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BLUE CROSS AND BLUE SHIELD OF FLORIDA REPORTS CONTINUED SUCCESS OF MANAGED CARE

 JACKSONVILLE, Fla., Feb. 15 /PRNewswire/ -- Blue Cross and Blue Shield of Florida (BCBSF) reported today a $36 million net gain for its Health Maintenance Organization (HMO) group during 1992, an $11.2 million improvement over 1991.
 Revenue for the HMO group increased by 24 percent from $323.1 million in 1991 to $400.6 million in 1992. Claims expense increased by 19.4 percent from $260.6 million in 1991 to $311.4 million in 1992.
 These gains were achieved by BCBSF's HMO group despite a significant increase in income tax expense. The HMO group paid $9.5 million in income taxes in 1992, compared to $3.1 million in 1991.
 "The continued success of our HMO group illustrates how managed care can be a driving force for controlling health care costs," said Richard Thomas, senior vice president of finance. "Our managed care programs are having a dramatic impact on the cost of health care services, and the savings are passed on to our customers."
 For example, Health Options, Inc. (HOI), has a medical cost inflation rate that is lower than both national and statewide trends. HOI's medical inflation rate is 6 percent, compared with the Florida HMO average of 14 percent and the national HMO average of 16 percent.
 "Our HMO group's continued strong financial performance reinforces our confidence in the business strategies we have implemented and our commitment to the managed care concept," said Thomas. "We are well positioned to develop new managed care products that will continue to expand access to affordable health care in Florida."
 The HMO group of BCBSF is comprised of HOI, serving 217,404 members in 29 Florida counties; and Capital Health Plan, a Tallahassee affiliate serving 48,026 members.
 BLUE CROSS AND BLUE SHIELD OF FLORIDA HMO GROUP FINANCIAL SUMMARY
 (in millions)
 4Q 4Q YTD YTD
 1992 1991 1992 1991
 Revenue $104.4 $85.6 $400.6 $323.1
 Claims Expense 82.7 67.0 311.4 260.6
 Total Expense 97.9 76.3 359.8 299.5
 Operating Income 6.5 9.3 40.8 23.6
 Investment &
 Related Income 0.9 1.1 4.7 4.3
 Provision for
 Income Tax 1.4 1.5 9.5 3.1
 Net Gain 6.0 8.9 36.0 24.8
 Total Assets 141.5 94.8 141.5 94.8
 -0- 2/15/93
 /CONTACT: Patrick McCabe, 904-791-6123, or Scott Barker, 904-791-6699, both of Blue Cross and Blue Shield of Florida/


CO: Blue Cross and Blue Shield of Florida ST: Florida IN: INS SU: ERN

AW-BN -- FL002 -- 6508 02/15/93 10:16 EST
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Publication:PR Newswire
Date:Feb 15, 1993
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