Key Developments: Health Net Inc (HNT)
31.00USD
17 May 2013
$-0.11 (-0.35%)
$31.11
$31.14
$31.26
$30.91
672,811
727,044
$33.30
$16.65
Latest Key Developments (Source: Significant Developments)
Health Net Inc Raises FY 2013 EPS Guidance
Health Net Inc announced that as a result of its efforts to reposition its large group commercial business going into 2013 and stronger overall commercial performance driven by lower utilization, the Company raising its fiscal 2013 earnings per diluted share (EPS) guidance to a range of $2.20 to $2.30. According to I/B/E/S Estimates, analysts on an average were expecting the Company to report EPS of $2.07 for fiscal 2013. Full Article
CalPERS Announces Intent To Award Contract To Health Net Inc
Health Net Inc announced that the California Public Employees’ Retirement System (CalPERS) has voted to award Health Net of California a contract to provide health maintenance organization (HMO) benefits to CalPERS beneficiaries in six Southern California counties. The award is subject to the parties’ agreement on final terms of the contract, and Health Net’s CalPERS offerings are subject to regulatory approval. Once finalized, the contract is expected to cover CalPERS commercial and Medicare Advantage beneficiaries living in Kern, Los Angeles, Orange, Riverside, San Bernardino and San Diego counties for an initial five-year term. Health Net is expected to begin administering benefits to CalPERS beneficiaries on January 1, 2014. Full Article
Health Net Inc Secures Arizona Medicaid Contract
Health Net Inc announced that the Arizona Health Care Cost Containment System (AHCCCS) awarded Health Net a contract to administer Medicaid benefits in Maricopa County, which is currently expected to begin in October 2013. AHCCCS oversees the Medicaid program that provides coverage to more than 1 million Arizona beneficiaries statewide. When the contract becomes effective, which is currently expected to be in October 2013, Health Net, which was selected following a competitive bid process, will be offered as an acute care health plan option to AHCCCS-eligible beneficiaries. Health Net`s initial contract is for three years, with two additional one-year extensions at the option of AHCCCS. Full Article
Health Net Inc Reaffirms FY 2013 Guidance
Health Net Inc reaffirmed fiscal 2013 guidance and expects revenues of $10.7 billion to $11.2 billion and earnings per diluted share(EPS) of $2.00 to $2.10. This guidance includes approximately $30 million of operating expenses in preparation for health care reform implementation but excludes any costs related to the Company's expected participation in the state of California's duals demonstration. Full Article
Health Net Inc Receives Medi-Cal Dental Contracts in Los Angeles and Sacramento Counties
Health Net Inc announced that The California Department of Health Care Services has awarded Health Net of California, Inc. a subsidiary of the Company five-year contracts to continue providing Medi-Cal managed care dental benefits in Los Angeles and Sacramento counties. Full Article
Tenet Healthcare Corp, Health Net Inc Reach New Agreement Covering 11 California Hospitals-DJ
Dow Jones reported that Health Net Inc said it has reached a new agreement with Tenet Healthcare Corp. (THC), reinstating a relationship with the Tenet's network of hospitals in California that expired in December. The new two-year deal gives Health Net members access to all 11 Tenet hospitals in California, including the six Southern California hospitals that were terminated from Health Net's network on December 22. The agreement retroactively covers those six hospitals as if there was no termination, the Company said. Full Article
Health Net Inc Terminates Agreements With Six Tenet Healthcare Hospitals In Southern California
Health Net Inc announced that its subsidiaries exercised their contractual option to terminate agreements with all six of Tenet Healthcare's Southern California hospitals. The terminations were effective midnight on Dec. 21, 2012. The facilities are: Desert Regional Medical Center, Fountain Valley Hospital and Medical Center, John F. Kennedy Memorial Hospital, Lakewood Regional Medical Center, Los Alamitos Medical Center and Placentia Linda Hospital. Health Net and Tenet Healthcare were nearing the end of a three-year contract. Health Net believes Tenet's reimbursement should be in line with the medical consumer price index, which currently averages more than 3 percent, and that reimbursement for state- and federally funded programs like Medi-Cal needs to be consistent with the funding for those programs. In recent discussions for a new contract, Health Net and Tenet have been unsuccessful in reaching agreement on reimbursement amounts. Full Article
Health Net Inc Issues FY 2013 Guidance Below Analysts' Estimates
Health Net Inc announced that for fiscal 2013, it expects annual guidance of $2.00 to $2.10 for GAAP earnings per diluted share and consolidated revenues to be between approximately $10.7 billion and $11.2 billion. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $2.12 and revenue of $12.08 billion for fiscal 2013. Full Article
Health Net Inc Reaffirms FY 2012 Guidance
Health Net Inc announced that for fiscal 2012, it expects consolidated revenues to be in the range of $11.0-$11.5 billion and GAAP EPS to be in the range of $1.45 to $1.55 or $1.00 to $1.10 for combined western region and government contracts EPS. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report EPS of $1.02 and revenue of $11.2 billion for fiscal 2012. Full Article
Los Angeles Doctors, Patients Sue Health Net Inc For Denying Claims-Reuters
Reuters reported that the group representing Los Angeles doctors has joined with two patients to sue Health Net Inc for denying claims based on the insurer's definition of medical necessity. The lawsuit, filed in Los Angeles Superior Court, accuses Health Net Inc of unfair and unlawful business practices. The managed care plan operates mostly in the western United States and has 2.3 million members in California. One plaintiff in the lawsuit, Robert Mendoza, said he was forced to raise $30,000 from funds set aside for income taxes and proceeds from his wife's life insurance policy to pay for surgery for a rare type of prostate cancer after Health Net denied his request for coverage. Kalana Penner, the other plaintiff, said she suffered from debilitating back, neck and head pain for 10 years before being treated with occipital nerve stimulation. The treatment was successful, but Health Net Inc turned down the 33-year-old mother's request for a permanent device. That decision was reversed last year after the California Department of Insurance ruled that it should be covered. Full Article
TEXT - Fitch affirms Health Net Inc ratings
Jan 15 - Fitch Ratings has affirmed the 'BB' rating on Health Net Inc.'s (Health Net) senior unsecured notes, 'BB+' Issuer Default Rating (IDR) and the 'BBB' Insurer Financial Strength (IFS) rating on Health Net's operating subsidiaries. The Rating Outlook is Stable. A complete list of ratings is shown at the end of this commentary. Health Net's ratings continue to reflect the company's overall 'small' market position and size/scale features. Specifically, Health Net is concentrated in C
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