA) said it will take an $80 million one-time charge in the second quarter related to the refinancing of $400 million in senior notes due 2011.
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UNITEDHEALTH, COVENTRY WIN CLASS ACTION DISMISSAL
UnitedHealth Group (Minnetonka, MN) and Coventry Health Care (Bethesda, MD)—the last two defendants battling class action litigation brought on behalf of 700,000 physicians—saw their patience pay off as a judge in Miami dismissed all remaining claims against the two companies.
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