UHA reports $586K profit in Q3
Pacific Business News (Honolulu)
University Health Alliance posted a $586,595 profit in the third quarter of 2008, a dip from the $756,476 profit posted during the same period last year.
Hawaii’s third-largest health insurer said Tuesday it is projecting a modest profit for fiscal 2008 as it continues to manage operating costs.
UHA generated $32.4 million in revenue for the third quarter, up from $28.3 million during the same period last year.
Hospital and medical expenses totaled $28.3 million, up from $24.4 million during the third quarter of 2007.
Net investment losses totaled $101,147 for the third quarter, compared to a $415,019 gain in investment income during the same period in 2007.
Chief Financial Officer Chuck Murray said the health plan’s financial performance continues to improve and credits UHA’s product line for allowing it to stay competitive.
“This is a difficult market where health-care costs are increasing at two to three times the rate of inflation,” he said. “We have good products, such as UHA 3000, which is competing well in this difficult market.”
UHA has 43,565 members.
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