Harvard Pilgrim Health Care Reports Quarterly Operating Income of $15.8 Million
11/24/2003
(Wellesley, MA) - Harvard Pilgrim Health Care today reported operating income of $15.8 million on revenues of $549.5 million for the third quarter of 2003. Net income for the third quarter was $16.6 million. Harvard Pilgrim has posted positive financial results for 13 straight quarters. Total membership at the end of September 2003, was 808,000, up by more than 50,000 since the same period in 2002. "Our results show that we're financially disciplined and that our quality and satisfaction scores make a positive difference in the minds of employers and consumers," said Charles D. Baker, president and CEO of Harvard Pilgrim. "We expect to end the year on-target financially, and we expect to continue our steady, controlled growth in 2004." Harvard Pilgrim is the only health plan in the country to be rated among the top ten for both member satisfaction and clinical effectiveness according to a report released by the National Committee for Quality Assurance (NCQA), an independent organization dedicated to improving health care quality. * Baker noted that Harvard Pilgrim's employer customers and brokers are responding to the health plan's affordable products like the Harvard Pilgrim Best Buy HMO, which applies a deductible to some medical services. The Best Buy HMO had more than 34,000 members as of September 30, 2003. Baker said that Harvard Pilgrim will continue to develop creative solutions to rising health care costs while "making great health care a little easier." He noted that providers are using HPHConnect, the company's online administration system, for more than 500,000 transactions per month. Harvard Pilgrim Health Care is a not-for-profit health plan with a network of more than 22,000 providers and 130 hospitals in Massachusetts, New Hampshire and Maine. Harvard Pilgrim recently announced that Fallon Clinic, a premier community-based physician network in central Massachusetts, has joined its provider network. Harvard Pilgrim provides innovative approaches to health improvement and disease management, unique online tools that speed and simplify key transactions for employers, brokers and providers and personalized health support at www.harvardpilgrim.org. Harvard Pilgrim recently received a Platinum award for Best Site Design and a Gold award for Best Care/Disease Management Site from the 2003 eHealthcare Leadership awards.
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