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Article: Medical Mutual Posts Profit Through Six Months of 1998.
- Article from:
- Business Wire
- Article date:
- August 17, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CLEVELAND--(BW HealthWire)--Aug. 17, 1998--Medical Mutual of Ohio reported today a profit for the first six months of 1998 despite a difficult business climate caused by low Medicaid reimbursements and escalating pharmaceutical costs.
In a report filed with the Ohio Department of Insurance in Columbus for the first-half ending June 30, 1998, the Cleveland-based company posted net income of $393,300 on revenues of $511.5 million, compared to a loss of $8.4 million on revenues of $449.1 million for the same period a year ago.
"Thanks to a solid performance by our sales staff, we were able to offset adverse business conditions facing the health ...