Qualmed Inc

In another sign of the ongoing consolidation of the health care industry in anticipation of national health care reform, Woodland Hills-based Health Net Inc. said Monday that it has agreed to merge in a stock exchange transaction with its once-bitter enemy, QualMed Inc. of Pueblo, Colo. Executives of both health maintenance organizations said the benefits of creating a combined company of 1.

Health Net-QualMed Merger Moves Forward: QualMed shareholders have approved a pending merger with HN Management Holdings, a unit of Woodland Hills-based Health Net, California's second-largest health maintenance organization. Separately, the companies said a Superior Court judge in Sacramento on Monday denied a request from the California Department of Corporations for a restraining order to block $3.3 million in payments to Health Net executives in connection with the merger.

Health Net-QualMed Merger Moves Forward: QualMed shareholders have approved a pending merger with HN Management Holdings, a unit of Woodland Hills-based Health Net, California's second-largest health maintenance organization. Separately, the companies said a Superior Court judge in Sacramento on Monday denied a request from the California Department of Corporations for a restraining order to block $3.3 million in payments to Health Net executives in connection with the merger.

In another sign of the ongoing consolidation of the health care industry in anticipation of national health care reform, Woodland Hills-based Health Net Inc. said Monday that it has agreed to merge in a stock exchange transaction with its once-bitter enemy, QualMed Inc. of Pueblo, Colo. Executives of both health maintenance organizations said the benefits of creating a combined company of 1.

Health Systems International Inc. Profits Soar: The company said fourth-quarter earnings rose sixfold as enrollment in its managed health-care plans gained 13%. Health Systems, which is based in Pueblo, Colo. and in Woodland Hills, posted profit from operations of $24.3 million, or 49 cents a share, up from $3.8 million, or 8 cents, a year ago. For the full year, profit from operations almost doubled to $88.5 million, or $1.78 a share, from $46.1 million, or 93 cents, a year ago.

The parent of Health Net Inc., the large health maintenance organization based in Woodland Hills, said Monday that the Securities and Exchange Commission has approved its registration statement related to the merger of Health Net and QualMed Inc. of Pueblo, Colo. Privately held HN Management Holdings Inc. filed the registration statement after it announced in August a proposed merger with QualMed in a stock deal. Under the proposed transaction, each share of Health Net would be converted into 3.

A state judge has thrown out the bulk of a lawsuit that Qual-Med Inc. filed against Health Net, a suit that challenged Health Net's conversion from a nonprofit to a for-profit entity in February. Health Net, based in Woodland Hills, is the state's second largest health maintenance organization (HMO) with nearly 900,000 members. Qual-Med, headquartered in Pueblo, Colo., operates HMOs in several states and has unsuccessfully attempted to acquire Health Net. Superior Court Judge Ronald B.

Health Net Chairman Roger Greaves and five other top executives with the big health maintenance organization are suing the state Department of Corporations for blocking their company's plan to award Greaves and 28 other executives $65 million in stock incentives.

Foundation Health Corp. on Tuesday asked a federal court to block the Defense Department from allowing rival Aetna Government Health Plans to take over a contract to provide managed health care for 840,000 military dependents and retirees in California and Hawaii. The Defense Department awarded Aetna the $3.5-billion, five-year contract in July. Rancho Cordova, Calif.-based Foundation and another unsuccessful bidder protested that the award process was unfair and illegal.