Managed Care Report
February 22, 1999 2 minutes read
Managed Care Report
• Cigna (Philadelphia) has named Terry Kendall president of the company’s international employee benefits and life insurance operations. Cigna reported 4Q98 revenues of $5.5 billion, about the same as 4Q97 revenues of $5.5 billion. The company reported a net income of $238 million, $1.14 per share, compared to a net income in 4Q97 of $240 million, $1.09 per share.
• Blue Cross and Blue Shield of South Carolina (BCBSSC; Columbia, SC) has introduced a new policy specifically designed to help seniors have an alternative way to pay for long term care. Blue Secure is a tax-qualified plan that offers coverage for nursing home, assisted living, professional home healthcare, adult day care, respite care and community care. The program lets the policyholder choose a daily benefit amount from $40 to $200 a day, the length of time they think they will need the benefit and other features.
• United Wisconsin Services (Milwaukee) and its 38% shareholder, Blue Cross and Blue Shield United of Wisconsin (BCBSUW; Milwaukee), said they have begun negotiations for the purchase by BCBSUW from United Wisconsin of 2.8 million shares of United Wisconsin common stock to be issued in a privately negotiated transaction. In a related matter, BCBSUW said the BCBSUW and United Wisconsin pension plan is planning to acquire up to 700,000 shares of United Wisconsin common stock on the open market. These transactions are part of the previously disclosed plan for BCBSUW to increase its ownership in United Wisconsin to qualify United Wisconsin’s Compcare HMO subsidiary to use the Blue brand on its products.
• PacifiCare Health Systems (Santa Ana, CA), recognizing consumer demand for reliable health information, is providing its members free access to in-depth health information via its web sites, www.pacificare.com and www.securehorizons.com. PacifiCare’s future plans call for access at doctor’s offices and work sites for both members and non-members. The new program, Taking Charge of Your Health, provides comprehensive information on topics, including medications, diagnosed conditions, medical tests, treatments, self-care options, and advice on when to see a physician.
• Trigon Healthcare (Richmond, VA) reported FY98 total revenues of $2 billion, a 7.3% jump from FY97 revenues of $1.9 billion. The company recorded a FY98 net income of $123.6 million, compared to a FY97 net income of $95.1 million, an increase of 30%.
For 4Q98, the company reported revenues of $597.3 million, 15.4% higher than 4Q97 revenues of $517.7 million. The company reported a 4Q98 net income of $48.6 million, $1.13 per share, compared to a 4Q97 net income of $22.5 million, 53 cents per share.
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