In vesto rs a nd some health care industry

Size: px
Start display at page:

Download "In vesto rs a nd some health care industry"

Transcription

1 Wall Street s Love Affair With Health Care Data on market activity over the past decade reveal the extent of Wall Street s influence on health system change. b y S r i j a S r i n i v a s a n, L ar r y Le v i t t, a n d Jan e t L u n d y 126 In vesto rs a nd some health care industry executives give credit to market incentives and for-profit health care companies for fundamentally restructuring an industry much in need of change. Some policymakers, providers, and consumer advocates, meanwhile, question whether it is appropriate that profit motives and goals to maximize stock values drive changes in the health care system. The common ground of these two camps is their understanding of the growing influence of for-profit organizations in health care. This influence is especially evident in the growing number of for-profit health maintenance organizations (HMOs). Between 1981 and 1997 for-profit HMOs grew from representing 12 percent to 62 percent of total HMO enrollees and from 18 percent to 75 percent of health plans. 1 Among hospitals, although forprofits have increased their role, nonprofits continue to dominate the industry. Between 1981 and 1996 for-profit companies grew from representing 9 percent to 13 percent of community hospital beds and from 13 percent to 15 percent of community hospitals. 2 Increasingly, both financial analysts and policy analysts have an interest in understanding the role of the stock market within the health care sector. Recent ups and downs in health care stocks have drawn these analysts attention to how health care companies will balance the interests of health care consumers, purchasers, insurers, providers, regulators, and investors. Neither investment analysts nor policy analysts have systematically collected measures of the influence of the stock market on the health care industry. Investment analysts generally have used company-specific information to evaluate individual companies prospects within the health sector. Policy analysts have relied mostly on data sources that provide broad information on industrywide trends encompassing publicly traded and other health care companies. This paper attempts to bridge these historical data-gathering approaches with a set of measures that quantify the role of the stock market within the health care services industry over the past ten years. These data should provide useful reference points for tracking how this role changes over the next decade. MEASURES OF MARKET ACTIVITY n INITIAL PUBLIC OFFERINGS. Many health care organizations have looked to the stock market as a source of financing. During the past ten years 21 health services companies issued initial public offerings (IPOs) of Srija Srinivasan is director of member and information services for Gateway Purchasers for Health, an employer purchasing coalition in St. Louis, Missouri. Before joining Gateway, she was chief author of a chart book for the Henry J. Kaiser Family Foundation s Changing Health Care Marketplace Project. Larry Levitt is director of both the marketplace project and the foundation s California Grants Program. He was formerly a special assistant for health policy to California Insurance Commissioner John Garamendi. Janet Lundy is program officer at the Kaiser Family Foundation for both the marketplace project and the California Grants Program. H E A L T H A F F A I R S ~ V o l u m e 1 7, N u m b e r The People-to-People Health Foundation, Inc.

2 stock, generating capital of more than $6.6 billion. 3 For the HMO sector, twenty-three IPOs raised almost $1.4 billion (Exhibit 1). 4 n EQUITY AS A SOURCE OF FINANCING. Among HMOs, equity (stocks) grew from representing an average of 2 percent of total external capital over the period, to 69 percent between 1991 and 1997 (Exhibit 2). In comparison, the predominantly nonprofit hospital sector continues to rely on debt (bonds) as its primary source of capital. n MARKET CAPITALIZATION. The market capitalization, or total stock value, of health services and HMO companies traded on the stock market has grown dramatically over the past decade. The market capitalization of HMOs traded on the stock market grew from a little more than $3 billion in 1987 to almost $39 billion as of November 1997 (an almost twelvefold increase), while the stock market as a whole grew about fourfold (Exhibit 3). For health services companies, capitalization grew from $16.3 billion to $112.7 billion over the same time frame, a sevenfold increase. Health services remain a relatively small proportion of the overall stock market, representing only slightly more than 1 percent of the total market with respect to market capitalization as of November n INVESTMENT ANALYSTS. As the stock market s capitalization of health care companies has grown, the number of investment analysts following health care stocks has increased as well from 152 in 1987 to 559 in Much of the increase in this following occurred over the past four years. n STOCK PRICE TRENDS. HMO stocks generally outperformed the market as a whole over the past decade, although these companies experienced significant price declines between March and August 1995, between April and July 1996, and between July and November 1997 (Exhibit 4). Health services companies have tracked somewhat above the market through much of the decade, but the ten-year return for the overall market and these companies is equal. Using a University of Chicago index that measures the market-weighted re- 127 EXHIBIT 1 Initial Public Offerings Of Health Services And HMO Stock, Health services companies HMO companies Year Number Value (millions) Number Value (millions) $ ,741 1, , $ Total 21 6,662 b 23 1,371 b SOURCE: Prepared for the Kaiser Family Foundation by Securities Data Company, 6 January NOTES: Health services companies include those with Standard Industrial Classification (SIC) codes 8 through 899. These include the following types of businesses: offices and clinics of doctors of medicine or osteopathy, dentists, or other health care providers; nursing and personal care facilities; hospitals; medical and dental laboratories; home health care services; and miscellaneous health and allied services. Health maintenance organization (HMO) companies include companies we identified as primarily HMO companies (does not include multiline property/casualty insurance companies that may have an HMO line that represents less than half of its business), as well as other companies classifying themselves as medical service plans (SIC 6324). a Not applicable. b Values do not add to total because of rounding. H E A L T H A F F A I R S ~ J u l y / A u g u s t

