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Managed Care Companies
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WELLCARE SHARES RISE ON UPGRADE BY CIBC ANALYST
Shares in WellCare Health Plans (Tampa, FL) soared on Nov. 20 after CIBC World Markets analyst Carl McDonald upgraded the company to “sector outperformer—speculative,” noting that the federal investigation into the company’s activities appears to be limited.
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HEALTH NET NAMES LAMBDIN NORTHEAST PRESIDENT
Health Net (Woodland Hills, CA) has promoted Paul Lambdin, 46, to president of its northeast operation, serving New York, New Jersey and Connecticut. He replaces Steven Nelson, who had held the post since January 2005 and is leaving to join competitor UnitedHealth. Lambdin was most recently chief commercial and Medicaid officer for the northeast operation.
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’08 TO BE ANOTHER GOOD YEAR FOR MCOs
The managed care industry can expect another strong year in 2008, with opportunities for improved margins and gains in Medicare, said Carl McDonald, senior analyst of CIBC World Markets (New York), during a webinar hosted by Corporate Research Group (New Rochelle), Nov. 28.
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NORTHWEST SELF-INSURED LIVES GROW 3%
Self-insured enrollment in the northwestern states of Oregon, Washington and Alaska rose 3.2% to 1.832 million for the year through June 30, according to an MHMR tally.
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CT CANCELS MCO MEDICAID CONTRACTS
The State of Connecticut announced that it would terminate managed Medicaid contracts with four health plans effective Dec. 1 after the two largest contractors—Health Net and WellPoint’s Anthem Blue Cross Blue Shield of Connecticut—“refused to fully comply with public accountability standards” under the state Freedom of Information Act.
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UNITED, HEALTH NET JOIN ON TRICARE
UnitedHealth Group (Minnetonka, MN) and Health Net (Woodland Hills, CA) announced that they will jointly bid on certain military health insurance contracts when the U.S. Dept. of Defense issues its expected request for proposal for its Tricare program.
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CIGNA TO BUY GREAT-WEST HEALTH
Cigna Corp. (Hartford, CT) is acquiring the healthcare assets of Great-West Life & Annuity Inc. (Denver) for an estimated 8.5 times the operation’s projected 2007 net income, according to an analysis by Corporate Research Group.
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3Q07 COMMERCIAL PPO LIVES ARE FLAT
Fully funded commercial PPO enrollment among 19 leading managed care organizations was flat at 41.1 million as of Sept. 30, 2007, compared to the same period a year earlier.
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