Word: underlying
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Dates: during 2000-2000
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It calls for no outside investments or infusions of cash in the HMO. Instead Harvard Pilgrim will follow the business plan it has used while under state control.
While Harvard Pilgrim has been working under the current business plan, it has been able to build up $200 million in cash reserves and pay off another $200 million that it owed to hospitals and doctors. Since the HMO came under state control, a process known as receivership, insured participants...
"The past two months under receivership have been the best two months Harvard Pilgrim Health has had in several years," Reilly said. "We have decided to stay the course with Harvard Pilgrim Health, and cut no deals with anyone."
"There are no guarantees however; we are under no illusions," Reilly said. He added that even under yesterday's plan, the HMO will lose money for calendar year 2000. However, he said that the HMO will probably become profitable in 2001.
The plan announced yesterday must be approved by the state's Supreme Judicial Court, before the HMO can come out from under state control. Even after the HMO regains its independence, Ruthardt said the insurance commission and attorney general's office will continue to closely monitor Harvard Pilgrim.