3 128 turn of stocks, a 1987 investment of $1 in the market as a whole or in health services companies would have grown to $492 by the end of November In comparison, an investment of $1 in HMOs would have grown to $821. Recently, average annual returns for HMOs and health services companies have not kept pace with the record growth in the overall market. HMO companies stock prices have taken a downturn, as average annual returns fell from +32 percent over the period to 7 percent over For health services companies, average annual returns fell from 21 percent in the first period to 3 percent in the second. In contrast, for the market as a whole, average annual returns rose from 15 percent in the first period to 25 percent in the second. 6 H E A L T H A F F A I R S ~ V o l u m e 1 7, N u m b e r 4

4 129 n MERGERS AND ACQUISITIONS. High stock values and interest in improving market share have propelled many health care organizations to pursue growth through mergers and acquisitions. As a result, the number of publicly traded health services and HMO companies has decreased in recent years as some of these companies have combined. Over the past decade merger and acquisition activity peaked in 1996 for both health services and HMO companies (Exhibit 5). In 1996 there were 483 completed mergers and acquisitions involving health services companies, totaling almost $27. billion. For HMOs thirty-three merger and acquisition deals totaled more than $13.3 billion in 1996 (Exhibit 6). The decade saw 2,753 mergers and acquisitions involving health services companies and 162 involving HMOs. The patterns in number and value of these transactions are similar for health services and HMO companies, reflecting how consolidation within the payer sector has fueled consolidation in the provider sector, and vice versa. IMPLICATIONS AND QUESTIONS Although these data help to identify the growing connection between the stock market and health care organizations, questions remain regarding the impact of this connection on future prospects for the industry s growth, structure, and efficiency, as well as the quality of care delivered. n INVESTORS. Many investors were drawn to health services and managed care companies as growth stocks that would achieve success by meeting the rapidly growing demand for lower-cost managed care products, as well as the potential to increase efficiency. More than three-quarters of persons with employment-based health insurance are now enrolled in managed care. Opinions differ on whether recent stock price declines of HMOs and leveled stock price growth of health services companies represent revaluations of now mature industries or temporary blips in industries with continued growth prospects. The level of continued investor interest in health care companies will H E A L T H A F F A I R S ~ J u l y / A u g u s t

5 13 affect the level of capital available to fuel continued growth and innovation. n SAFETY-NET PROVIDERS. As marketbased competition has driven change in the nation s health care system, much of the role of public policy has been to respond to the impact of such competition on health care consumers, including those who depend on the health care safety net. For example, several state attorneys general have reviewed potential conversions involving nonprofit hospitals or health plans that have historically fulfilled a charitable purpose within a given community. Some not-for-profit assets have been transformed to conversion foundations established to preserve the charitable missions of not-for-profit health plans and health care systems. As of 1 September 1997 there were eighty-one conversion foundations in the United States, with assets totaling $9.3 billion. 7 For health plan conversions in particular, a method used for ensuring that assets are fairly valued upon conversion has been to transfer ownership of some portion of the newly created for-profit companies stock to the conversion foundation. Decreasing attractiveness of health care and HMO stocks will decrease the endowment levels of conversion foundations that hold the stocks of their formerly not-for-profit organizations and may mute the financial advantages of conversion. At the same time, companies seeking acquisition targets may focus on not-for-profit companies, given a diminishing number of available for-profit candidates that have not been involved in a recent acquisition. n HEALTH CARE COSTS AND QUALITY. The balance of influence among investors, purchasers, insurers, providers, and consumers will affect who ultimately bears the cost of health care services. Over the past decade health care purchasers desires to constrain health insurance premium increases and the resulting competition among and between insurers and providers have contributed to declines in health insurance premium inflation. Today the prospect of accelerated growth in health insurance premiums tends to comfort investors who have witnessed decreases in managed care companies profitability and some accompanying declines in stock prices. At the same time, consumers, purchasers, and policymakers are becoming more interested in health care quality. There is little evidence, H E A L T H A F F A I R S ~ V o l u m e 1 7, N u m b e r 4

