The nation's largest healthcare provider, Columbia/HCA Healthcare Corp., moved up in the ranking of largest U.S. corporations in two leading business magazines. Fortune ranked the Nashville, Tenn.-based firm 51st in terms of annual revenues, with $17.7 billion, up from 97th last year. Forbes magazine listed the company 45th in terms of sales, 44th in market value and 112th in assets. Although Columbia is the nation's biggest healthcare employer, it ranked 11th in terms of profits per employee among healthcare services companies with $4,700 per employee, Forbes said. U.S. Healthcare ranked first at $82,300 per employee.
FHP International Corp. has sold UltraLink, a healthcare network management business, to Allianz Life Insurance Company of North America. Terms of the sale were not disclosed. Fountain Valley, Calif.-based FHP established UltraLink five years ago to help employers link diverse HMOs, PPOs and other health plans offered to their workers. The firm also credentials the programs and provides quality monitoring. FHP sold the network manager to concentrate on its core business, which is HMOs, a company spokeswoman said. Through UltraLink, Minneapolis-based Allianz will now be able to integrate indemnity and managed-care products for a large customer base. Allianz, with 1995 revenues of $1 billion, offers insurance products nationwide.
Quentin L. Cook, vice chair of San Francisco-based Sutter/CHS, has resigned effective Aug. 1 to accept a senior leadership position at the Church of Jesus Christ of Latter-day Saints in Salt Lake City. Cook, 55, was president and chief executive officer of California Healthcare System before its merger with Sutter in January. He will join a key church council called the Quorum of the Seventy, whose members preside over the major geographic areas served by the church worldwide.
Gary Hill, president and chief executive officer of the north Texas division of Columbia/HCA Healthcare Corp., will resign effective April 27. Hill said he will pursue other business opportunities. A successor has not been named. The north Texas division comprises 17 hospitals and eight surgery centers.
Deerfield, Ill.-based MMI Cos. bolstered its consulting business last week, acquiring Management Science Associates of Independence, Mo., for $8.3 million from Willis Corroon Corp. MSA, which had $6.6 million in 1995 revenues, employs 34 people, half of whom are consultants in human resources and employee relations. MMI is a diversified liability insurance and healthcare risk management firm. The MSA deal gives MMI Healthcare Services Group 200 employees.
Physician Reliance Network has purchased cancer treatment facilities in El Paso, Texas, and Las Cruces, New Mexico. Terms were not disclosed, but the Dallas-based company said this was its largest transaction to date. Physicians affiliated with the company in that market will staff the two facilities. The company also has a cancer center under construction in El Paso, scheduled to open in June (See related story, p. 24).
Blue Cross and Blue Shield of New Jersey said its financial reserves grew 20% to $188 million in 1995, its seventh consecutive year of profitable growth. During 1995, the Newark-based insurer boosted managed-care enrollment to 750,000 subscribers, and total enrollment in its insurance plans reached 1.9 million, up from 1.86 million a year ago. Last summer, state lawmakers passed legislation allowing Blue Cross and Blue Shield of New Jersey to convert to for-profit mutual status (July 3, 1995, p. 12). However, the state's largest insurer has yet to submit a conversion plan to New Jersey's Department of Insurance. The Blues board has not established a timetable for moving ahead with the plan, a spokesman said.