Rye Brook, N.Y.-based health insurer Universal American Corp. has reported a net loss of $9.8 million for the second quarter, bringing its net loss for the first half of 2014 to $14.9 million.
Universal American's second-quarter revenues were approximately $519 million, with $1 billion in total revenues for the first half of 2014.
For the first six months of 2014, Universal American's operating income from its Medicare Advantage sector declined by $900,000 when compared to the same period in 2013. In addition, the company paid a $6.2 million fee under the Patient Protection and Affordable Care Act in the second quarter.
"In Medicare Advantage, we have identified our core markets, largely with four-star ratings, and we will concentrate our efforts to increase membership, impact medical costs and improve quality in those markets," said Richard A. Barasch, chairman and CEO of Universal American, in a news release. "Consequently, we significantly reduced the number of markets in which we bid for 2015 and have contracted to sell our plans in
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