August 4, 2012 |
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.
CALIFORNIA | LOCAL
December 23, 1988
I would like to comment on your editorial "Medical Costs: Out of Sight" (Dec. 1) concerning the high cost of medical care. Recently, a friend of mine who had never been sick in his life, was stricken with a painful attack of diverticulitis. He had to be confined to a hospital bed for 36 hours while being treated with antibiotics. I picked him up when he checked out of the hospital and drove him to his home. Oddly, his greatest concern was not about the frightening attack from which he had just recovered, but about the cost of his hospitalization.
February 11, 1996 |
Cruise-bound travelers budget for incidentals such as shipboard gambling and port side shopping, but few plan ahead for possible medical costs. Of course no one expects to spend time in the ship's infirmary, but inevitably, on every cruise, some do. "We see an average of 20 people a day on our line," roughly half crew members, half passengers, said Dr.
April 19, 2002
Any comedian can wring out empathetic laughs with an HMO horror story. Any politician can bring a tear with tales of managed-care mismanagement. It's hard to resist wanting to punish HMOs, to try to force them to give better care. That doesn't mean it's the right thing to do, since one of the aims of managed care has always been to dampen spiraling medical costs. Consider the raft of health coverage bills--18 of them--now pending in the California Legislature.
August 2, 2001 |
Cigna Corp. reported a decline in second-quarter profit due to rising medical costs that could also hurt results for the rest of the year. Cigna, the third-largest U.S. health insurer, said earnings fell 6% to $262 million, or $1.73 a share, missing lowered expectations, as revenue also declined 6%, to $4.7 billion. Cigna had lowered its profit forecast in May, citing higher-than-expected medical costs and a weak stock market that was hurting its retirement-plan business.
CALIFORNIA | LOCAL
November 4, 2004 |
In an effort to offset the skyrocketing cost of unpaid hospital and emergency room bills, the Santa Barbara County Board of Supervisors voted to increase traffic fines and fees for other violations by 12%. Supervisors voted 4-0 to implement an emergency services fund that would levy an estimated $1 million annually in fines and other charges related to traffic violations to cover unpaid medical costs.
June 24, 1991 |
Secretary of Health Louis W. Sullivan appealed on Sunday to the nation's largest organization of doctors to curb soaring U.S. medical costs and improve availability of care or risk a virtual popular revolt. "Unless we act now to meet these goals, we could find ourselves with a critical mass of our citizens demanding a total government takeover of health care," Sullivan told hundreds of doctors at the opening of the American Medical Assn.'s annual meeting.
October 14, 2007 |
Congress is scheduled to vote this week on overriding President Bush's veto of legislation that would expand health insurance for children of low-income families. The outcome remains up in the air. Bush called the bill "an incremental step toward [lawmakers'] goal of government-run healthcare for every American," which he said would be "the wrong direction for our country."
October 17, 1994 |
When the city of Sacramento went shopping for medical insurance for its 4,000 employees this year, it got a pleasant surprise: rate rollbacks of up to 22%. Many other employers across the state--from giant manufacturers to neighborhood retailers--are also enjoying rate cuts, or significantly smaller increases. It is a striking turnabout from just three years ago, when California industry was bemoaning medical cost increases of 10% to 15%--far higher than overall inflation.