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Coventry Reports Higher 4th Quarter Net Income

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NU Online News Service, Feb. 7, 12:24 p.m. – Coventry Health Care Inc., Bethesda, Md., is reporting $23 million in net income for the fourth quarter of 2001 on $814 million in revenue, up from $21 million in net income on $719 million in revenue for the fourth quarter of 2000.

The managed care company provided or adminstered major medical coverage for 1.8 million U.S. residents at the end of 2001, up from 1.7 million a year earlier.

Average revenue per insured commercial member increased 13%, to $678, and Coventry says it expects premium rate increases to average about 14.5% for the first quarter of 2002, up from 12.5% for the first quarter of 2001.

Although one large managed care company has reported seeing signs of a shift back toward insured health plans, away from self-funded plans, enrollment in insured commercial programs at Coventry held steady at 1.2 million, while enrollment in self-funded programs increased 15%, to 318,528, the company says.