Kaiser Foundation Health Plan Earnings Support Investments in Member and Commun...(ine months ending September 30 was $28.2...),Health

Date:11/7/2007

ine months ending September 30 was $28.2 billion, as compared with $25.8 billion for the nine months ended September 30, 2006. Year-to-date operating income was $1.8 billion, compared with $868 million during the same nine-month period in 2006. Year-to-date 2007 non-operating income was $630 million, compared with $269 million earned during the first nine months of 2006. Year-to-date net income was $2.5 billion, compared with $1.1 billion for the same nine-month period in 2006. As reflected in the organization's second quarter 2007 earnings release, net income was favorably impacted by a $356 million reduction in reserves for professional liability and worker's compensation. Membership remained relatively flat at 8.7 million members.

As an integrated care delivery model, KFHP/H's earnings support many important investments across the organization designed to enhance the quality of service provided to our members, including maintenance and expansion of our hospitals and facilities, ongoing development of leading-edge technology and increased benefits to the communities we serve.

KFHP/H's long-term investment strategy calls for the completion of about 25 major hospital projects between 2007 and 2015. The building program reflects the organization's continued commitment to expand to contiguous areas and to meet the needs of the growing numbers of members who have migrated to surrounding communities. It also reflects KFHP/H's dedication to providing current and future members with leading-edge medical and health care technologies, while investing to meet the required California seismic upgrades. During the year, KFHP/H has completed several major projects, including opening a new hospital in Santa Clara, California, and the Antioch Medical Center, which opens today.

The organization continues to invest in technology to improve quality, service and patient safety through its electronic health record, KP HealthConnect, and its market-leading personal hea
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SOURCE Kaiser Foundation Health Plan Inc. Copyright©2007 PR Newswire. All rights reserved

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