PacifiCare Reports 4th Quarter Net Loss

By Staff Writer

February 14, 2002 at 07:00 PM

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NU Online News Service, Feb. 14, 12:34 p.m. – PacifiCare Health Systems Inc., Santa Ana, Calif., is reporting a $26 million net loss for the fourth quarter of 2001 on $2.9 billion in revenue, compared with $12 million in net income on $3 billion in revenue for the fourth quarter of 2000.

Net results for the latest quarter include $59 million in restructuring costs.

Pro forma net income, which excludes the restructuring costs and other unusual gains and ose charges, fell to $12 million, from $18 million.

PacifiCare ended 2001 providing health maintenance organization coverage for 3.4 million people, down from $4 million at the end of 2000.

Average commercial premium revenue per HMO member increased 10%, to $344.

HMO enrollment fell because of decisions to shutdown money-losing operations and put more emphasis on point-of-service plans, preferred provider plans and other more loosely managed forms of managed care, PacifiCare says.

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