The Oakland, Calif.-based not-for-profit managed care giant took a big hit on investment income last year. Non-operating income was $248 million year-to-date, compared to a loss of $1.1 billion the same period in 2008.
Despite the gains, Kaiser Permanente membership declined by 63,000 people in the first nine months of 2009, to a total of 8.58 million enrollees.
"While we are seeing some positive activity in the financial markets, uncertainty in the economy and healthcare industry continues,” said Kathy Lancaster, executive vice president and chief financial officer of Kaiser Permanente, in a statement. “Looking forward, we remain cautious about economic recovery given the continued high rates of unemployment."
Capital spending continued on-pace, totaling $1.7 billion in the first nine months of the year, compared to $1.8 billion in the same period last year. Earnings include Kaiser Foundation Health Plan, Kaiser Foundation Hospitals and subsidiaries.
Kaiser Permanente announced in August that it would eliminate 1,850 jobs in California.
What do you think? Post a comment on this article and share your opinion with other readers. Submit your comments to Modern Healthcare Online at [email protected]. Please be sure to include your hometown and state, along with your organization and title.