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July 31, 2006
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MHMR July 31, 2006; Volume 14, Number 13
2Q06 MCO profits rise 18%...NY HMO profits rise 30%...NV Medicaid pacts awarded...Chart: NY HMO financials...Medicare PDP lives tops 10 MM...Aetna offers Medicare FFS plan...Coventry taps Burke...GA ’05 HMO profits fall 19%...Chart: GA HMO financials...Centene buys vision business...Horizon Health shares plummet...HMO stocks fall 4%...Services stocks fall 2%...PharmaCare sees drugs cost rise...and more...
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NY HMO PROFITS INCREASE 29.5% IN 2005
New York HMOs reported net income of $1.097 billion in 2005, up 29.5%, on revenues of $18.785 billion, up 3.4%, according to an MHMR tally of state insurance department data.
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WELLPOINT, SIERRA WIN NV MEDICAID PACTS
WellPoint Inc. (Indianapolis) and Sierra Health Services (Las Vegas, NV) have won contracts to serve Nevada’s Medicaid population, representing about 105,000 lives, with each plan expected to enroll about half the total.
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MEDICARE PDP LIVES TOP 10 MILLION IN JUNE
Membership in the stand-alone Medicare Part D Prescription Drug Program was 10.34 million as of June 11, 2006, according to data from the Centers for Medicare & Medicaid Services.
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GA HMO NET INCOME DECLINES 19.3% IN 2005
Georgia HMOs reported 2005 net income of $57.5 million, down 19.3%, on revenues of $3.082 billion, up 0.4%, according to an MHMR tally of state insurance department data.
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CENTENE COMPLETES OPTICARE MANAGED VISION DEAL
Centene Corp. (St. Louis) said it has completed the previously announced (MHMR, April 30) acquisition of the managed vision business of OptiCare Health Systems Inc. for $7.5 million in cash.
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HORIZON HEALTH SHARES PLUMMET ON PROFIT SHORTFALL
Horizon Health (Lewisville, TX) saw its shares plummet after the company warned that profits would be lower than expected for the fiscal year ending Aug. 31, 2006, with earnings per share projected to be $0.78 to $0.80 ($12 million to $12.4 million based on 15.4 million diluted shares).
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PHARMACARE EXPECTS ’06 DRUG COSTS TO RISE 10.5%
PharmaCare (Lincoln, RI), the pharmacy benefit management unit of CVS, said it expects spending on prescription drugs to rise 10.5% in 2006, compared to a 9% increase in 2005 and an 8.7% increase in 2004.
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