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Kaiser Foundation Health Plan and Hospitals Report First Quarter 2009 Financial Results
Date:5/8/2009

OAKLAND, Calif., May 8 /PRNewswire/ -- Kaiser Foundation Health Plan, Inc., Kaiser Foundation Hospitals and their subsidiaries (KFHP/H) reported today total operating revenue of $10.6 billion for the quarter ended March 31, 2009, compared to $10.1 billion in the same period last year. Operating income in the first quarter was $624 million, versus $545 million in the first quarter of 2008. Declines in the financial markets impacted KFHP/H's investment portfolio in the first quarter of the year, resulting in net non-operating loss of $194 million, versus net non-operating loss of $295 million in the first quarter of 2008. Net income in the first three months of the year was $430 million, compared to $250 million in the same period last year.

KFHP/H added more than 12,000 new members in the first quarter of the year, and total membership was more than 8.6 million members, as of March 31, 2009. "Given the uncertainty in the economy and financial markets, we are pleased with our results in the first quarter," said Executive Vice President and Chief Financial Officer Kathy Lancaster. "As unemployment levels continue to rise, however, we are preparing for additional challenges by focusing on member retention and on membership growth in targeted markets."

In the first three months of the year, KFHP/H's capital spending totaled $558 million, compared to $508 million in the same period last year. "We continue to invest prudently in our technology-enabled, integrated care delivery system," said Chairman and Chief Executive Officer George Halvorson. "The enhancements we are making to our information technology systems, care delivery programs, and facilities provide our clinical and professional teams with the capabilities to deliver better care and service, and operate more efficiently."

KFHP/H continued to expand Kaiser Permanente HealthConnect(R), the world's largest civilian electronic health record, during the
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SOURCE Kaiser Permanente
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