NU Online News Service, Oct. 20, 2003, 5:52 p.m. EDT – UnitedHealth Group Inc., Minnetonka, Minn., says big increases in health care services revenue helped it increase its third quarter net income 35%.
The managed care company is reporting $476 million in net income for the quarter on $7.2 billion in revenue, up from $353 million in net income on $6.2 billion in revenue for the third quarter of 2002.
The health care services unit, which sells health insurance and related products and service, generated $490 million in operating income on $6.2 billion in revenue, up from $356 million in operating income on $5.4 billion in revenue.
UnitedHealth ended the quarter providing or administering medical coverage for 7.9 million people, up from 7.7 million people a year earlier.
Average revenue per insured commercial health plan member increased 16%, to $1,244.