WellChoice Reports Lower 1st Quarter Net Income

NU Online News Service, April 24, 2003, 5:05 p.m. EDT – WellChoice Inc., New York, is reporting $48 million in net income for the first quarter on $1.3 billion in revenue, compared with $79 million in net income on $1.3 billion in revenue for the first quarter of 2002.

The managed care company, the parent of Empire Blue Cross Blue Shield, ended the quarter providing or administering major medical coverage for 4.1 million people, up from 3.7 million people a year earlier.

Average commercial managed care revenue per commercial managed care member fell 4.1%, to $255, but the ratio of commercial managed care claims to commercial managed care revenue fell to 85.4%, from 87.3%.