6 however, that high marks on quality or consumer satisfaction measures increase the attractiveness of a health plan or health services company to investors. Ongoing tracking of the role of the stock market within the health care industry will help observers to analyze the connection between decisions intended to maximize shareholders value and those intended to guarantee high-quality health care. Further research is needed to understand how investors goals influence the behavior of health care organizations and the implications for consumers. The data in this paper were presented at a briefing for journalists who write on health issues, sponsored by the Henry J. Kaiser Family Foundation, 11 February 1998, in New York City, as part of the foundation s Changing Health Care Marketplace Project. These data will appear in a forthcoming chart book on the health care marketplace, to be published by the foundation. NOTES 1. InterStudy, HMO Summary, June 1985 (Excelsior, Minn.: InterStudy, 1985), 7; and The InterStudy Competitive Edge 7.2: Part II: HMO Industry Report (Bloomington, Minn.: InterStudy, 1997), Kaiser Family Foundation analysis of American Hospital Association (AHA) data, from AHA, Hospital Statistics, ed. (Chicago: AHA, 1998), Includes companies involved in the delivery of health care, such as physician, dentist, and other provider offices; nursing and personal care facilities; hospitals; medical and dental laboratories; home health care services; and miscellaneous health and allied services. 4. Includes companies whose primary line of business is an HMO. 5. Kaiser Family Foundation tabulation from Nelson s Directory of Investment Research, annual volumes for (Port Chester, N.Y.: Nelson Publications, ). 6. Center for Research in Security Prices, University of Chicago, 14 January S.L. Isaacs, W. Carr, and D.F. Beatrice, Health Care Conversion Foundations: 1997 Status Report (Washington: Grantmakers in Health, October 1997), H E A L T H A F F A I R S ~ J u l y / A u g u s t

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,

More information

Insurance Trends for the Medicare Population, 1991-1999

Insurance Trends for the Medicare Population, 1991-1999 Insurance Trends for the Medicare Population, 1991-1999 Lauren A. Murray and Franklin J. Eppig INTRODUCTION The 1990s saw the emergence of managed care into the Medicare marketplace. In the beginning of

More information

FINANCING STRATEGIES FOR NONPROFIT HOSPITAL SYSTEMS

FINANCING STRATEGIES FOR NONPROFIT HOSPITAL SYSTEMS FINANCING STRATEGIES FOR NONPROFIT HOSPITAL SYSTEMS by Donald Wegmiller Prologue: When Congress enacted the Social Security Amendments of 1983 and President Reagan signed them into law April 20th, the

More information

Large and Small Companies Exhibit Diverging Bankruptcy Trends

Large and Small Companies Exhibit Diverging Bankruptcy Trends JANUARY, 22 NUMBER 2-1 D I V I S I O N O F I N S U R A N C E Bank Trends Analysis of Emerging Risks In Banking WASHINGTON, D.C. ALAN DEATON (22) 898-738 adeaton@fdic.gov Large and Small Companies Exhibit

More information

Analysis Brief. Trends in Public Higher Education: Enrollment, Prices, Student Aid, Revenues, and Expenditures

Analysis Brief. Trends in Public Higher Education: Enrollment, Prices, Student Aid, Revenues, and Expenditures Analysis Brief Trends in Higher Education Series Trends in Public Higher Education: Enrollment, Prices, Student Aid, Revenues, and Expenditures Sandy Baum Senior Fellow, George Washington University Graduate

More information

The Factors Fueling Rising Health Care Costs 2008

The Factors Fueling Rising Health Care Costs 2008 The Factors Fueling Rising Health Care Costs 2008 Prepared for America s Health Insurance Plans, December 2008 2008 America s Health Insurance Plans Table of Contents Executive Summary.............................................................2

More information

Investment Company Institute and the Securities Industry Association. Equity Ownership

Investment Company Institute and the Securities Industry Association. Equity Ownership Investment Company Institute and the Securities Industry Association Equity Ownership in America, 2005 Investment Company Institute and the Securities Industry Association Equity Ownership in America,

More information

From academic journals to the

From academic journals to the Health Tracking Trends Comparing And Private Insurers: Growth Rates In Spending Over Three Decades can be counted on to control per enrollee spending growth over time, more than private insurers can. by

More information

Trends and Indicators in the Changing Health Care Marketplace, 2002

Trends and Indicators in the Changing Health Care Marketplace, 2002 Trends and Indicators in the Changing Health Care Marketplace, 2002 Chartbook May 2002 Trends and Indicators in the Changing Health Care Marketplace, 2002 Chartbook May 2002 the henry j. kaiser family

More information

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt

Understanding a Firm s Different Financing Options. A Closer Look at Equity vs. Debt Understanding a Firm s Different Financing Options A Closer Look at Equity vs. Debt Financing Options: A Closer Look at Equity vs. Debt Business owners who seek financing face a fundamental choice: should

More information

Data Concerns in Out-of-Pocket Spending Comparisons between Medicare and Private Insurance. Cristina Boccuti and Marilyn Moon

Data Concerns in Out-of-Pocket Spending Comparisons between Medicare and Private Insurance. Cristina Boccuti and Marilyn Moon Data Concerns in Out-of-Pocket Spending Comparisons between Medicare and Private Insurance Cristina Boccuti and Marilyn Moon As Medicare beneficiaries double over the next 30 years, controlling per enrollee

