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MAMSI Increases 3Q Net More Than 200%

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NU Online News Service, Nov. 6, 2003, 4:14 p.m. EST – Mid Atlantic Medical Services Inc., Rockville, Md., says increases in the rates customers are paying for coverage helped it increase its third-quarter net income by more than 200%.

The midsize managed care company is reporting $46 million in net income for the latest quarter on $670 million in revenue, up from $23 million in net income on $595 million in revenue for the latest quarter in 2002.

The company ended the quarter providing or administering medical coverage for 2 million people, about as many people as it was covering a year earlier.

Average premium revenue per insured member increased 12%, to $656, while average medical expense per member increased only 5.4%, to $527.