Health Net Reports Slight Drop in Third-Quarter Profits
On Wednesday, insurer Health Net announced a net income of $61.8 million for the third quarter of 2011, down by 1% from $62.7 million in Q3 of 2010. The Woodland Hills-based company also reported that Q3 2011 revenue declined by 18% from $3.39 billion in Q2 2010 to $2.79 billion. Officials said the drop in profits was tied to reduced revenue in a contract with the U.S. military's health care program Tricare. Meanwhile, total enrollment in California increased by about 1% from 2.23 million in Q3 2010 to 2.27 million in the most recent quarter.
- "Health Net 3Q Profit Slips on Lower Gov't Revenue" (AP/Bloomberg Businessweek, 11/2).
- "Health Net Reports Flat Earnings" (Payers & Providers, 11/3).