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BUSINESS
October 21, 2013
The company: Health Net Inc. Headquarters: Woodland Hills Ticker: HNT Employees: 7,300 Leadership: Jay Gellert, president and chief executive 2012 revenue: $11.3 billion 2012 net income: $122 million Stock price: $30.74 at Friday's close 52-week range: $21.09 to $33.90 P/E ratio: 14, based on estimated 2013 earnings Quarterly dividend: None
ARTICLES BY DATE
BUSINESS
April 21, 2014 | By Chad Terhune
With open enrollment for Obamacare wrapped up, insurance giant Anthem Blue Cross stayed ahead of the pack in California sign-ups and widened its lead over rival Blue Shield of California. Anthem signed up 425,058 people through April 15, or 30.5% of Covered California's exchange market under the Affordable Care Act, new data show. Anthem is a unit of Indianapolis-based WellPoint Inc., the nation's second-largest health insurer. San Francisco insurer Blue Shield of California trails Anthem with a 27.3% share, or 381,457 enrollees.
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BUSINESS
May 6, 2009 | Lisa Girion
Shares of Health Net Inc. surged Tuesday on better-than-expected first-quarter earnings and on news that it was getting turnaround advice from WellPoint Inc.'s former chief financial officer. The Woodland Hills-based health insurer posted a net income of $22 million, up from a $35.7-million loss a year ago. Excluding one-time charges, that translated into earnings of 41 cents per share, higher than the 35 cents analysts expected.
BUSINESS
April 21, 2014 | By Chad Terhune
With open enrollment for Obamacare wrapped up, insurance giant Anthem Blue Cross stayed ahead of the pack in California and widened its lead over rival Blue Shield of California. Anthem signed up 425,058 people through April 15, or 30% of Covered California's exchange market under the Affordable Care Act, new data show. Anthem is a unit of Indianapolis-based WellPoint Inc., the nation's second-largest health insurer. San Francisco insurer Blue Shield of California trails Anthem with a 27% share, or 381,457 enrollees.
BUSINESS
May 29, 2009 | Lisa Girion
Health Net Inc. has agreed to pay California hospitals at least $1.95 million for care delivered to patients whom the insurer later dropped. The settlement, pending a judge's approval, resolves a lawsuit filed by California hospitals to recover payments they say the Woodland Hills company improperly withheld after canceling the coverage of hundreds of patients.
BUSINESS
November 5, 2012 | By Chad Terhune
Health Net Inc. on Monday said its third-quarter net income plunged 71% as it kept shedding unprofitable employer business and preparing to enroll more Medicaid and Medicare patients. The Woodland Hills health insurer reported net income of $18 million, or 22 cents a share, compared to $61.8 million, or 70 cents a share, for the same period a year ago. Revenue for the quarter ended Sept. 30 rose 3.3% to $2.78 billion from the third quarter of last year. Health Net also said it reached a wide-ranging agreement with the California Department of Health Care Services to resolve prior litigation over rates in certain government health programs.
BUSINESS
October 20, 2013 | By Stuart Pfeifer
Health Net Inc. sees a big opportunity in Obamacare. Although some insurers have taken a cautious approach to the Affordable Care Act, the Woodland Hills managed care company is actively seeking to cover thousands of previously uninsured people under the new healthcare system. Health Net, which focuses on low-cost medical coverage for low- to middle-income households, has joined exchanges in California, Arizona and Oregon. It has added 400 employees and reassigned dozens more workers to handle the anticipated surge of customers.
BUSINESS
August 4, 2012 | By Chad Terhune, Los Angeles Times
Woodland Hills insurer Health Net Inc. slashed its full-year profit outlook for the second time this year as some of the company's customers incurred higher-than-expected medical costs. The news sent company shares tumbling $4.34, or 19%, to $18.36 in trading Friday. Health Net cut its 2012 profit forecast to a range of $1.45 to $1.55 a share, down from $2.85 to $3 a share. Analysts said it will be difficult for management to regain investor confidence after two consecutive disappointing quarters.
OPINION
September 11, 1988
The Legislature has sent Gov. George Deukmejian a number of bills offering modest relief for crucial health-care programs that have been suffering from a shortage of funds. It is a rare opportunity to improve these services. Three of the bills would help mend what have been described by the California Assn. of Public Hospitals as "gaping holes developing in the state's health-care safety net."
BUSINESS
October 11, 2007 | From Times Wire Services
Health Net Inc., a provider of Medicare health plans and other medical insurance, named Joseph C. Capezza chief financial officer as of Nov. 1. Capezza, 52, is the finance chief at Harvard Pilgrim Health Care in Wellesley, Mass. He replaces interim CFO James Woys.