More information

california Health Care Almanac Health Care Costs 101: California Addendum

california Health Care Almanac Health Care Costs 101: California Addendum california Health Care Almanac : California Addendum May 2012 Introduction Health spending represents a significant share of California s economy, but the amounts spent on health care rank among the lowest

More information

Very Large Dental Practices Seeing Significant Growth in Market Share

Very Large Dental Practices Seeing Significant Growth in Market Share Very Large Dental Practices Seeing Significant Growth in Market Share Authors: Thomas Wall, M.A., M.B.A.; Albert H. Guay, D.M.D. The Health Policy Institute (HPI) is a thought leader and trusted source

More information

How Might a Reforming U.S. Healthcare Marketplace Threaten Balance Sheet Liquidity for Community Health Systems?

How Might a Reforming U.S. Healthcare Marketplace Threaten Balance Sheet Liquidity for Community Health Systems? i n t e g r a t e d h e a l t h s y s t e m s How Might a Reforming U.S. Healthcare Marketplace Threaten Balance Sheet Liquidity for Community Health Systems? Daniel K. Zismer, PhD, Wegmiller Professor

More information

Prescription drugs are a critical component of health care. Because of the role of drugs in treating conditions, it is important that Medicare ensures that its beneficiaries have access to appropriate

More information

Health Economics Program

Health Economics Program Health Economics Program Issue Brief March, 2011 Background Health Insurance Premiums and Cost Drivers in Minnesota, 2009 Persistently rising health care costs affect the budgets of consumers, employers

More information

Ohio s Health Insuring. Corporations Report. Ohio s Health Insuring. Corporations Performance Report. Executive Summary. Overview AUGUST 2014

Ohio s Health Insuring. Corporations Report. Ohio s Health Insuring. Corporations Performance Report. Executive Summary. Overview AUGUST 2014 Ohio s Health Insuring Corporations Performance Report Ohio s Health Insuring Corporations Report AUGUST 2014 Executive Summary During 2013, Ohio s Health Insuring Corporations (HICs) saw an increase in

More information

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER

IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER Review of TD s businesses REVIEW OF TD S BUSINESSES PROFILES OF TD S BUSINESSES TODAY IN THIS REVIEW, WE HAVE ARRANGED OUR BUSINESSES AROUND OUR TWO DISTINCT CUSTOMER BASES RETAIL AND WHOLESALE TO SHOW

More information

N E W S R E L E A S E

N E W S R E L E A S E N E W S R E L E A S E Investors: Brett Manderfeld John S. Penshorn Media: Don Nathan Tyler Mason Vice President Senior Vice President Senior Vice President Vice President 952-936-7216 952-936-7214 952-936-1885

More information

Property/Casualty Insurance Results 2014

Property/Casualty Insurance Results 2014 Property/Casualty Insurance Results 2014 By Robert Gordon, Senior Vice President, Policy Development and Research, PCI, and Beth Fitzgerald, President, ISO Insurance Programs and Analytic Services Private

More information

Commentary. Health Affairs, Volume 15, Number 1 1996 The People-to-People Health Foundation, Inc.

Commentary. Health Affairs, Volume 15, Number 1 1996 The People-to-People Health Foundation, Inc. Commentary Residencies And Employment Under Managed Care: A Med ical Stud ent s View by Gregory W. Ruhnke In their Commentary, Health Workforce and Education Issues during System Transition, which precedes

More information

CHOOSING YOUR INVESTMENTS

CHOOSING YOUR INVESTMENTS CHOOSING YOUR INVESTMENTS FOR ASSISTANCE CONTACT US TODAY FOR MORE INFORMATION, ADVICE OR HELP OPENING AN ACCOUNT, IT S EASY TO REACH US: BY PHONE Call us at 800 TIAA-CREF (800 842-2273) to speak with

More information

THE FINANCING OF ACADEMIC HEALTH CENTERS: A CHART BOOK

THE FINANCING OF ACADEMIC HEALTH CENTERS: A CHART BOOK THE FINANCING OF ACADEMIC HEALTH CENTERS: A CHART BOOK James A. Reuter Institute for Health Care Research and Policy Georgetown University August 1997 Support for this research was provided by The Commonwealth

More information

Executive Summary: Midland s Three Divisions: Exploration & Production

Executive Summary: Midland s Three Divisions: Exploration & Production Executive Summary: Midland Energy Resources, Inc. is a global energy company with a broad array of products and services. The company operates within three different operations including oil and gas exploration

More information

Our paper in the Fall 1996 issue of

Our paper in the Fall 1996 issue of Tracking Health Care Costs: An Update Do recent reports of premium increases portend health care costs on the rise again? by Pau l B. G ins burg an d Jeremy D. Pickreign Our paper in the Fall issue of

