NU Online News Service, Aug. 5, 2003, 11:43 a.m. EDT – Health Net Inc., Los Angeles, is reporting $75 million in net income for the second quarter on $2.8 billion in revenue, up from $65 million in net income on $2.5 billion in revenue for the second quarter of 2002.
The managed care company ended the quarter providing or administering medical coverage for 5.4 million people, about as many people as it covered a year earlier.
The company averaged $829 in health plan services revenue per insured commercial plan member, up 9.3% from the average for the comparable quarter in 2002.
Commercial enrollment fell 1.8% during the quarter because Health Net dropped out of the large health insurance program sponsored by the California Public Employees Retirement System. But claims also fell, and the ratio of plan costs to revenue fell to 83.6%, from 84.04%, Health Net says.