April 17, 2012 |
Independence Blue Cross, the largest health insurer in the Philadelphia region, said Tuesday that its 2011 net income soared 49 percent, to $314.8 million. The company's profit margin of 3.4 percent was its biggest in at least 10 years. "I'm proud of the progress we've made," said IBC's president and chief executive officer, Daniel J. Hilferty. The insurer has rebounded from two years of losses, in 2008 and 2009. Glen Philips, an IBC customer, said it bothered him to hear of IBC's strong profits, given the heavy cost of buying insurance for 40-plus employees at Philips Bros.
March 17, 2012
In the Region Medical group back with Aetna Abington Medical Specialists , a large cardiology practice, is back in the Aetna network. The contract between the health insurer and the group, which has 17 cardiologists and two internists, expired Jan. 1. Adam Cohen, a doctor in the practice, said the group was back in the Aetna network as of Friday. He said he could not discuss terms of the contract because of a confidentiality agreement. The contract dispute, which focused on reimbursement rates, affected up to 10,000 Aetna subscribers.
October 18, 1993 |
I was one of hundreds of teenagers put in U.S. psychiatric hospitals in the mid-'80s for such "unusual" behavior as arguing with parents or having trouble in school. Most of us were diagnosed, by non-physicians, as suffering from serious depression. A doctor would later come in to confirm the diagnosis and bill our parents' insurance companies. We were held in institutions against our will until our insurance policies ran out. At that moment, we were somehow miraculously cured and discharged.
August 3, 2002 |
Rising medical costs plus losses from investments meant lower second-quarter profits for Cigna Corp. Its shares fell 4 percent yesterday to close at $83.95 after the Philadelphia employee-benefits giant reported second-quarter earnings of $214 million, down from an adjusted $264 million a year earlier. Cigna blamed higher losses from its bond and real estate portfolios, including investments in bankrupt WorldCom Inc. and other troubled companies. Also, chief financial officer James Stewart told investors that the company's insurance price increases had not kept pace with annual medical cost inflation of about 14 percent.
February 19, 1993
For two years, Philadelphia has endured the charred hulk of One Meridian Plaza, towering at its center just yards from City Hall. If One Liberty Place is testimony to the booming '80s in Philadelphia, One Meridian Plaza symbolizes the '90s bust. It's a constant downer for a city trying to become upbeat again. Desert Storm's ground war was launched the day of the fire - Feb. 23, 1991. The campaign would conclude 100 hours later. Kuwait City - and even Baghdad - would be rebuilt.
June 22, 2003 |
Like many businesses, the American Federation of State, County and Municipal Employees District Council 33 has seen its medical costs surge, rising by 28 percent last year alone. The union, which represents nearly 11,000 city workers and retirees, had an unusual response. It decided to spend more money. In January it hired a Blue Bell start-up named Health Advocate to help patients navigate the bewildering complexities of health insurance and medical care. Health Advocate operates on the notion that employees will work better if they can find the right doctor quickly and aren't spending time disputing hospital bills.
August 14, 2001 |
Also in this column: Stock market execution Digging for Reliance cash SunGard Data Systems Inc. is proving to be an extra-combative shopper in the corporate liquidation sales that have followed the popped Internet bubble. At stake for the acquisitive, Wayne-based financial-software company are big pieces of once high-flying info-tech companies that are now worth more dead than alive. After SunGard refused to match Reuters Group's $175 million bid for most of bankrupt Bridge Information Systems in May, SunGard turned around and hired three key Bridge employees, Bridge and Reuters complained in a federal lawsuit last month.
December 11, 1998 |
consumers SmithKline to pay $2.5M to end probe SmithKline Beecham will pay $2.5 million to end an investigation by 12 states, including Pennsylvania, into whether the company misled customers with ads suggesting the company's chewing gum and patch make it easy to quit smoking. The U.K.-based pharmaceutical company, with U.S. headquarters in Philadelphia, will pay $1.6 million for a public health campaign on the hazards of smoking and what smokers can expect to experience when trying to quit.
January 22, 2002 |
Joseph T. Sebastianelli has done it all. He has been a lawyer, a health insurance executive, a hospital administrator and an Internet expert. Now, Sebastianelli, who spent 26 of the last 30 years in health care and insurance in the Philadelphia area, is returning to become the new president and chief executive officer of the Jefferson Health System, the Philadelphia region's largest hospital network. The Jefferson Health System board is scheduled to announce today that Sebastianelli, 55, will succeed Douglas S. Peters, who said in October he would step down as head of the Jefferson system July 1, after 5 1/2 years on the job. Sebastianelli is chairman and chief executive officer of RealMed Corp.
July 27, 2011 |
How's your health these days? Aetna Inc. said Wednesday that more members are refraining from using health-care services. That was part of what led to a healthy 9 percent increase in second-quarter income. The Hartford-based company, which has thousands of employees at the old US Healthcare offices in Blue Bell, has benefited by a trend that sees consumers skipping doctor visits and elective procedures during a recession. Aetna earned $536.7 million, or $1.39 a share, in the three months ended June 30, up from $491 million, or $1.14 a share, in the comparable period a year ago. Adjusted earnings were $1.35 per share.