More information

Biennial VA529 Status Report July 2014

Biennial VA529 Status Report July 2014 VA529 Oversight Report No. 1 Biennial VA529 Status Report July 2014 Profile: Programs Operated by VA529 as of March 31, 2014 CURRENT STATUS PrePAID InVEST CollegeWealth CollegeAmerica* Program type Defined

More information

Research fundamentals

Research fundamentals Research fundamentals 1401 H Street, NW, Suite 1200 Washington, DC 20005 202/326-5800 www.ici.org April 2010 Vol. 19, No. 2 Trends in the Fees and Expenses of Mutual Funds, 2009 Key Findings On average,

More information

Employer Purchasing Pools: California s Experience Making Health Insurance Available to Small Employers

Employer Purchasing Pools: California s Experience Making Health Insurance Available to Small Employers Employer Purchasing Pools: California s Experience Making Health Insurance Available to Small Employers By John Grgurina, Jr. T his chapter describes PacAdvantage, the country s largest non-profit small-employer,

More information

The Nonprofit Sector in Brief 2014

The Nonprofit Sector in Brief 2014 CENTER ON NONPROFITS AND PHILANTHROPY The Nonprofit Sector in Brief 2014 Public Charities, Giving, and Volunteering Brice S. McKeever and Sarah L. Pettijohn October 2014 This brief highlights trends in

More information

Physician Executive Compensation Recovers with Economy: S-l-o-w-l-y

Physician Executive Compensation Recovers with Economy: S-l-o-w-l-y Compensation Physician Executive Compensation Recovers with Economy: S-l-o-w-l-y Single-digit, two-year growth rates reported for most titles By Deedra Hartung In this article.. Discover what drivers are

More information

CONVERSION FOUNDATIONS: DEFINING MISSION AND STRUCTURE

CONVERSION FOUNDATIONS: DEFINING MISSION AND STRUCTURE When a nonprofit health care corporation becomes a for-profit corporation through conversion, merger or acquisition, most state laws require that the full value of the nonprofit be preserved for public

More information

The Changing United States Health Care System: The Effect of Competition on Structure and Performance

The Changing United States Health Care System: The Effect of Competition on Structure and Performance The Changing United States Health Care System: The Effect of Competition on Structure and Performance Robert B. Helms Independent Institute Working Paper Number 29 April 2001 100 Swan Way, Oakland, CA

More information

First Half 2014 Taiwan Life Insurance Market Overview

First Half 2014 Taiwan Life Insurance Market Overview First Half 2014 Taiwan Life Insurance Market Overview I. Life Insurance Industry Business and Financial Overview A. Business Statistical Overview The life insurance industry in Taiwan delivered NTD1,340.5

More information

Property/Casualty Insurance Results: First-Half 2015

Property/Casualty Insurance Results: First-Half 2015 Property/Casualty Insurance Results: First-Half 2015 By Beth Fitzgerald, President, ISO Solutions and Robert Gordon, Senior Vice President, Policy Development and Research, PCI Private U.S. property/casualty

More information

Issue Brief. Does Medicare Advantage Cost Less Than Traditional Medicare? The COMMONWEALTH FUND. Brian Biles, Giselle Casillas, and Stuart Guterman

Issue Brief. Does Medicare Advantage Cost Less Than Traditional Medicare? The COMMONWEALTH FUND. Brian Biles, Giselle Casillas, and Stuart Guterman Issue Brief JANUARY 2016 The COMMONWEALTH FUND Does Medicare Advantage Cost Less Than Traditional Medicare? The mission of The Commonwealth Fund is to promote a high performance health care system. The

More information

Health Care Expenditure and Financing in the U S

Health Care Expenditure and Financing in the U S RP10/PLC Health Care Expenditure and Financing in the U S 24 June 1998 Prepared by Ms Eva LIU Ms S.Y. YUE Research and Library Services Division Provisional Legislative Council Secretariat 5th Floor, Citibank

More information

Teaching Hospitals: Their Impact on Patients and the Future Health Care Workforce

Teaching Hospitals: Their Impact on Patients and the Future Health Care Workforce American Hospital association september 2009 TrendWatch Teaching Hospitals: Their Impact on Patients and the Future Health Care Workforce Teaching hospitals train future health care professionals, conduct

More information

california Health Care Almanac California Employer Health Benefits Survey: Fewer Covered, More Cost

california Health Care Almanac California Employer Health Benefits Survey: Fewer Covered, More Cost california Health Care Almanac Survey: Fewer Covered, More Cost April 2013 Introduction Employer-based coverage is the leading source of health insurance in California as well as nationally. This report

More information

Introduction. What is Transparency in Health Care?

