HMSA reports $10M loss in Q1
The Hawaii Medical Service Association on Friday reported a $10 million loss for the first quarter of 2008.
The state's largest health insurer said it fell short of its breakeven point by 2.7 percent of dues revenue in the first quarter of this year, which continues to be outpaced by rising health-care costs.
By comparison, HMSA reported a $687,382 loss in the first quarter of 2007.
The health plan collected $366 million in dues revenue in the first quarter and paid out $341.4 million in benefit expenses and health-care services.
Administrative expenses totaled $41 million for the first quarter bad credit payday advance.
By comparison, HMSA collected $453 million in dues revenue and paid out $418.7 million in benefit expenses during the same period in 2007.
HMSA Chief Financial Officer Steve Van Ribbink said this is the seventh consecutive quarter of operating losses for the health plan.
HMSA is the state's dominant health plan and has 701,078 members.
Filed under: economics by Wolf