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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."
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BUSINESS
January 14, 2005 | Lisa Girion
Health Net of California has been fined $250,000 for underpaying some emergency room and other hospital-based doctors by as much as $7 million, the state Department of Managed Health Care said. The department said it found that the Woodland Hills company had underpaid on 65,000 claims submitted by doctors who were not under contract with the health maintenance organization during the first 10 months of 2004. On Jan.
BUSINESS
February 12, 2004 | Lisa Girion, Times Staff Writer
Health Net Inc. reported Wednesday that its fourth-quarter profit doubled, but the health insurer's stock tumbled as much as 14% on a downbeat forecast for the first quarter and all of 2004. Woodland Hills-based Health Net said earnings would be 51 to 55 cents a share in the first quarter and $2.92 to $3.07 a share for the full year -- both below Wall Street's estimates. The company said the gloomy forecast reflected the expense of consolidating its claims systems.
BUSINESS
June 8, 1993
Health Net, a large Woodland Hills-based health maintenance organization, said it acquired Sentinel Life Insurance Co., a Los Angeles insurer, for $3.7 million. Health Net said it also bought additional shares of Sentinel stock for $2 million. The purchase of Sentinel from Prairie States Life Insurance Co. expands Health Net's product line beyond traditional health care by adding indemnity, life and disability insurance products, Health Net said.
BUSINESS
July 2, 2005
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
BUSINESS
August 3, 1993
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.
BUSINESS
January 26, 1993
Health Net, the state's second-largest health maintenance organization, said it has won a court order that blocks USA Healthnet, another major health-care concern, from operating in California under the USA Healthnet name. Health Net, based in Woodland Hills, filed suit in federal court in Los Angeles to preempt confusion among consumers. U.S.
BUSINESS
August 22, 2003 | Ronald D. White, Times Staff Writer
Health Net Inc., one of California's largest health insurers, won a contract valued at $1.4 billion to provide health coverage to U.S. military personnel, their dependents and retirees. Woodland Hills-based Health Net said it had obtained the North region contract of the federal government's Tricare program, which covers 1.7 million eligible beneficiaries in 20 states and the District of Columbia.
BUSINESS
June 25, 1991 | PHILIPP GOLLNER and JAMES F. PELTZ, TIMES STAFF WRITERS
Managers of Health Net said Monday that they would continue to pursue a $108-million offer to buy the nonprofit health maintenance organization, apparently rejecting a $225-million buyout offer from Humana Inc. and a merger proposal from Blue Cross of California. In a prepared statement, Health Net said: "We are unsympathetic to competitors' attempts to burden Health Net with excessive debt that could force us to cut jobs, cut services and cut payments to physicians. . . .
BUSINESS
January 4, 2001 | Bloomberg News
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.
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