Business Services Industry
Michigan HMOs Recover from Losses.
Knight Ridder/Tribune Business News, May, 2002
By Kim Norris, Detroit Free Press Knight Ridder/Tribune Business News
May 22--The state's 28 active health-maintenance organizations reversed the financial results of a year earlier and reported a collective profit of $18.3 million for the first three months of 2002.
The HMOs had a loss of $886,035 in the first quarter of 2001, according to statements filed with Michigan's Office of Financial and Information Services, which regulates the HMOs.
Revenue for the managed-care organizations totaled $1.5 billion, compared to $1.46 billion a year ago. Earnings from underwriting, HMOs' core business, totaled $11.3 million at the end of March, compared to a loss of $14.6 million a year ago.
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