HMOs Grow But Profits Down
Profits for Florida’s HMOs dropped sharply in 2013, with a nearly 31 percent reduction in combined profits, according to the South Florida Business Journal. The Florida Office of Insurance Regulation reported profits at $933.8 million in 2012 and $648 million in 2013.
While profits dipped for 25 out of 37 HMOs, enrollment increased from 3.57 million in 2012 to 3.74 million in 2013, the Business Journal reports. This was largely due to a 13.1 percent increase in Medicare Advantage plans, as well as a 4.8 percent increase in Medicaid HMOs. Individual HMO plan enrollment rose 5.2 percent, while commercial group HMOs decreased by 2 percent.
Plans with the largest increase in membership are Simply Healthcare Plans, Humana, Florida Blue and Molina Healthcare.