Florida HMOs rake in $540M by end of 3Q

Florida’s HMOs had a healthy combined profit of $540 million for the first nine months of 2007.

That’s a whopping 33.3 percent increase when compared with a $405 million profit for the same period in 2005, according to data just released by the Florida Office of Insurance Regulation. Third-quarter 2006 numbers were unavailable.

The state’s 37 HMOs brought in a combined $12.4 billion in premiums, or a 4.5 percent profit margin, for the first nine months of 2007, compared with $8 billion in premiums, or a 5 percent profit margin, for the same period of 2005.

The slightly lower profit margin is due to costs continuing to grow faster than premiums, says Doug Sherlock, president of Sherlock Co., a North Wales, Pa., firm that provides financial analysis for health plans and investors.

This entry was posted on 19. February 2008 at 10:19 and is filed under insurance companys, medical. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.