Word: profitable
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Dates: during 1990-1999
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Skeptics wonder how consumers can benefit from fewer choices, be it in airlines or medicine. They also voice concern that patient care will collide with the profit motive and get the worst of it. Under a system known as capitation, which pays HMO providers a set monthly fee for each enrolled patient, doctors are offered a financial incentive to limit both the number of patients they see and the types of services they provide. Says James Tallon, president of the United Hospital Fund, a philanthropic and health-services research organization in New York City: "In the old system, sick people...
...clients through such operations. But U.S. Healthcare has proved far more aggressive and agile in establishing footholds and driving down managed-care costs, through a combination of shrewd salesmanship, sophisticated computer tracking and tough bargaining. Last year, while Aetna earned $474 million on $13 billion in revenues, a net profit of 3.64%, U.S. Healthcare's profitability was far greater. With just 2.8 million clients, it racked up $380 million in earnings on $3.6 billion in revenues, or a 10.55% net profit...
...Healthcare's operating style has paid off big for management. As Weiner notes, "A lot of people, particularly physicians, have criticized the many millions of dollars of profits ceos of U.S. Healthcare and other for-profit managed-health-care companies have made." Leonard Abramson, the founder of U.S. Healthcare, whom Compton hails as a "visionary genius," stands to pocket some $920 million in cash and stock from the merger--not bad for a guy who drove a cab to put himself through pharmacy school. Last week Abramson boasted, "We intend to set the standard against which all health-care companies...
...about 75 cents of every dollar in premiums on medical care, compared with the 81 cents averaged by managed-care plans in general and the 85 cents spent by Aetna specifically. That means that 14.5 cents of every U.S. Healthcare dollar goes to administration and 10.5 cents goes to profit--an interesting contrast with the 2 cents of every Medicare dollar that goes to administrative costs. A study of U.S. Healthcare and 11 other commercial HMOs by the office of the New York public advocate concluded, "The higher percentage spent on administration was contrary to the expectation that the industry...
Before coming to Harvard in 1981, Huidekoper served as deputy director of the Council for Northeast Economic Action, a non-profit corporation involved in economic development and research projects in New England. Before that she worked as a manager in the City of Boston's budget office...