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BUSINESS
December 27, 1995 | From Associated Press
A doctor says he was dropped by a health maintenance organization for violating his loyalty oath by criticizing the HMO on "Donahue" and at an industry conference. US Healthcare Inc. disputed that, saying Dr. David Himmelstein was dropped because of cutbacks unrelated to his criticism. Himmelstein complained last month at a health-care conference in New York and again on television talk show "Donahue" on Nov.
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BUSINESS
December 27, 1995 | From Associated Press
A doctor says he was dropped by a health maintenance organization for violating his loyalty oath by criticizing the HMO on "Donahue" and at an industry conference. US Healthcare Inc. disputed that, saying Dr. David Himmelstein was dropped because of cutbacks unrelated to his criticism. Himmelstein complained last month at a health-care conference in New York and again on television talk show "Donahue" on Nov.
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BUSINESS
May 23, 1996 | Times Staff and Wire Reports
U.S. Healthcare Loses Antitrust Case: A federal jury ordered the Blue Bell, Pa.-based health-care provider to pay $1.2 million to a smaller rival that claimed the company coerced suppliers into using its services. The jury awarded compensatory damages of $200,000 and punitive damages of $1 million to Brokerage Concepts Inc. of King of Prussia, Pa. The compensatory damages would be automatically trebled under federal antitrust laws if the verdict withstands a possible appeal. U.S. Healthcare Inc.
BUSINESS
April 27, 1996 | Times Staff and Wire Reports
Aetna Earnings Rise 20% in 1st Quarter: The largest publicly traded U.S. life and health insurer said stronger profit in its growing health insurance business pushed earnings to $124.1 million, or $1.07 a share, from $103.0 million, or 91 cents, a year earlier. Improved health insurance profit is vital for Aetna Life & Casualty Co., which sold its property and casualty insurance unit April 2 in order to acquire US Healthcare Inc. later this year.
BUSINESS
August 6, 1997 | (Associated Press)
Aetna Inc., which merged with US Healthcare Inc. last summer after selling its property-casualty insurance operations, reported its second-quarter earnings fell 20%. Operating earnings from continuing operations were up 24%, when one-time items were excluded. Those results were in line with Wall Street expectations, but Aetna shares plunged $14.25 to close at $102.75 on the New York Stock Exchange. Analyst Gary Frazier at Bear Stearns & Co. said the stock price slid because the Hartford, Conn.
BUSINESS
July 29, 1986 | JUBE SHIVER Jr., Times Staff Writer
Just weeks after gobbling up the nation's third-largest investor-owned operator of health maintenance organizations, Maxicare Health Plans on Monday agreed to pay $400 million to acquire No. 2--financially troubled HealthAmerica Corp. The deal would catapult Los Angeles-based Maxicare to the top ranks of billion-dollar health-care firms with an estimated 2 million members and projected revenue of $1.6 billion in 1986 from operations in 32 states.
BUSINESS
April 5, 1996 | From Reuters
Corporate mergers have roared ahead in the first days of the second quarter, prompting Wall Street experts to predict another record year for mergers and acquisitions. Although some merger specialists previously doubted that 1996 could top 1995's record, the blockbuster pace seen in the year's first three months has quieted the cynics.
BUSINESS
October 11, 1996 | From Bloomberg Business News
Aetna Inc. said Thursday that it is reducing its work force by 13%, or 4,400, and taking charges of $307 million as it moves to cut expenses after buying US Healthcare Inc. Aetna will layoff about 8,200 people by the end of 1998, but will add new jobs to bring the net loss to 4,400. The Hartford, Conn.-based insurance giant is shedding about 4,000 jobs as a result of merging its health business with that of US Healthcare, which it bought in July for $8.18 billion.
BUSINESS
September 9, 1993 | MICHAEL FLAGG, TIMES STAFF WRITER
HMO stocks took a tumble Wednesday after the federal government announced that Medicare will give smaller rate increases next year than the industry had expected. Two Southern California health maintenance organizations--Pacificare Health Systems Inc. and FHP International Corp.--are among the biggest players in the $250-billion market. Their shares were down sharply. The Class A stock of Pacificare, whose Medicare business accounts for about 52% of its premium revenue, lost $5.
BUSINESS
October 14, 1993 | DAVID R. OLMOS, TIMES STAFF WRITER
Stocks of health maintenance organizations took a lashing Wednesday after California's giant public employee pension fund said it would seek a 5% reduction in insurance premiums for its members next year. While some analysts expressed doubts that the California Public Employees Retirement System will be able to negotiate such a large reduction, the news sparked a broad selloff among managed care stocks, even among firms that do not do business in California.
BUSINESS
December 14, 2001 | RONALD D. WHITE, TIMES STAFF WRITER
Aetna Inc., the nation's largest health insurer, said Thursday it will cut 6,000 jobs, or roughly 16% of its work force, as it continues struggling to digest its acquisitions of the 1990s. Aetna's latest move follows 5,000 other job cuts it has announced already this year and a third-quarter loss of $54.4 million. About 4,400 of the latest reductions will come through layoffs, with the other 1,600 through attrition.
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