February 14, 2002 |
Two of California's largest health insurers reported divergent fourth-quarter financial results Wednesday, illustrating how some HMO operators are coping better than others with cost pressures and restructuring that are roiling the industry. PacifiCare Health Systems Inc. took a $59.4-million charge in the fourth quarter due to a restructuring, resulting in a loss of $26.4 million, or 77 cents a share, compared with net income of $12 million, or 35 cents, a year earlier.
February 12, 2002 |
PacifiCare Health Systems Inc.'s turnaround efforts were dealt a setback Monday when the state of Texas announced a lawsuit against one of the company's subsidiaries for failing to pay medical care providers that recently went bankrupt. Texas Atty. Gen.
November 10, 2001 |
PacifiCare Health Systems Inc.'s largest shareholder, UniHealth Foundation of Woodland Hills, lowered its stake in the Santa Ana-based company to 8.6% from 10.2%, according to a regulatory filing. UniHealth Foundation sold 600,000 shares between Oct. 24 and Nov. 1 with prices ranging between $14.41 and $17.97, the filing said. UniHealth said it sold the stock "to provide liquidity to UniHealth Foundation and to further diversify its assets."
September 22, 2001 |
Two large HMOs said Friday that they are dropping Medicare coverage for 44,200 California seniors as part of a steady nationwide retreat by insurers from the federal health insurance program. Many more California seniors who aren't losing coverage will pay more for it, the HMOs said. Nationwide, the Department of Health and Human Services said 58 health plans are withdrawing or cutting services next year, meaning 536,000 seniors--about 10% of the 5.
September 9, 2001 |
As many large HMOs enjoy a year of renewed prosperity, Santa Ana-based PacifiCare Health Systems Inc. can't seem to turn the corner in the eyes of investors and analysts. Profit is down. A junk-bond sale flopped. Doctors groups are fuming. Lawsuits are piling up. And the company's method of paying hospitals has been turned on its head.
August 22, 2001 |
PacifiCare Health Systems Inc., which dropped plans last month to refinance its debt with new creditors, said Tuesday that its current lenders have agreed to extend the due date of its $800-million credit package by one year. The Santa Ana managed-care company, the nation's biggest operator of Medicare health plans, said in a news release that it will pay 1% of the debt, or $8 million, as a fee to amend the credit agreement. The new arrangement, which extends the maturity date to Jan.
August 8, 2001 |
PacifiCare Health Systems Inc., the biggest operator of Medicare health plans, said medical costs in Texas may rise after two doctors' practices there filed for bankruptcy. The doctors, who have contracts to treat about 100,000 PacifiCare customers, sought bankruptcy protection from creditors in July, the company said in a filing with the Securities and Exchange Commission. PacifiCare had 379,000 customers in Texas as of June 30.
August 1, 2001 |
PacifiCare Health Systems Inc. said Tuesday that its second-quarter profit fell 78% and warned that premiums might rise about 15% next year as the biggest operator of Medicare health plans struggled with medical costs that rose faster than premiums. Net income fell to $15.3 million, or 45 cents a share, from $69.2 million, or $1.96, a year earlier, the company said in a prepared statement after U.S. markets closed. Revenue rose 3.3% to $2.97 billion.
July 27, 2001 |
PacifiCare Health Systems Inc.'s shares fell 10% Thursday after a plan to raise $1 billion in debt collapsed for the managed health-care company. The Santa Ana company's shares fell $1.58 to $13.90 in Nasdaq trading. The shares have lost 77% of their value in the last 12 months. Morgan Stanley Dean Witter & Co. failed to sell $600 million in PacifiCare junk bonds because investors were concerned about the company's rising medical costs, bankers familiar with the issue said Wednesday.