Business Services Industry
Michigan HMOs Report Collective Loss of $1.12 Million in 2001.
Knight Ridder/Tribune Business News, April, 2002
By Kim Norris, Detroit Free Press Knight Ridder/Tribune Business News
Apr. 20--The state's health-maintenance organizations, which insure 2.8 million Michiganders, reported a collective loss of $1.12 million in 2001, the state's insurance office said Friday.
That compares to a profit of $51.4 million at the end of 2000 for the 28 active managed-care plans. Revenue for the latest year totaled just under $6 billion.
The results were skewed by OmniCare Health Plan, which lost $50 million in 2001. The Detroit-based managed-care plan, which had 94,218 members at the end of 2001, has been in state receivership since July and is being reorganized.
Without OmniCare, the HMOs showed a collective profit of $48.8 million. The HMOs'...
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