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Managed Care Companies
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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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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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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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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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