From the Contra Costa Times:
Kaiser net income, revenue surge
Kaiser Permanente on Friday reported sharp increases in both net income and revenue for the quarter.
The nation’s largest health maintenance organization saw its net income rise 56 percent to $698 million, from $448 million last year. Operating revenues increased 9 percent to $9.4 billion.
Kaiser said it needs the earnings to invest in its integrated care delivery system to broaden access, meet seismic requirements and strengthen the benefits it provides to its members, purchasers and the communities it serves.
In Northern California, about $10 billion is being invested in more than two dozen projects in various stages of construction.
Critics are infuriated that Kaiser continues to rake in profits and raise rates each year.
“Kaiser gets a tax break because they are supposed to be a not-for-profit that gives back to the company, yet here they are sitting on this money while people are being priced out of health care,” said Jamie Court, president of The Foundation for Taxpayer & Consumer Rights. “It’s incredibly frustrating to see them continue to raise rates, while at the same time their profits increase.”
About 40,000 new members joined Kaiser in the first quarter of the year, increasing total membership to 8.7 million.
More:
May 4, from the FTCR: Non-Profit Kaiser is Poster Child for Health Insurance Rate Regulation — Non-profit Kaiser Permanente, one of the state’s largest health insurers, reported today a $1.2 billion revenue increase and a “profit” of $698 million up from $448 million over last year. The Foundation for Taxpayer and Consumer Rights (FTCR) said that huge profit increases at a time when millions of Californians are struggling to afford health insurance makes the case for pending state legislation, AB 1554, which would require health insurers to justify and seek approval of their premium increases. Full Story
Kaiser Thrive Exposed would like to personally thank Dr. Geoff Galbraith - Kaiser Permanente Care Management Institute board member; and Vice President, Hawaii Permanente Medical Group, Quality Improvement Management - for inspiring us to create this website. Did we make it into the top 5?
great work
i wonder if more patients knew this, would they continue to pay these leaches
It’s no wonder KP is in “Fat City”.
As a retired Senior Advantage member, in 2006, they doubled their perscription copay, & raised Dr visits by 50%.
Forget about Inflation or Cost of Living increases — that’s apparntly peanuts.
[...] The impending release of Michael Moore’s scathing indictment of the US Health Care industry,
‘SiCKO’ — which features one Kaiser Permanente scandal after another — has got the Kaiser PR goons working overtime. With their usual intent to baffle, befuddle and bamboozle, they would like to convince you to disbelieve what you see and hear with your own eyes and ears. [...]
[...] and first nine-months? net income soared from $1.1 billion to $2.5 billion, [...]
I pay for an individual plan which has gone
up 100% in the last four years. I am stuck because of pre-existing conditions but can no
longer afford the monthly Kaiser premium.