FierceHealthcareFierceHealthITFierceHealthFinanceFierceEMRHospital ImpactFierceMobileHealthcare   FiercePharma

Kaiser suffers Q3 investment losses

Tools
Tags
Kaiser Permanente
investment losses
income
George Halverson

After posting a net income of $202 million for the first nine months of this year, Kaiser Permanente has seemingly gone belly-up. For its investment portfolio in the third quarter alone, Kaiser Permanent lost $399 million, compared with a net income of $654 million at the same time last year. The Kaiser Foundation Health Plan, and Kaiser Foundation Hospitals and subsidiaries, lost $706 million on investments in Q3; last year at this time, they had gained $205 million.

George Halverson, chairman and CEO of Kaiser, thinks that despite the downturn, things remain positive for his company. "Though the unprecedented events unfolding in our economy and financial markets are posing challenges to our organization, our basic business and our integrated-care delivery model remain strong," he said in a statement.

Still, membership is down about 1 percent from a year before (from 8.7 million to 8.6 million members), a number Kaiser chalks up to a decline in employment. Total operating revenue for Kaiser is also up $800 million--from $9.4 billion to $10.2 billion--and capital spending at the company is up 6.4 percent from this time a year ago.

For more:
- here's the Modern Healthcare article (reg. req.)

Related Articles:
Following peers, Kaiser profits plunge
Kaiser finishes major phase of costly EMR project
Kaiser net income drops 64 percent

Bookmark and Share
Get Your FREE FierceHealthcare Email Newsletter:
Be the first to comment

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.

More information about formatting options

To combat spam, please enter the code in the image.