NU Online News Service, July 15, 2004, 5:48 p.m. EDT
Business continued to flourish during the second quarter at UnitedHealth Group Inc., Minnetonka, Minn.[@@]
UnitedHealth is reporting $596 million in net income for the latest quarter on $8.7 billion in revenue, up from $439 million in net income on $7.1 billion in revenue for the second quarter of 2003.
Average health insurance unit premium revenue per insured commercial member increased 25%, to $535, and the company reports that the cost of paying commercial medical claims ate up only 79.4% of its premium revenue, down from 80.7%.
UnitedHealth’s income statement reflects the recently completed acquisition of Mid-Atlantic Medical Services Inc., Rockville, Md., a large regional managed care company. UnitedHealth says it expects to complete its acquisition of another large regional managed care company, Oxford Health Plans Inc., Trumbull, Conn., by Sept. 30.