News Headlines Article

Health Net loses commercial membership but grows profit
Modern Healthcare

Health Net turned a profit in the third quarter of this year, but the insurer lost thousands of members in its employer and individual markets.

But the Woodland Hills, Calif.-based company is focused on closing its pending deal with Centene Corp., a dominant Medicaid managed-care insurer. Health Net’s shareholders recently approved the $6.8 billion transaction in which Centene would absorb Health Net.

Health Net booked a $60.3 million profit in the third quarter compared with an $8.9 million loss last year. Revenue bumped upward by 10% to approximately $4.2 billion thanks to large enrollment gains in Medicaid. Health Net added 279,000 Medicaid enrollees year over year.