BUSINESS
March 10, 2014 | By Chad Terhune
For the seventh consecutive year, Kaiser Permanente ranked highest in customer satisfaction for health insurance among California policyholders, according to ratings firm J.D. Power & Associates. But two other major rivals -- Blue Shield of California and Anthem Blue Cross -- scored the lowest on member satisfaction among seven California health plans. In its annual survey, J.D. Power surveyed more than 34,000 customers of 136 commercial health plans in December and January in 18 regions across the country.
BUSINESS
February 20, 2014 | By Chad Terhune
Insurance giant Anthem Blue Cross stretched its lead over rival Blue Shield of California in the state's healthcare-coverage exchange, new data show. Anthem signed up 223,630 people through Jan. 31, or 31% of California's exchange market as part of the healthcare law. Anthem is a unit of Indianapolis-based WellPoint Inc., the nation's second-largest health insurer. San Francisco insurer Blue Shield of California trails Anthem with a 29% share or 213,646 enrollees. Kaiser Permanente, the state's biggest HMO, is third with 131,448 exchange customers, an 18% share.
BUSINESS
November 18, 2013 | By Chad Terhune
California officials said three of the state's largest health insurers illegally denied speech and occupational therapy to patients, and regulators fined one of the companies, Health Net Inc., $300,000 for repeated violations. The state Department of Managed Health Care said Monday that it ordered Health Net, Anthem Blue Cross and Blue Shield of California to stop denying medically necessary therapy in cases of developmental disabilities, autism and other medical conditions. The state said the three insurers will be required to reimburse patients who paid out of pocket for these improperly denied treatments.
OPINION
October 27, 2013
Re "Getting a clue about flu shots," Column, Oct. 25 Similar to David Lazarus, I went to my local CVS last week for a flu shot and was told that it was not covered by my insurance. Because my insurance policy is a new one, I agreed and paid $31.99 for my shot (my husband, on Medicare, got his for free). After reading Lazarus' column, I called my insurance company, Aetna, and was told that flu shots were absolutely covered at CVS and most other pharmacies under my plan, and that I shouldn't have been charged anything.
BUSINESS
October 21, 2013
The company: Health Net Inc. Headquarters: Woodland Hills Ticker: HNT Employees: 7,300 Leadership: Jay Gellert, president and chief executive 2012 revenue: $11.3 billion 2012 net income: $122 million Stock price: $30.74 at Friday's close 52-week range: $21.09 to $33.90 P/E ratio: 14, based on estimated 2013 earnings Quarterly dividend: None
BUSINESS
October 20, 2013 | By Stuart Pfeifer
Health Net Inc. sees a big opportunity in Obamacare. Although some insurers have taken a cautious approach to the Affordable Care Act, the Woodland Hills managed care company is actively seeking to cover thousands of previously uninsured people under the new healthcare system. Health Net, which focuses on low-cost medical coverage for low- to middle-income households, has joined exchanges in California, Arizona and Oregon. It has added 400 employees and reassigned dozens more workers to handle the anticipated surge of customers.
BUSINESS
June 15, 1993
Health Net, a large Woodland Hills-based health maintenance organization, has joined with three other health plans to form an electronic data network. The network would establish computer linkages to speed the transfer of paperless transactions between health-care providers and payers. Similar to automated systems used in the banking industry, the network would expedite transmission of health-care data, such as billing and eligibility transactions, using standard formats.
BUSINESS
August 6, 2008 | From Times Wire Services
Shares of Health Net Inc. fell 3% after the insurer's second-quarter profit missed analysts' estimates. Net income dropped 17% to $76.7 million, or 71 cents a share, from $92 million, or 80 cents, a year earlier, the company said. Excluding one-time items, profit was 74 cents a share, missing by 2 cents the average estimate of analysts surveyed by Bloomberg. The company also reduced its 2008 forecast for adjusted earnings to a range of $1.97 to $2.03 a share from $3.45 to $3.55. "It is now apparent that Medicare healthcare costs are running higher than previous expectations," Chief Executive Jay Gellert said, adding that Health Net expected fewer new customers because of "further weakening in the economy."
BUSINESS
August 1, 2013 | By Marc Lifsher
SACRAMENTO -- California's small businesses next year will have a range of competitively priced options offered by a state government health insurance exchange. The agency, Covered California , unveiled its portfolio of coverages Thursday afternoon. They include both health maintenance organizations and preferred provider networks and will be available in all parts of the state as of Jan. 1. Businesses with fewer than 50 employees can buy the insurance but are not required to do so under the new federal Affordable Care Act. Californians who are not covered by employer or government programs, however, will be hit with financial penalties if they fail to obtain health insurance.
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