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Health Net To Report $48 Million In Tech Charges

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NU Online News Service, Jan. 23, 12:37 p.m. – Health Net Inc., Los Angeles, says it will report $48 million in technology-related charges for the fourth quarter of 2002.

The charges, which will reduce net income, will include a $36 million write-off of the value of software made obsolete by computer system changes and consolidation.

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The charges will also include $12 million for the write-off of an investment in MedUnite Inc., San Diego. Health Net and other managed care companies formed MedUnite in an effort to persuade more doctors to file claims electronically, but the founding companies ended up abandoning the venture and selling it to an established health data communications company.