June 18, 1988 |
Standard & Poor's Corp. on Friday downgraded some of the debt of Maxicare Health Plans Inc., saying the Los Angeles-based health maintenance organization's "prospects for a return to profitability are dubious." In a strongly worded statement, the bond rating agency said it lowered its ratings to the "low speculative grade" of CCC from B- on $245 million of Maxicare's subordinated debt and $45 million of its Healthcare USA Inc. unit's subordinated debentures.
March 27, 1988 |
Not too long ago, Fred W. Wasserman could be counted on to cultivate gorgeous roses at his Beverly Hills home and generous profits at his Los Angeles company, Maxicare Health Plans. The roses are still blooming at the Art Deco home that Wasserman shares with his wife, Maxicare President Pamela K. Anderson. As for the profits--Maxicare hasn't seen any of those for the past five quarters. In fact, Maxicare reported a $60.
March 27, 1988
It's good to see that the "little old lady from Pasadena" is alive and well ("They're Going 60 at 90--but Safely," by Dave Larsen, March 13). Hazel Gutwein, a 94-year-old from Pasadena, may have to use a cane to walk, but behind the wheel her engine roars (or at least purrs), and she's able to keep up with the flow of traffic.
May 15, 1987
The health maintenance organization said it expects the loss to be between 35 cents and 45 cents a share. The loss is a result primarily of increased interest and amortization expenses and an operating deficit from HMOs acquired from HealthAmerica, said Fred W. Wasserman, chairman and chief executive. Maxicare is scheduled to report first-quarter results on May 19. Maxicare, the nation's largest publicly held health maintenance organization, serves more than 2.3 million members in 26 states.
March 27, 1985 |
Hawthorne-based Maxicare Health Plans Inc., the nation's largest investor-owned health maintenance organization, said its president and chief executive, Fred W. Wasserman, has been elected to the additional post of chairman. Wasserman, 49, replaces James A. McIntyre, who is president and chief executive of Los Angeles-based Fremont General Corp.
March 18, 1989 |
1980--Maxicare, founded in 1973, becomes a for-profit company, expanding over the next several years into 26 states and serving more than 2 million members. 1985--The health care industry enters a period of soaring costs. Conventional health insurers cut rates to compete with health maintenance organizations, while HMOs add costly new plans to increase membership. July, 1986--Maxicare buys two financially troubled HMOs, paying $400 million for HealthAmerica Corp.