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April 30, 2008
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MHMR April 30, 2008: Volume 16, Number 8
United taps Boudreaux…Medco renews United PBM pact…WellPoint to buy DeCare Dental…SPECIAL REPORT: 1Q08 MCO Financials…1Q08 MCO net falls 10%...Aetna, Cigna, Coventry, Health Net, Humana, Molina, United, WellPoint…Chart: 1Q08 MCO financials…Will Health Net split up?...Magellan lowers profit forecast…MCO stocks fall 0.9%...Services stocks fall 3%...and more…
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MEDCO RENEWS UNITED PBM BUSINESS
Medco Health Solutions (Franklin Lakes, NJ) will hold onto the pharmacy benefit management business of UnitedHealth Group after all. Medco announced an agreement to continue to provide PBM services to United through Dec. 31, 2012
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WELLPOINT TO ACQUIRE DECARE DENTAL
WellPoint Inc. (Indianapolis) announced an agreement to acquired DeCare Dental (Minneapolis), which acts as a third-party administrator of dental benefits for 10 dental plans representing 3.9 million lives and 21,000 group clients.
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1Q08 MCO NET INCOME FALL 10%
First-quarter 2008 net income among 10 top managed care organizations fell 10% to $3.098 billion on revenues of $74.523 billion, up 8%.
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HEALTH NET CAN EXPECT CALLS TO SPLIT UP, ANALYST SAYS
Health Net (Woodland Hills, CA) continues to under-perform the overall managed care sector, which will likely lead to increased pressure on management to split the company up, according to Oppenheimer analyst Carl McDonald.
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MAGELLAN LOWERS EPS OUTLOOK; CFO TO LEAVE
Magellan Health Services (Avon, CT) said that it lowered its 2008 earnings outlook to between $71 million and $89 million ($1.73 to $2.17 per diluted share), citing a reduction in interest income and additional stock compensation expenses.
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