September 16, 1999 |
PacifiCare Health Systems Inc., the largest operator of Medicare health-maintenance organizations, said Chief Financial Officer Robert Stearns resigned and Senior Vice President Mary C. Langsdorf will take over the position until a replacement is found. Stearns, 47, joined Santa Ana-based PacifiCare in July 1998. PacifiCare did not give a reason for his departure, but said it has begun a search for his replacement. PacifiCare fell $2.03 to close at $56.94 on Nasdaq, a 52-week low.
July 1, 1998
The California Public Employees' Retirement System said it plans to increase the number of health maintenance organizations it offers to its 1 million members in a bid to keep down costs and expand access. CalPERS instituted a moratorium on adding new HMOs in the late 1980s, when members could choose from among 30 plans. Industry consolidation has cut that choice to 10.
December 6, 2002 |
California's biggest HMOs are getting richer even as rising medical costs strain the budgets of their customers, according to filings with state regulators. The state's five largest health maintenance organizations had stockpiled reserves totaling $3.15 billion as of Sept. 30. That was $2.2 billion more than they needed to meet the minimum standards of financial health mandated by the state Department of Managed Health Care.
November 11, 2000 |
Even as the U.S. stock market took a tumble this week amid uncertainty over the presidential election, shares of health maintenance organizations have held up as investors breathed a sigh of relief over assurance of a Republican-dominated Congress. The Standard & Poor's HMO index steadily moved up this week and on Friday hit 402.65 points, a new high for the year, defying sharp declines in both the Dow Jones industrial average and the Nasdaq composite index.
February 10, 1999 |
The American Assn. of Health Plans, a trade group representing health maintenance organizations, said it will encourage its members to begin reimbursing patients for the cost of care for experimental treatments. The group reached agreement with the National Institutes of Health to encourage plans to cover the cost of patient care for drugs and other treatments that are undergoing the testing needed to win government approval for sale in the U.S.
October 2, 1999 |
In another blow to the managed-care industry, the Illinois Supreme Court has ruled that individuals may sue their health maintenance organizations for medical malpractice, according to court documents. The ruling came as Congress weighs patients' rights legislation and a group of prominent lawyers plans to file class-action suits against HMOs. It also came just a week after an Ohio jury awarded $51.
February 12, 1998 |
Foundation Health Systems Inc. said managed health-care companies need to change their business models to produce sustainable profits. Health-maintenance organizations have been operating as the start-up companies they once were, chasing new membership to boost revenue and using capital inefficiently, said Foundation Health President Jay Gellert. As a result, many HMOs are now facing lower earnings or losses.