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Life Health > Health Insurance

Maxicare Reports Second Quarter Net Loss And Big Drop In Revenue

By Staff Writer

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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.

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.

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