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Wellpoint Health Network Inc

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BUSINESS
April 5, 2003 | Ronald D. White
WellPoint Health Network Inc., based in Thousand Oaks, said it would not appeal the Maryland insurance commissioner's rejection of its $1.37-billion offer to buy CareFirst Inc., a large Blue Cross plan on the East Coast. WellPoint and CareFirst had a month to decide whether to appeal Insurance Commissioner Steven Larsen's decision. Larsen said the purchase price was too low.
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BUSINESS
April 5, 2003 | Ronald D. White
WellPoint Health Network Inc., based in Thousand Oaks, said it would not appeal the Maryland insurance commissioner's rejection of its $1.37-billion offer to buy CareFirst Inc., a large Blue Cross plan on the East Coast. WellPoint and CareFirst had a month to decide whether to appeal Insurance Commissioner Steven Larsen's decision. Larsen said the purchase price was too low.
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BUSINESS
June 2, 1998 | From Bloomberg News
WellPoint Health Networks Inc. is facing opposition from some doctors and hospitals about what they say are insufficient reimbursement rates paid by the managed-care company. Sutter Health, which operates hospitals in Sacramento, has already moved to sever ties with Woodland Hills-based WellPoint, a licensee of the national Blue Cross & Blue Shield Assn. Some other Sacramento systems say the rates paid by the company aren't covering costs.
CALIFORNIA | LOCAL
July 30, 2002 | From a Times Staff Writer
Blue Cross of California and its parent company, Wellpoint Health Networks Inc., have agreed to pay $9.25 million to resolve a whistle-blower lawsuit accusing Blue Cross of defrauding the Medicare system, the U.S.Justice Department said Monday. The alleged abuses occurred during the 1990s while Blue Cross was operating under contract with the federal government to process and audit Medicare claims in the state.
NEWS
February 2, 1997 | SHARON BERNSTEIN, TIMES STAFF WRITER
The competition for four HMOs here and a fifth downtown, which prompted Mayor Richard Riordan last week to endorse a $15-million tax break, is a potentially corrosive process that many cities have begun abandoning in favor of regional cooperation, experts say.
BUSINESS
January 8, 1996 | DAVID OLMOS, TIMES STAFF WRITER
Blue Cross of California said Sunday that its 18-member board, at a special meeting, voted unanimously to express its "unqualified support and confidence" in Leonard D. Schaeffer, chairman and chief executive, who has come under criticism from several board members for recent management actions. The nonprofit health-care organization also said that within three weeks it would file an amended plan to create a public health-care foundation.
BUSINESS
March 31, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
As investment bankers, lawyers and corporate chieftains meet to decide on giant merger proposals involving some of California's biggest health care companies, a little-known state bureaucrat is in a key role behind the scenes.
BUSINESS
November 9, 1995 | DAVID R. OLMOS, TIMES STAFF WRITER
As WellPoint Health Networks and Health Systems International officials met Wednesday to resolve disputes in their proposed merger, a state regulator sent a scolding letter to the firms saying there is "no legitimate reason" for delaying the $1.6-billion deal. The letter, sent Tuesday by California Department of Corporations Commissioner Gary Mendoza, indicates what problems have arisen in the deal: a dispute between the chief executives of the firms over management roles and compensation.
BUSINESS
May 2, 1995 | Times Staff and Wire Reports
WellPoint Profit Falls: The managed health care company said its first-quarter income slipped 3.5% on lower premium rates and higher hospital costs. WellPoint Health Networks Inc., based in Woodland Hills, said income fell to $59.5 million, or 60 cents a share, from $61.6 million, or 62 cents a share, a year ago. Revenue rose 13%, to $768.1 million from $682.0 million. Enrollment jumped 13%, to 2.76 million from 2.43 million.
BUSINESS
November 1, 1994
WellPoint Health Networks Inc., the managed health care company spun off by Blue Cross of California last year, reported a 2% drop in earnings in the third quarter. Net income in the quarter that ended Sept. 30 was $49.8 million, down from $51 million in the same three-month period a year earlier. Revenues in the third quarter rose 11% to $698 million from $629 million a year earlier.