Introduction. What is Transparency in Health Care? Introduction Transparency is a vital component of an efficient and effective health care system. As concerns about the cost and quality of health care in the United States continue to grow and large employers

More information

Securitizing Property Catastrophe Risk Sara Borden and Asani Sarkar

Securitizing Property Catastrophe Risk Sara Borden and Asani Sarkar August 1996 Volume 2 Number 9 Securitizing Property Catastrophe Risk Sara Borden and Asani Sarkar The trading of property catastrophe risk using standard financial instruments such as options and bonds

More information

ILLINOIS FORGOTTEN MIDDLE-SKILL JOBS: 2009

ILLINOIS FORGOTTEN MIDDLE-SKILL JOBS: 2009 ILLINOIS FORGOTTEN MIDDLE-SKILL JOBS: 2009 AN UPDATED LOOK AT EMPLOYMENT AND EDUCATION PATTERNS IN ILLINOIS In September 2008, the Skills2Compete-Illinois campaign released Illinois Forgotten Middle-Skill

More information

$5,615 $15,745 - AND - Employer Health Benefits. -and- The Kaiser Family Foundation. Annual Survey

$5,615 $15,745 - AND - Employer Health Benefits. -and- The Kaiser Family Foundation. Annual Survey 61% $15,745 The Kaiser Family Foundation - AND - Health Research & Educational Trust Employer Health Benefits 2012 Annual Survey $5,615 2012 -and- Primary Authors: KAISER FAMILY FOUNDATION Gary Claxton

More information

Although managed-care health

Although managed-care health Out-of-Pocket Expenditures by Consumer Units with Private Health Insurance ERIC J. KEIL Eric J. Keil is an economist in the Branch of Information and Analysis, Division of Consumer Expenditure Surveys,

More information

Trends in University Finances in the New Millennium, 2000/01 2012/13

Trends in University Finances in the New Millennium, 2000/01 2012/13 Spring 2015 Trends in University Finances in the New Millennium, 2000/01 2012/13 Since the turn of the 21st century, universities in Canada have undergone significant changes. Student enrolment has exploded.

More information

Trends in College Spending: 2001 2011

Trends in College Spending: 2001 2011 Trends in College Spending: 2001 2011 A Delta Data Update July 2014 Trends in College Spending: 2001 2011 A Delta Data Update Donna M. Desrochers and Steven Hurlburt 1000 Thomas Jefferson Street NW Washington,

More information

Issue Brief. Growth and Variability in Health Plan Premiums in the Individual Insurance Market Before the Affordable Care Act. The COMMONWEALTH FUND

Issue Brief. Growth and Variability in Health Plan Premiums in the Individual Insurance Market Before the Affordable Care Act. The COMMONWEALTH FUND Issue Brief JUNE 2014 The COMMONWEALTH FUND Growth and Variability in Health Plan Premiums in the Individual Insurance Market Before the Affordable Care Act Jonathan Gruber, MIT The mission of The Commonwealth

More information

Taiwan Life Insurance Report 2011

Taiwan Life Insurance Report 2011 一 Business Overview of the Industry ( 一 )Business Overview Taiwan Life Insurance Report 2011 The Taiwan life insurance sector reported TWD 2,198.2 billion in premium income in 2011, down by 4.96% when

More information

2015 Fee Study: Investors Are Driving Expense Ratios Down

2015 Fee Study: Investors Are Driving Expense Ratios Down Michael Rawson Analyst +1 12 696-6079 michael.rawson@morningstar.com Ben Johnson Director, Global ETF Research +1 12 84-4077 ben.johnson@morningstar.com Executive Summary Investors are paying less for

More information

DataWatch. Exhibit 1 Health Care As A Percentage Of The GNP, 1965-85

DataWatch. Exhibit 1 Health Care As A Percentage Of The GNP, 1965-85 DataWatch National Medical Care Spending by Gerard F. Anderson In 1985, the United States spent 10.6 percent of the gross national product (GNP) on health care, continuing a trend of devoting an increasing

More information

The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2013

The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2013 ICI RESEARCH REPORT The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2013 July 2015 The IRA Investor Database The Investment Company Institute and the Securities Industry and Financial

More information

$5,429 $15,073 - AND - Employer Health Benefits. -and- The Kaiser Family Foundation. Annual Survey

$5,429 $15,073 - AND - Employer Health Benefits. -and- The Kaiser Family Foundation. Annual Survey 60% $15,073 The Kaiser Family Foundation - AND - Health Research & Educational Trust Employer Health Benefits 2011 Annual Survey $5,429 2011 -and- Primary Authors: KAISER FAMILY FOUNDATION Gary Claxton

More information

Household health care spending: comparing the Consumer Expenditure Survey and the National Health Expenditure Accounts Ann C.

Household health care spending: comparing the Consumer Expenditure Survey and the National Health Expenditure Accounts Ann C. Household health care spending: comparing the Consumer Expenditure Survey and the National Health Expenditure Accounts Ann C. Foster Health care spending data produced by the Federal Government include

More information

Health Economics Program

Health Economics Program Health Economics Program Issue Brief 2005-01 March 2005 Employer-Based Health Insurance in Minnesota: Results from the 2002 Employer Health Insurance Survey Introduction Employer-sponsored health insurance

More information

Statement of Dan L. Crippen Director Congressional Budget Office. on The Financial Status of Medicare

Statement of Dan L. Crippen Director Congressional Budget Office. on The Financial Status of Medicare Statement of Dan L. Crippen Director Congressional Budget Office on The Financial Status of Medicare before the Committee on Finance United States Senate March 18, 1999 NOTICE This statement is not available

More information

Rising Health Care Costs What Factors are Driving Increases?

