July 15, 2005 |
Days after announcing plans to buy an Orange County-based competitor, UnitedHealth Group -- the nation's No. 2 health insurer -- reported Thursday that its profit in the second quarter jumped 36%. UnitedHealth, based in Minnetonka, Minn., said last week that it would pay $8.1 billion for Cypress-based PacifiCare Health Systems, the nation's largest manager of Medicare plans for seniors.
July 9, 2005 |
The acquisition of PacifiCare Health Systems Inc. by industry giant UnitedHealth Group Inc. would mean more competition in the health insurance business -- not less, the companies' chief executives said Friday. UnitedHealth's William W. McGuire and PacifiCare's Howard Phanstiel described the $8.1-billion deal -- which must win regulatory and shareholder approval -- as a step toward a more rational healthcare system.
April 5, 2005 |
PacifiCare Health Systems Inc., the biggest manager of Medicare health plans, and other insurers will get about a 4.8% payment increase from the program in 2006, the Centers for Medicare and Medicaid Services said Monday. Managed-care plans that enroll some of the 41 million people in Medicare, the U.S. government's health insurance program for the elderly and disabled, will get the increased payments, the Baltimore-based agency said.
February 19, 2005 |
PacifiCare Health Systems Inc., the Cypress-based manager of Medicare healthcare plans, and other insurers may get an increase of at least 4% in overall payments from the program next year, the government said. The insurers were given an average reimbursement increase of at least 6.6% this year under a 2003 law to revamp Medicare, the U.S. government's health-insurance program for the elderly and disabled, at a cost of more than $500 billion.
February 4, 2005 |
PacifiCare Health Systems Inc. said Thursday that its fourth-quarter profit more than doubled on the strength of membership growth and on premium hikes that exceeded the increase in the cost of medical care. For the quarter ended Dec. 31, PacifiCare reported net income of $72 million, or 76 cents a share, matching analysts' expectations, compared with net income of $31.5 million, or 35 cents a share, for the same quarter a year earlier.
January 12, 2005 |
PacifiCare Health Systems Inc. gave a 2005 earnings forecast that was roughly in line with Wall Street analysts' views, citing growth in commercial membership in its health plans. The Cypress-based health insurer estimated 2005 net income of $360 million to $375 million and 15% growth in revenue. It expects earnings of $3.64 to $3.80 a share and forecast first-quarter profit of 85 cents to 89 cents a share. That compares with the average estimates of analysts polled by Reuters Estimates of $3.
September 16, 2004 |
PacifiCare Health Systems Inc. said Wednesday that it would buy American Medical Security Group Inc. for $502 million to expand its presence in the small-group health insurance market. Cypress-based PacifiCare, the largest manager of U.S. Medicare health plans, will pay shareholders of Green Bay, Wis.-based American Medical $32.75 a share in cash, a 41% premium on Tuesday's closing price of $23.24. PacifiCare also will assume about $30.2 million of American Medical's debt.
July 30, 2004 |
Higher premiums helped generate a profitable quarter for PacifiCare Health Systems Inc., the company said Thursday. Net income for the second quarter was $76 million, or 80 cents a share, compared with $73 million, or 96 cents, in the same period a year ago. Per-share results were adjusted to reflect a two-for-one stock split in January. The results beat Wall Street expectations by 2 cents. Last year's second-quarter results included an after-tax gain of $8.
January 10, 2004 |
PacifiCare Health Systems Inc. warned investors Friday that the Southern and Central California supermarket strike and lockout could derail a predicted enrollment increase and reduce earnings in 2004. The Cypress-based company, one of the largest providers of the government's Medicare health plan, said 28,000 of the 48,000 members of the United Food and Commercial Workers union it covered became ineligible for benefits Jan. 1.