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April 30, 2009
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MHMR April 30, 2009; Volume 17, Number 8
Coventry, WellCare PFFS exits…NC State Health Plans losses…1Q09 MCO profits rise 7%...4Q08 individual lives rise 0.2%...Chart: 4Q08 individual lives…Chart: 1Q09 MCO financials…Aetna shares fall on rising MCR…Cigna lowers profit outlook…United 1Q09 profits beat Street…WellPoint has good 1Q09…Stage set for 1Q09 MCO profits…Signs Obama plan is in trouble…and more…
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COVENTRY, WELLCARE RETREAT FROM PFFS
Two of the nation’s top managed care organizations—Coventry Health Care (Bethesda, MD) and WellCare Health Plans (Tampa, FL) announced major retreats from the 2010 Medicare Advantage private-fee-for-service market in light of proposed reimbursement cutbacks.
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NC STATE HEALTH PLAN HAS $79.7 MM LOSS
North Carolina’s State Health Plan, which provides coverage to 667,000 state employees, retirees and dependents, lost $79.7 million in the fiscal year ended Aug. 31, 2008, according to an audit released this month by the Office of the State Auditor.
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1Q09 MCO PROFITS RISE 7%
First-quarter 2009 net income for the healthcare operations of 10 top managed care organizations rose 7% to $2.299 billion on revenues of $64.471 billion, up 6.7%.
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CIGNA LOWERS PROFIT OUTLOOK; SHARES FALL
Shares in Cigna Corp. (Philadelphia) fell 5% on April 30, after the company announced lower-than-expected first-quarter 2009 earnings and reduced its full-year 2009 earnings projections.
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