NEWS
March 2, 2000 | JAMES F. PELTZ, TIMES STAFF WRITER
Medical insurance giant Aetna Inc., its own health faltering amid a growing public outcry over the managed-care industry, said Wednesday that it had received a $10.3-billion takeover offer from a partnership that includes smaller rival WellPoint Health Networks Inc., the Thousand Oaks-based parent of Blue Cross of California.
CALIFORNIA | LOCAL
May 11, 1999
WellPoint Health Networks in Thousand Oaks said that first-quarter earnings rose 5.8% as it boosted premiums and membership. Profit from operations rose to $71.2 million, or $1.04 a share, compared with profit from continuing operations of $67.2 million, or 95 cents a share, a year earlier. WellPoint, the parent of Blue Cross of California, said it did well by keeping its premiums in line with rising medical costs. WellPoint's medical membership grew about 2.8% to 6.91 million from 6.73 million.
BUSINESS
July 31, 1998 | Bloomberg News
* WellPoint Health Networks Inc. said it will sell its money-losing workers' compensation unit and write off an investment in bankrupt FPA Medical Management Inc., taking charges of $108.6 million that resulted in a second-quarter loss. Woodland Hills-based WellPoint, California's second-largest health insurer, said it will sell Unicare Specialty Services Inc. to Fremont General Corp., an insurer and financial services company based in Santa Monica, for about $100 million.
BUSINESS
July 9, 1998 | Bloomberg News
WellPoint Health Networks Inc.'s Blue Cross of California unit and hospital operator Catholic Healthcare West settled a contract dispute over rate increases by signing a multiyear contract, Catholic Healthcare said. The two sides agreed on the contract after Catholic Healthcare West ran advertisements in major California papers saying Blue Cross' 4.4 million members could no longer be served at 30 hospitals it operates in California following expiration of their contract Tuesday.
BUSINESS
June 2, 1998 | From Bloomberg News
WellPoint Health Networks Inc. is facing opposition from some doctors and hospitals about what they say are insufficient reimbursement rates paid by the managed-care company. Sutter Health, which operates hospitals in Sacramento, has already moved to sever ties with Woodland Hills-based WellPoint, a licensee of the national Blue Cross & Blue Shield Assn. Some other Sacramento systems say the rates paid by the company aren't covering costs.
CALIFORNIA | LOCAL
November 19, 1997 | SYLVIA L. OLIANDE
Acting on an administrative recommendation, the City Council's Budget and Finance Committee approved a report Tuesday that rejects a tax rate reduction requested by several health maintenance organizations based in Los Angeles. It also approved a recommendation that a special tax code be created that would tax HMOs only on work done within the city limits.
BUSINESS
May 27, 1994 | DAVID R. OLMOS, TIMES STAFF WRITER
Blue Cross of California, responding to pressure from the state to boost its charitable spending, said it will donate $100 million this year to health care charities that include poison control centers, emergency room services and children's hospitals.
CALIFORNIA | LOCAL
November 19, 1997 | SYLVIA L. OLIANDE
Acting on an administrative recommendation, the City Council's Budget and Finance Committee approved a report Tuesday that rejects a tax rate reduction requested by several health maintenance organizations based in Los Angeles. It also approved a recommendation that a special tax code be created that would tax HMOs only on work done within the city limits.
CALIFORNIA | LOCAL
November 16, 1997 | KARIMA A. HAYNES, SPECIAL TO THE TIMES
City administrators have recommended against lowering tax rates for health maintenance organizations, dealing a potential financial blow to five HMOs that had sought tax breaks. The recommendation was made in a report, released late Friday to the City Council's Budget and Finance Committee, that was prepared by the city administrative officer, chief legislative analyst and city clerk.
CALIFORNIA | LOCAL
October 3, 1997 | HENRY CHU, TIMES STAFF WRITER
After months of intensive negotiations, city officials are putting the final touches on a proposal to knock off millions of dollars from taxes paid by local health maintenance organizations--but not as much as the local companies had requested.
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