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HMO Profits Surge 73% In Second Quarter 2003

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NU Online News Service, March 3, 2004, 2:00 p.m. EST – The nation’s HMOs reported a $4.3 billion profit during the first 6 months of 2003, according to Weiss Ratings Inc.

HMO profits jumped 73.3% over the $2.5 billion earned during the same period in 2002, says Weiss, a financial services rating firm in Jupiter, Fla.

Looking at 2nd quarter results, HMOs with the largest year-over-year increases in net income included:

Care 1st Health Plan, Alhambra, Calif.: $5.1 million in profits in the 2nd quarter 2003, vs. a loss of $173.4 million a year earlier.

Aetna Health Inc., a Florida Corp. headquartered in Tampa: $90.4 million, vs. a loss of $11.1 million.

PacifiCare of Texas Inc., Dallas: $37.9 million vs. a loss of $49.4 million.

Blue Shield of California, San Francisco: $170.6 million, vs. $84.3 million.

Blue Cross Blue Shield of Michigan, Detroit: $152.2 million, vs. $75 million.