NU Online News Service, Nov. 1, 2004, 6:22 p.m. EST
Successful efforts to winnow out money-losing commercial accounts helped increase third-quarter profits at a large Midwestern managed care company.[@@]
Humana Inc., Louisville, Ky., is reporting $84 million in net income for the latest quarter on $3.2 billion in revenue, up from $62 million in net income on $3 billion in revenue for the third quarter of 2003.
The company insured or administered medical coverage for 6 million U.S. residents Sept. 30, down from 6.6 million a year earlier.
The drop in enrollment was the result of a national restructuring of the federal government’s TriCare military health coverage program. Humana’s share of TriCare program enrollment fell 35%, to 2.7 million.