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News release: NationalMay 4, 2006
For more information: Kaiser Permanente National Communications Mike Lassiter 510-271-5953 Kaiser Foundation Health Plan and Hospitals Report Positive First Quarter Results Oakland, CA – Kaiser Foundation Health Plan Inc., Kaiser Foundation Hospitals and their subsidiaries (KFHP/H) reported total revenue of $8.6 billion in the quarter ended March 31, 2006, compared to $7.7 billion in the same period last year. Membership grew by nearly 102,000 in the first quarter of the year, increasing total membership to over 8.5 million members. In addition, capital spending totaled $661 million for the first three months of 2006, as KFHP/H continued to invest earnings in its integrated care delivery system to broaden access and strengthen the benefits it provides to its members and purchasers. “We are seeing good traction in our membership and revenue growth,” said Senior Vice President and Chief Financial Officer Kathy Lancaster. “Our first quarter results reflect continued investment in our integrated care delivery system and a lower rate of revenue increase, compared to the first quarter of last year.” Net income for the quarter ended March 31, 2006, was $448 million, compared to $552 million in the first quarter of 2005. KHFP/H also uses its earnings to fund a broad range of community benefit programs that seek to improve the health of the communities it serves by providing direct health coverage for low-income families, research, collaboration with community clinics, health departments and public hospitals, and community-based health partnerships. “Our commitment to the philosophy of total health supports every health care program, service and benefit we offer our members and the communities we serve,” said Lancaster. “With KP HealthConnect, we’re taking that commitment further through cutting-edge technology that combines patient records with clinical practices, appointments, registration, and business systems.” Currently being implemented nationwide, KP HealthConnect will provide members with new capabilities to help transform the way they manage their health and partner with KFHP/H care providers. When complete, it will become the largest, electronic civilian medical records system in the United States. “The core strength of our integrated care delivery system comes from our physicians, nurses and caregivers who work closely together with our technical, administrative and clerical teams to serve our members,” added Lancaster. “Coupled with our powerful labor management partnership, we offer our members an unrivaled approach to health care.” Except for historical information contained herein, the matters discussed in this media release are forward-looking statements that involve risks and uncertainties. Actual results may vary significantly based on a number of factors including, but not limited to: the impact of competitive products and pricing; government regulations; health care legislation; changing membership requirements, and the change in economic conditions of the various markets the organization serves. ### |
