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Oxford Reports Higher Net Income

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NU Online News Service, Nov. 6, 12:46 p.m. – Oxford Health Networks Inc., Trumbull, Conn., is reporting $86 million in net income for the third quarter on $1.1 billion in revenue, up from $81 million in net income on $1 billion in revenue for the third quarter of 2000.

Enrollment held steady at 1.5 million.

Oxford provides major medical insurance for most of its members, but it also administers self-insured employee health plans with 61,000 members.

Average premium revenue per fully insured member increased 5%, to $768.

The medical loss ratio, or ratio of claims costs to premiums, was 76.5%, up from 74.9% for the third quarter of 2000, but still below the industry average.