Health Net Inc

Health Net Inc., the Woodland Hills-based health maintenance organization, said it received a $364,000 grant from pharmaceutical giant Eli Lilly and Company to study the quality and cost-effectiveness of care of diabetics. Health Net said the study will be conducted at three of the medical groups that contract with Health Net, which has more than 900,000 members and is the state's second largest HMO.

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.

Health Net Inc., one of California's biggest insurers, said it expects profit of $1.55 to $1.58 a share this year after the U.S. government agreed to pay $389 million in back health-care claims. It was expected to earn $1.54 a share, according to analysts. Woodland Hills-based Health Net said it will pay down debt with the settlement from the Defense Department's health-care program for military families. About $120 million to $130 million of the settlement is owed to vendors, the company said.

Health Net Inc., the Woodland Hills insurer hit last week with a $9.4-million penalty after it canceled the policy of a cancer patient while she was undergoing chemotherapy, said Wednesday that the award would take a bite out of its profit. Unlike damages awarded by juries, which often are reduced by appellate courts, Friday’s ruling came from an arbitration judge and is supposed to be binding.

Health Net Inc., one of California's biggest health insurers, said Wednesday that fourth-quarter profit rose 24% as it attracted customers with lower-cost health plans. Net income rose to $46.2 million, or 37 cents a share, from $37.4 million, or 31 cents, a year earlier, the company said. Revenue rose 7.1% to $2.4 billion from $2.2 billion. Woodland Hills-based Health Net raised premiums faster than medical costs increased and controlled administrative expenses.

Health Net Inc. said Tuesday that first-quarter profit rose 25% as the Woodland Hills-based managed-care company attracted more customers. Net income rose to $42.4 million, or 34 cents a share, from $34.1 million, or 28 cents, a year earlier, Health Net said. Revenue rose 13% to $2.5 billion. Health Net has raised premiums faster than medical costs have increased, and it has controlled other expenses.

Foundation Health Systems Inc. of Woodland Hills has changed its name to Health Net and now trades under the symbol HNT on the New York Stock Exchange. The name change applies only to the corporate entity. Other Health Net Inc. subsidiaries including health plans; Foundation Health Federal Services, its government contracts subsidiary; Integrated Pharmaceutical Services; and the company's behavioral health-care company MHN, are not affected. Health Net Inc.

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.

A Louisiana jury ordered Health Net Inc. to pay $117.4 million in the collapse of a Texas health maintenance organization the company sold in 1999. Attorneys for the Texas receiver said Woodland Hills-based Health Net allowed AmCareco Inc. to buy the company with the HMO's own money, leaving the plan insolvent. Shares of Health Net fell 63 cents to $37.53. From Bloomberg News

Woodland Hills-based health insurer Health Net Inc. said first-quarter net income more than tripled as premiums increased. Net income rose to $76.6 million, or 65 cents a share, from $21.3 million, or 19 cents, a year earlier, when Health Net took a charge to settle a lawsuit. Revenue rose 9.4% to $3.19 billion, and health plan premiums climbed 6.2% to $2.55 billion.

One of California's largest for-profit insurers stopped a controversial practice of canceling sick policyholders Friday after a judge ordered Health Net Inc. to pay more than $9 million to a breast cancer patient it dropped in the middle of chemotherapy. The ruling by a private arbitration judge was the first of its kind and the most powerful rebuke to the state's major insurers whose cancellation practices are under fire from the courts, state regulators and elected officials.

The state Thursday slapped a $1-million fine on Health Net Inc., the Woodland Hills-based insurer that acknowledged last week that it set goals for cancellations and paid bonuses in part based on how many policyholders were dropped and how much money was saved. State officials said they levied the fine after finding that the company misled investigators about such bonuses on two occasions during interviews at the company's headquarters this fall.

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.

Woodland Hills-based health insurer Health Net Inc. said first-quarter net income more than tripled as premiums increased. Net income rose to $76.6 million, or 65 cents a share, from $21.3 million, or 19 cents, a year earlier, when Health Net took a charge to settle a lawsuit. Revenue rose 9.4% to $3.19 billion, and health plan premiums climbed 6.2% to $2.55 billion.

More buyouts of health insurance companies are expected by year's end, and Health Net Inc. is emerging as a likely acquisition target. Shares of the nation's largest health insurers are up sharply this year, but none more than those of the Woodland Hills-based insurer, which have soared 64%. Health Net shares rose 2.8% on Friday to an all-time high of $47.32, valuing the company at $5.36 billion. The most likely buyers, says Banc of America Securities analyst Joseph D. France, are Aetna Inc.

A Louisiana jury ordered Health Net Inc. to pay $117.4 million in the collapse of a Texas health maintenance organization the company sold in 1999. Attorneys for the Texas receiver said Woodland Hills-based Health Net allowed AmCareco Inc. to buy the company with the HMO's own money, leaving the plan insolvent. Shares of Health Net fell 63 cents to $37.53. From Bloomberg News

Woodland Hills-based insurer Health Net Inc. said quarterly earnings rose on higher premiums, but gains were offset in part by lower revenue and charges related to the settlement of a physician class-action lawsuit. Health Net reported first-quarter net income of $21.3 million, or 19 cents a share, compared with $15 million, or 13 cents, a year earlier. Revenue fell slightly to $2.91 billion from $2.92 billion a year ago.

Woodland Hills-based insurer Health Net Inc. said quarterly earnings rose on higher premiums, but gains were offset in part by lower revenue and charges related to the settlement of a physician class-action lawsuit. Health Net reported first-quarter net income of $21.3 million, or 19 cents a share, compared with $15 million, or 13 cents, a year earlier. Revenue fell slightly to $2.91 billion from $2.92 billion a year ago.

Health Net Inc., one of California's biggest health insurance companies, posted a larger-than-expected fourth-quarter loss as it swallowed the cost of settling claims disputes with hospitals. The Woodland Hills-based insurer reported a net loss of $85.6 million, or 77 cents a share, contrasted with net income of $89.3 million, or 77 cents, a year earlier. Revenue rose 3.2% to $2.9 billion, largely on the strength of higher premiums.