NU Online News Service, Aug. 1, 2003, 12:10 p.m. EDT – PacifiCare Health Systems Inc., Cypress, Calif., is reporting $73 million in net income for the second quarter on $2.7 billion in revenue, compared with $20 million in net income on $2.8 billion in revenue for the second quarter of 2002.
The company ended the quarter insuring or administering coverage for 2.5 million people, down from 3.3 million people a year earlier.
Commercial membership fell 12% because PacifiCare stopped participating in the California Public Employees Retirement System health plan. But dropping CalPERS helped improve PacifiCare’s profitability. PacifiCare averaged $572 in commercial revenue per commercial member, up 18% from the average for the second quarter of 2002.