Physicians Health Services reports 1996 results.SHELTON Shelton, city (1990 pop. 35,418), Fairfield co., SW Conn., on the Housatonic River opposite Derby; settled 1697, set off from Stratford 1789, inc. as a city 1915. Metal products, furniture, and electronic equipment are among the city's manufactures. , Conn.--(BW HealthWire)--Feb. 27, 1997--Physicians Health Services health services Managed care The benefits covered under a health contract Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PHSV) today reported results for the fourth quarter and year ended Dec. 31, 1996. Fourth quarter premium revenues in 1996 totaled $128,083,000, an increase of 29.4% over $99,014,000 reported for the same quarter in 1995. Net loss for the quarter was ($4,289,000), or ($.46) per share, compared to net income of $3,980,000, or $.42 per share reported in the fourth quarter of 1995. Premium revenues for the year ending Dec. 31, 1996, were $481,534,000, up 40.4% over 1995 premium revenues of $342,975,000. Net loss for the year was ($12,964,000), or ($1.39) per share, compared to net income of $15,970,000, or $1.70 per share reported for 1995. Total enrollment grew to 400,021 as of Dec. 31, 1996, which represents a 49.8% increase over Dec. 31, 1995. During the fourth quarter, the company's Medical Loss Ratio was 90.7%, up from the 78.6% Medical Loss Ratio reported in the same quarter in 1995. Hospital Bed Days for the quarter were 262 per thousand members per year, compared to 263 per thousand members per year for the fourth quarter of 1995. The company ended the year with a Medical Loss Ratio of 89.8% for the twelve months, compared to 78.2% a year ago. Hospital Bed Days were 272 days per thousand members for the year, a 3.2% reduction from 281 days per thousand recorded for all of 1995. President Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. L. Natt stated, "While we are disappointed in the year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. results, we believe that many of the corrective cor·rec·tive adj. Counteracting or modifying what is malfunctioning, undesirable, or injurious. n. An agent that corrects. corrective, n measures put into place last year will have a positive, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. impact on our Company." As of Jan. 1, 1997, PHS (Personal Handyphone System) A TDMA-based cellular phone system introduced in Japan in mid-1995. Operating in the 1880-1930 MHz band, PHS uses microcells that cover an area only 100 to 500 meters in diameter, resulting in lower equipment costs but requiring more base enrollment jumped to 424,940, an increase of 41.2% over enrollment for the same date in 1996. As of Jan. 1, 1997, there were 122,930 members enrolled in Healthcare Solutions, PHS's joint venture with The Guardian Insurance Company of America. Additionally, PHS's enrollment in the Medicare and Medicaid Medicare and Medicaid U.S. government programs in effect since 1966. Medicare covers most people 65 or older and those with long-term disabilities. Part A, a hospital insurance plan, also pays for home health visits and hospice care. programs was 12,165 and 23,769, respectively. "We believe the growth in our government programs is indicative of PHS's emphasis on providing the quality health care and customer service our members rely on," adds Natt. Physicians Health Services Inc., is a full-service health plan serving 424,940 members in Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and New Jersey. With over 30,000 providers in its tri-state network, PHS is one of only a few health plans to receive full, three-year accreditation accreditation, n a process of formal recognition of a school or institution attesting to the required ability and performance in an area of education, training, or practice. from the National Committee for Quality Assurance National Committee for Quality Assurance Medical practice A private, not-for-profit organization which has become the leading accreditor of managed care plans; in site visits, NCQA reviewers evaluate a managed care plan in terms of quality management, physicians' (NCQA NCQA National Committee on Quality Assurance, see there ). According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a recent nationwide study published by the U.S. News & World Report U.S. News & World Report Weekly newsmagazine published in Washington, D.C. U.S. News was founded in 1933 by David Lawrence (1888–1973) to cover important domestic events; he founded World Report in 1945 to treat world news. The two magazines were merged in 1948. , PHS received the highest rating of any health plan serving the New York metropolitan area New York–Northern New Jersey–Long Island is the most populous metropolitan area in the United States and the third most populous in the world, after Tokyo and Mexico City. market. PHS was also rated the top health plan in New York and Connecticut in a 1996 survey of patients, employers, and providers conducted by the health care consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a , Watson Wyatt Worldwide. -0-
Physicians Health Services Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
REVENUES:
Premiums $128,083 $ 99,014 $481,534 $342,975
Investment and other
income 1,768 2,041 6,574 6,968
129,851 101,055 488,108 349,943
COSTS AND EXPENSES:
Hospital services 47,624 33,641 178,059 111,946
Physicians and related
health care services 55,307 34,762 198,591 131,019
Other health care services 11,710 6,276 42,382 18,707
Indemnity costs --- 2,157 7,008 2,157
Selling, general and
administrative expenses 25,226 17,655 86,728 58,504
Guardian Joint Marketing
expense, net (2,064) 1,132 (809) 2,298
Proxy defense costs --- 50 --- 893
137,803 95,673 511,959 325,524
Interest Expense 93 --- 388 ---
Income (loss) before
income taxes (8,045) 5,382 (24,239) 24,419
Income tax expense (benefit) (3,756) 1,402 (11,275) 8,449
NET INCOME (LOSS) $(4,289) $ 3,980 $(12,964) $ 15,970
Net income (loss) per
common share $ (0.46) $ 0.42 $ (1.39) $ 1.70
Weighted average number of
common shares outstanding 9,310 9,470 9,301 9,403
Operating statistics:
Enrollment (end of period) 400,021 267,116 400,021 267,116
Annualized hospital days
per thousand (1) 262 263 272 281
Medical loss ratio (2) 90.7% 78.6% 89.8% 78.2%
(1) For commercial products only. Excludes Medicaid and Medicare
Risk.
(2) Health care expenses as a percentage of premium revenues
excluding self-funded product revenues.
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Physicians Health Services Inc. and Subsidiaries
Consolidated Condensed Balance Sheets
(In thousands)
Dec. 31, Dec. 31,
1996 1995
Assets:
Cash & Marketable Securities $ 98,329 $ 111,021
Accounts Receivable 57,724 46,363
Other 3,595 6,107
Current Assets 159,648 163,491
Propety, Plant & Equipment, Net 67,046 36,756
Other Assets 13,658 10,821
Noncurrent Assets 80,704 47,577
Total assets $ 240,352 $ 211,068
Liabilities and stockholders' equity
Accrued Expense & Payables $ 115,147 $ 75,883
Unearned Premium 27,757 25,022
Current liabilities 142,904 100,905
Other liabilities 1,161 1,282
Total Liabilities 144,065 102,187
Stockholders' equity 96,287 108,881
Total liabilities and stockholders' equity $ 240,352 $ 211,068
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Physicians Health Services Inc. and Subsidiaries
Consolidated Membership Statistics
Health Plan Members By Plan Type
12/31/96 12/31/95
INSURED
Commercial 184,779 147,616
Healthcare solutions 112,566 44,123
Medicare 11,548 9,160
Medicaid 23,470 6,957
TOTAL INSURED 332,363 207,856
Administrative services only 67,658 59,260
TOTAL MEMBERS 400,021 267,116
CONTACT: Physicians Health Services Inc., Shelton Alice Ferreira, 203/225-8836 |
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