On September 26th, General Motors and the United Auto Workers reached a contract agreement that will diminish an unexpected tragic legacy of its earlier market dominance. In exchange for other concessions, GM has negotiated a reduction in its retiree health benefit obligations. There are lessons here for health plans.
Clear Choice Health Plans announced that it will be entering the health insurance market in Montana in January, 2008. The company’s net income for the second quarter increased 139.3% to $2.3 million.
We update its recent performce and note differences between its operations and those of other health plans in our universe. The company is anticipating an initial public offering in coming months, but is now an SEC registrant.
Chester (Chet) Burrell was recently tapped to lead CareFirst BlueCross BlueShield, serving the Maryland and DC areas. The choice of CEOs is notable in that it highlights CareFirst’s strategic plan for improving its operations using technologies.
On September 5th, AMERIGROUP Corporation announced that the controlling members of Tennessee based Memphis Managed Care Corporation approved the sale of its assets to AMERIGROUP Community Care of Tennessee.
It was announced on August 27th that the Commissioner of Nevada’s Division of Insurance granted approval of the pending merger between UnitedHealth Group and Sierra Health Services.
Health plan stock prices gained 4.6% for the month. Eleven of the fourteen health plans had increases in stock prices. Valuation indicators were positive for the month of September.
After the effect of buydowns, health plans are expecting a price increase of 7.4% down from 8.2% expected last year. Health benefit ratios are expected to increase by 0.5 percentage points.
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