Enrollment and profits at Kaiser Permanente are both up for the first three quarters of 2014, according to information released this month.
The Northern California-based non-profit health plan added 422,000 new enrollees through September, due in large part to Kaiser’s participation in Covered California and other exchanges established as part of the Affordable Care Act (ACA). The plan also experienced an increase in its commercial and Medicare business.
Kaiser Permanente now has 9.5 million enrollees in eight states and the District of Columbia. More than three-quarters of the health care provider’s members live in California – roughly 7.4 million.
Operating revenue during the third quarter was up more than eight percent from 2013. For the year, operating income jumped 48 percent to $766 million. Profits ballooned to $997 million as compared to $635 million a year earlier. Non-operating income, from investments, increased 49 percent to $900 million.
Kaiser Permanente CFO Kathy Lancaster said in a statement last week the organization’s “efforts to increase efficiencies and effectiveness, while maintaining our focus on meeting the needs of our members and customers, are gaining momentum.”
Last month, Aetna reported strong third-quarter earnings that beat analysts’ expectations; total revenue for the quarter was up 14 percent to $14.73 billion. WellPoint, which will soon change its corporate name to Anthem, reported a national membership boost of approximately two million members for its third quarter and an operating revenue boost of 4.3 percent as compared to Q3 2013.