Oxford Health Plans reports loss
Oxford Health Plans reports loss
Oxford Health Plans has ended second quarter 1998 with a $508 million loss, as the Norwalk, CT-based HMO known for its innovative tactics and billing problems continues its turnaround efforts.
The loss included a one-time restructuring charge of $174 million and another $112 million charge for the turnaround plan the company has in progress. The plan addresses billing delays the company says were caused by computer problems.
Oxford's total membership rose 9% over the same period last year, although it declined slightly from its first-quarter level because the company withdrew from Connecticut's Medicaid program.
Since fall 1997, the company has brought in a new senior management team and has raised $710 million in capital from private investors.
Subscribe Now for Access
You have reached your article limit for the month. We hope you found our articles both enjoyable and insightful. For information on new subscriptions, product trials, alternative billing arrangements or group and site discounts please call 800-688-2421. We look forward to having you as a long-term member of the Relias Media community.