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American Medical Reports Higher 4th Quarter Net

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NU Online News Service, Feb. 6, 12:04 p.m. – American Medical Security Group Inc., Green Bay Wis., is reporting $4.3 million in net income for the fourth quarter of 2001 on $208 million in revenue, compared with $126,000 in net income on $240 million in revenue for the fourth quarter of 2000.

The health insurance company focuses on the small-business and individual markets. Major medical enrollment shrank to 557,716 at the end of 2001, from 687,863 a year earlier, because of efforts to get out of unprofitable markets and raise rates enough to cover costs, the company says.

But the company says it is pleased with the results of the cost-cutting efforts and hopes to begin increasing enrollment later this year.

Average revenue per member increased to $373, from $349.