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Sierra Reports Higher 4th Quarter Net Income

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NU Online News Service, Jan. 30, 5:04 p.m. – Sierra Health Services Inc., Las Vegas, is reporting $5 million in net income for the fourth quarter of 2001 on $339 million in revenue, up from $2.6 million in net income on $300 million in revenue for the fourth quarter of 2000.

The managed care company is selling some operations in Texas and shutting others. Net income from the operations that Sierra is keeping increased to $5.7 million, from $3.8 million, according to company figures.

Sierra provides major medical insurance for some customers and administers self-insured plans for others. Total enrollment increased 4%, to 1.3 million, and average premium revenue increased to $552 per insured member, from $473.

A year ago, Sierra was having trouble with debt becauses of losses in Texas. The company has succeed at cutting its revolving debt to $89 million Dec. 31, 2001, from $135 million a year earlier.