"Partners showing signs of recovery/" by Robert Weisman, Globe Staff | August 14, 2009
Partners HealthCare, the state’s largest health care system, yesterday reported an $18 million deficit -- mainly from investments -- through the first nine months of the 2009 fiscal year.
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For the first nine months of last year, Partners posted a $227 million gain. But its investment portfolio took a hit, starting last fall, and the nonprofit finished fiscal 2008 with a gain of $106 million.
Then why are they making it sound like they lost money with the lead?
Related: Swapping Partners Good For Health
Peter K. Markell, vice president of finance for Partners, said in an interview yesterday that with financial markets now strengthening, the system may still generate an overall net gain for the entire 2009 fiscal year.
“The hope is we’ll have a better fourth quarter than last year,’’ Markell said. “Our operations have been relatively consistent. We, like a lot of [organizations], have suffered because of our investments, and the main impact of that has been on our capital spending.’’
And FOR THAT, YOU must SUFFER HIGHER HEALTH BILLS, Bay-Staters.
Related: Why the Nation Doesn't Need Massachusetts Health Care
Better use that health insurance to get that anal raping checked.
The slumping investments compelled Partners, the parent of Massachusetts General Hospital, Brigham and Women’s Hospital, and other health care providers, to scale back....
For the April-to-June period, Partners reported a net gain of $133 million, including operating income of $34 million and nonoperating gains, mainly from investments, of $99 million.
Then WTF is with the LYING HEADLINES and LEADS, Globe?
WTF?!!!!!!!!!!
For the corresponding nine-month period in fiscal year 2008, it posted a gain of $118 million - $54 million in operating income and $64 million in nonoperating income.
So THEY DID EVEN BETTER this PAST YEAR (while we are all chocking on s***) and YET..... ?????
--more--"
Sort of tells you who they are working for, huh?
Also see: Investigation by the Globe Spotlight Team
The Boston Globe Just Doesn't Get It
"Mass. health insurers post losses; Increased use of benefits is among contributing factors" by Robert Weisman, Globe Staff | August 15, 2009
The state’s four health insurers posted net losses for the second quarter, citing continuing pressure from the economic downturn.
Among the factors contributing to the nonprofits’ performance were increasing medical expenses, higher claim costs associated with newly insured members, employers shifting to less profitable products, and people using more health services because they fear losing their jobs and company-paid insurance coverage.
Last year, all four insurers showed gains during the second quarter.
Because the state is a highly competitive insurance market, health plans typically operate on thin margins. But the recession has eroded their profitability, at least temporarily, according to financial reports filed with the state Department of Insurance....
Health plans say they expect their financial conditions to improve in the second half of the year when higher premiums - paid by employers to insurers - typically go into effect....
Translation: BUSINESSES will be SHAKEN DOWN for PARTNER'S PROFITS and HEALTHCARE CORPORATE WELFARE!
Sigh. I need to get to a doctor.
