HMO Blues

  1. Oath nearly insolvent
    The Oath, an Alabama HMO, is teetering on the brink of insolvency, according to the state insurance commissioner. The Oath said it was worth only $44,323 at the end of June after losing $2 million in the three prior months.
    Birmingham News, Sept. 7, 2001
    http://www.al.com/news/birminghamnew...2212191122.xml


    Ohio HMOs keep bleeding
    While many HMOs recovered financially during 2000, most weren't in Ohio. That state's HMOs continued to bleed red ink.
    Dayton Business Journal (free registration required),
    http://bizjournals.bcentral.com/jour...on_story8.html


    $7 million accounting error puts Colorado Access in red
    By Marsha Austin
    Denver Post Business Writer
    Thursday, September 06, 2001 - Colorado Access, one of the state's largest, and until recently, most profitable Medicaid HMOs, has been further in the red than anyone knew - including its own executives.

    Outdated accounting systems missed a $7 million debt against the HMO's 2000 income, and the error wasn't discovered until a few weeks ago, said Colorado Access chief executive Don Hall.
    http://www.denverpost.com/Stories/0,...135612,00.html


    Survey rates New Jersey HMOs below par
    While HMOs around the nation made big strides in providing preventive care for their members, New Jersey managed care plans fell short of the national average in five of seven standards.
    Bergen Record, Sept. 7, 2001
    http://www.bergen.com/news/hmocare200109072.htm


    Maryland fines health plans a record $1.4 million
    Maryland insurance regulators announced a record $1.4 million fine against five healthcare plans, including $850,000 against Aetna U.S. Healthcare, which is a repeat offender.
    Washington Post, Sept. 6, 2001
    http://www.washingtonpost.com/wp-dyn...-2001Sep5.html


    HMO shuffle stresses California state employees
    Nearly 150,000 of the 1.2 million enrollees in the California Public Employees Retirement System will have to find new health insurance after insurers dropped out. Retirement system drops four of its 10 plans. Action signals turbulence in managed care.

    Los Angeles Times, Sept. 6, 2001
    http://www.latimes.com/news/printedi...e%2Dcalifornia
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HMO Blues