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HMOs post lackluster quarter; total earnings fall to $4.8M.(OmniCare Health Plan, Blue Care Network)(Brief Article)(Statistical Data Included)
Crain's Detroit Business, December, 2001 by Barkholz, David
Health maintenance organizations managed to tread water financially in the third quarter, but they made no progress toward erasing a lackluster 2001. In the quarter, seven of the area's 16 HMOs posted a year-over-year increase from the same period in 2000, seven suffered lower earnings and two performed the same.
OmniCare Health Plan in Detroit continued its losing ways in the quarter, while Southfield-based Blue Care Network of Michigan Inc. posted a quarterly profit for only the second time since it merged its four regional HMOs into a statewide HMO in January 1998. Leading the decline is OmniCare, which reported a net loss of $44.7 million in the nine months. But even without OmniCare, which is under court-ordered state rehabilitation, the 15 other...
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