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Maxicare Reports Second Quarter Net Loss And Big Drop In Revenue

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NU Online News Service, Aug. 22, 2:55 p.m. – Maxicare Health Plans Inc., Los Angeles, is reporting a $4.9 million net loss for the second quarter on $122 million in revenue, down from a $4.7 million net loss on $187 million in revenue for the second quarter of 2000.

The struggling managed care company says commercial premiums fell 33%, to $73 million.

Commercial revenue fell because a Maxicare health maintenance organization in Louisiana was sold, and the Maxicare HMO in Indiana and the Maxicare Life and Health Insurance Company were placed in rehabilitation, Maxicare says.

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Maxicare (California), Maxicare’s California operating subsidiary, has filed for bankruptcy court protection.

Despite the bankruptcy filing, California commercial premium revenue increased $6.4 million, Maxicare says.