HealthLeaders-InterStudy, a leading provider of managed care industry intelligence, finds that CIGNA HealthCare has turned a corner in North Carolina. According to the latest issue of the North & South Carolina Health Plan Analysis, the national insurer's North Carolina HMO license tripled its net income in 2004 yet decreased premium revenues by 21%. It was the most dramatic turnaround among North Carolina's HMOs.
"CIGNA's HMO posted 2004 net income of $18.7 million on revenues of $277.5 million," said Jane DuBose, HealthLeaders-InterStudy analyst. "That's a 6.8% profit margin."
All of the state's HMOs were in the black in 2004, although UnitedHealthcare and Aetna Inc., two other national insurers, had lower net income than in 2003, DuBose said.
Other health plan news in the Carolinas: * UnitedHealthcare has completed its proprietary network in South Carolina. * Blue Cross and Blue Shield of North Carolina and 11 other Blues plans have filed a civil lawsuit in connection with the national "rent-a- patient" fraud scheme. * For the first time, Carolina Care Plan is available to federal employees in South Carolina. About HealthLeaders-InterStudy
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