Rising Health Care Costs What Factors are Driving Increases? Rising Health Care Costs What Factors are Driving Increases? Rising health care costs and access to affordable coverage are prominent issues for Washington employers, health care providers, purchasers,

More information

The Role of Nonprofit Healthcare Organizations in Controlling Costs and Improving Quality for Retirees

The Role of Nonprofit Healthcare Organizations in Controlling Costs and Improving Quality for Retirees The Role of Nonprofit Healthcare Organizations in Controlling Costs and Improving Quality for Retirees Employee Benefits Research Institute Education and Research Fund Policy Forum # 56 Washington, DC

More information

Quality Assurance For Medicaid Managed Care. Lessons from a quality-improvement demonstration in three states.

Quality Assurance For Medicaid Managed Care. Lessons from a quality-improvement demonstration in three states. Outcome Report 248 Quality Assurance For Medicaid Managed Care Lessons from a quality-improvement demonstration in three states. b y Suzanne Fe lt-l is k a nd R ob er t St. P ete r The Quality A ssurance

More information

COLLEGE ACCESS FOUNDATION OF CALIFORNIA

COLLEGE ACCESS FOUNDATION OF CALIFORNIA CONSOLIDATED FINANCIAL STATEMENTS C O N T E N T S Page Independent Auditors Report 1 Consolidated Statements of Financial Position 2 Consolidated Statements of Activities and Changes in Net Assets 3 Consolidated

More information

The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2012

The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2012 ICI RESEARCH REPORT The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2012 March 2014 The IRA Investor Database The Investment Company Institute and the Securities Industry and Financial

More information

The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2011. October 2013

The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2011. October 2013 Ici research report The IRA Investor Profile: Traditional IRA Investors Activity, 2007 2011 October 2013 The IRA Investor Database The Investment Company Institute and the Securities Industry and Financial

More information

Additional copies of this report are available on the American Hospital Association s web site at www.aha.org.

Additional copies of this report are available on the American Hospital Association s web site at www.aha.org. Additional copies of this report are available on the American Hospital Association s web site at www.aha.org. TrendWatch, produced by the American Hospital Association, highlights important trends in

More information

Physician Leaders Feel the Economic Pinch

Physician Leaders Feel the Economic Pinch Physician Leaders Feel the Economic Pinch growth slows for top execs, but career pathways open By Deedra Hartung In this article Learn how trends as reported in the eighth biennial edition of the Cejka

More information

Subject: Electronic Health Records: Number and Characteristics of Providers Awarded Medicare Incentive Payments for 2011

Subject: Electronic Health Records: Number and Characteristics of Providers Awarded Medicare Incentive Payments for 2011 United States Government Accountability Office Washington, DC 20548 July 26, 2012 Congressional Committees Subject: Electronic Health Records: Number and Characteristics of Providers Awarded Medicare Incentive

More information

Tracking Report. Trends in Health Insurance Coverage and Access Among Black, Latino and White Americans, 2001-2003 LOW-INCOME LATINOS AND WHITES LOSE

Tracking Report. Trends in Health Insurance Coverage and Access Among Black, Latino and White Americans, 2001-2003 LOW-INCOME LATINOS AND WHITES LOSE I N S U R A N C E C O V E R A G E & C O S T S Tracking Report RESULTS FROM THE COMMUNITY TRACKING STUDY NO. 11 OCTOBER 004 Trends in Health Insurance Coverage and Access Among Black, Latino and White Americans,

More information

FUNDMARKET INSIGHT REPORT

FUNDMARKET INSIGHT REPORT FUNDMARKET INSIGHT REPORT MAY 2013 LAUNCHES, LIQUIDATIONS, AND MERGERS IN THE EUROPEAN MUTUAL FUND INDUSTRY, Q1 2013 CHRISTOPH KARG Content Specialist for Germany & Austria Executive Summary As of the

More information

From the Publisher* Costs, Commitment and Locality: A Comparison of For-Profit and Not-for-Profit Health Plans. Treo Solutions

From the Publisher* Costs, Commitment and Locality: A Comparison of For-Profit and Not-for-Profit Health Plans. Treo Solutions From the Publisher* Treo Solutions Costs, Commitment and Locality: A Comparison of For-Profit and Not-for-Profit Health Plans Following on the heels of the first national study demonstrating differences

More information

N E W S R E L E A S E

N E W S R E L E A S E N E W S R E L E A S E Investors: Brett Manderfeld John Penshorn Media: Don Nathan Tyler Mason Vice President Senior Vice President Senior Vice President Vice President 952-936-7216 952-936-7214 952-936-1885

