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Managed Care Companies
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BLUE CROSS-CA SETTLES LAWSUIT OVER RECINDED POLICIES
As part of a settlement in a class action lawsuit brought on behalf of 6000 individuals, Blue Cross of California, a unit of WellPoint Inc. (Indianapolis), agreed that it wouldn’t retroactively cancel individual health insurance coverage unless the member “intentionally misrepresented” information on the insurance application.
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BEST UPGRADES HEALTH NET CREDIT RATING
A.M. Best (Oldwick, NJ) has upgraded the issuer credit rating of Health Net (Woodland Hills, CA) to “bb+” from “bb,” reflecting improved consolidated operations.
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1Q07 MCO PROFITS RISE 11%
First-quarter 2007 net income for 13 publicly traded managed care companies rose 11% to $2.517 billion.
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UNIVERSAL TO BUY MEMBERHEALTH
Universal American Financial Corp. (New York), which offers health insurance to seniors, is expanding into the pharmacy benefit management business through the acquisition of privately held MemberHealth Inc. (Cleveland) for $630 million in cash and stock.
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