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Health Net shares tumble 25% as it posts loss, lowers forecast
Los Angeles Times

Health Net Inc. shares plunged 25% as the Woodland Hills insurer posted disappointing first-quarter results and slashed its full-year profit outlook. The company surprised analysts and investors by disclosing an additional $67 million in medical claims that hadn’t been reported in the fourth quarter because of errors in processing claims. Health Net said outside vendors that handle those claims for the company experienced problems with a new industrywide billing format.

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