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

 JACKSONVILLE, Fla., May 20 /PRNewswire/ -- Blue Cross and Blue Shield of Florida (BCBSF) today announced continued strong financial results for the first quarter of 1993. BCBSF consolidated financial results showed a $43.6 million net gain during the first quarter, and an increase in policyholders' equity to $424.4 million.
 "Our financial strength and the success we've achieved in controlling customers' health care costs is due to the growth and effectiveness of our managed care programs," said Richard Thomas, senior vice president of finance. "The continuing success of our Health Maintenance Organization (HMO) and Preferred Provider Organization (PPO) programs means Floridians have increasing access to quality health care at affordable cost."
 BCBSF offers its customers a choice of physicians from the largest PPO network in the state and the sixth largest in the country. The company's PPO network now reaches 98 percent of all Floridians with 15,400 physicians or half the total number of doctors in Florida. The BCBSF PPO network also includes 140 hospitals.
 Health Options, Inc., a BCBSF HMO, provides over 240,000 Floridians with access to more than 6,000 doctors. In a survey of HOI customers, 95 percent expressed satisfaction with their primary care physician's knowledge and medical expertise.
 The company increased policyholders' equity by 11.4 percent during the first quarter of 1993. Policyholders' equity is used to develop managed care programs that will continue to control customers' health care costs. The equity is also an important measure of the company's ability to meet its obligations during times of economic uncertainty or when claims expenses are higher than anticipated. "As our company continues to grow, policyholders' equity provides the resources required to meet the needs of a growing customer base," Thomas said.
 BCBSF experienced a 7 percent increase in its customer base in 1992, and a 3.5 percent growth rate for the first quarter of 1993. Customers continued to express a high level of satisfaction with the quality of health care services they receive. Ninety percent of BCBSF's customers renewed their health care coverage with the company in 1992.
 BCBSF CONSOLIDATED FINANCIAL SUMMARY
 (in millions)
 YEAR END
 1ST QTR 93 1ST QTR 92 YTD 1993 1992
 Revenue 489.8 462.1 489.8 1,881.3
 Claims Expense 344.6 343.9 344.6 1,417.3
 Total Expense 446.2 433.2 446.2 1,814.4
 Operating Income 43.6 28.9 43.6 66.9
 Investment & Related
 Income 11.6 14.4 11.6 40.2
 Provision for
 Income Tax 11.6 9.7 11.6 25.2
 Net Gain 43.6 33.6 43.6 81.9
 Total Assets 996.3 796.5 996.3 924.3
 Policyholders' Equity 424.4 328.5 424.4 380.9
 -0- 5/20/93
 /CONTACT: Scott Barker, 904-791-6699, or Marty Filipowski, 904-791-8075, both of Blue Cross and Blue Shield of Florida/


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

JB-AW -- FL004 -- 0895 05/20/93 15:47 EDT
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Publication:PR Newswire
Date:May 20, 1993
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