Area HMOs report gains and losses
Three of four area HMOs lost money in 2013, according to new financial statements. Dean Health Plan held steady with 257,000 members and reported a $32 million gain after spinning off Navitus, its pharmacy benefits management company.
The other three insurers posted losses. Physicians Plus, which was sold earlier this year to Iowa-based UnityPoint Health, lost $16.5 million; Group Health Cooperative of South Central Wisconsin grew by 3,000 members (to 73,000) but lost $13.5 million due to technology upgrades and ACA preparation; and Unity Health Plans gained 30,000 members (it now stands at 150,000) but was down $700,000 as a result of a deferred tax accrual.