NU Online News Service, Nov. 4, 2003, 1:11 p.m. EST – Health Net Inc., Los Angeles, says a decrease in medical cost inflation helped it increase income from continuing operations in the third quarter.
The company is reporting a net loss of $2.4 million for the latest quarter on $2.8 billion in revenue, compared with $75 million in net income on $2.6 billion in revenue for the third quarter of 2002. But the results for the latest quarter include $89 million for a settlement related to a workers’ compensation unit that Health Net sold in 1998.
Income from continuing operations, which excludes the settlement costs, increased to $87 million, from $75 million.