Maxicare Earnings Set Record During Quarter

Los Angeles-based Maxicare Health Plans, the nation’s largest for-profit health maintenance organization, reported a record profit as income rose by 75% for the third quarter.

The company’s membership rolls also rose by 32% to 868,000.

For the three months ended Sept. 30, the company earned $9.1 million on record revenue of $183.3 million, compared to a year ago when it earned $5.2 million on revenue of $135.5 million.

As previously reported, Maxicare on Oct. 1 completed its $66.2-million acquisition of HealthCare USA, adding another 250,000 members in Southern California and Detroit.

Its $368-million acquisition of HealthAmerica Corp. is pending. When that deal is closed, Maxicare will have a total of about 2 million members in 24 states.