More information

2013 Taiwan Life Insurance Market Overview I. Life Insurance Business and Financial Overview

2013 Taiwan Life Insurance Market Overview I. Life Insurance Business and Financial Overview 2013 Taiwan Life Insurance Market Overview I. Life Insurance Business and Financial Overview 1. Business Statistical Overview In 2013, life insurers in Taiwan reported NTD2,583.5 billion in premium income,

More information

Statement of. David Hehman President and CEO Federal Home Loan Bank of Cincinnati. Before the. House Financial Services Committee

Statement of. David Hehman President and CEO Federal Home Loan Bank of Cincinnati. Before the. House Financial Services Committee Statement of David Hehman President and CEO Federal Home Loan Bank of Cincinnati Before the House Financial Services Committee September 25, 2003 Mr. Chairman, Ranking Member Frank, and Members of the

More information

Assurant Reports 2004 Net Income of $350.6 Million ($2.48 per Pro Forma Share), Net Operating Income of $345.0 Million ($2.44 per Pro Forma Share)

Assurant Reports 2004 Net Income of $350.6 Million ($2.48 per Pro Forma Share), Net Operating Income of $345.0 Million ($2.44 per Pro Forma Share) Press Contact: Investor Relations: Drew Guthrie Melissa Kivett Larry Cains Manager, Communications Vice President Senior Vice President and Media Relations Investor Relations Investor Relations Phone:

More information

University of Southern California USC. USC Senior Care. A Supplemental Plan to Medicare

University of Southern California USC. USC Senior Care. A Supplemental Plan to Medicare Senior Care A Supplemental Plan to Medicare What is Senior Care and Who is Eligible? A sponsored supplemental plan to Medicare for former employees of the University of Southern California, their spouses,

More information

Reed Elsevier PLC Annual General Meeting 21 April 2010, London Erik Engstrom, CEO

Reed Elsevier PLC Annual General Meeting 21 April 2010, London Erik Engstrom, CEO Reed Elsevier PLC Annual General Meeting 21 April 2010, London Erik Engstrom, CEO Reed Elsevier results relatively robust in difficult year for our customers As expected, business trends continuing; 2010

More information

CHOOSING YOUR INVESTMENTS

CHOOSING YOUR INVESTMENTS CHOOSING YOUR INVESTMENTS FOR ASSISTANCE GO ONLINE For more information on your retirement plan, investment education, retirement planning tools and more, please go to www.tiaa-cref.org/carnegiemellon.

More information

ICI RESEARCH PERSPECTIVE

ICI RESEARCH PERSPECTIVE ICI RESEARCH PERSPECTIVE 1401 H STREET, NW, SUITE 1200 WASHINGTON, DC 20005 202-326-5800 WWW.ICI.ORG DECEMBER 2013 VOL. 19, NO. 12 WHAT S INSIDE 2 Introduction 3 EBRI/ICI 401(k) Database 8 Year-End 2012

More information

The Factors Fueling Rising Healthcare Costs 2006

The Factors Fueling Rising Healthcare Costs 2006 The Factors Fueling Rising Healthcare Costs 2006 Prepared for America s Health Insurance Plans, January 2006 2006 America s Health Insurance Plans Table of Contents Executive Summary........................................2

More information

Financial Advisor s Report To Unitarian Universalist Congregations. Dan Brody UUA Financial Advisor

Financial Advisor s Report To Unitarian Universalist Congregations. Dan Brody UUA Financial Advisor Financial Advisor s Report To Unitarian Universalist Congregations June 2008 Dan Brody UUA Financial Advisor http://www.uua.org/aboutus/governance/officers/financialadvisor/index.shtml dbrody@uua.org The

More information

C. PHYSICIAN INCENTIVE COMPENSATION by Lawrence M. Brauer and Charles F. Kaiser III

C. PHYSICIAN INCENTIVE COMPENSATION by Lawrence M. Brauer and Charles F. Kaiser III C. PHYSICIAN INCENTIVE COMPENSATION by Lawrence M. Brauer and Charles F. Kaiser III 1. Introduction Health care organizations are under continuous pressure to improve their performance by increasing efficiency

More information

Managed care has attracted considerable interest as a possible way to

Managed care has attracted considerable interest as a possible way to DataWatch Potential Impact Of Managed Care On National Health Spending by Verdon S. Staines Abstract: Illustrative estimates suggest that if all acute health care services were delivered through staff-

More information

West Virginia Children and Families Funding Study

West Virginia Children and Families Funding Study West Virginia Children and Families Funding Study Update and Report on Nine Year Trends in Public Expenditures FY 1999 through FY 2007 June, 2009 Supported By: Division of Criminal Justice Services / Department

More information

Sage Healthcare Insights

Sage Healthcare Insights Sage Healthcare Insights Special Report: Trends in Electronic Healthcare Records System Adoption A Survey of the Effect of Implementing an EHR System on Physicians and Their Patients 2 SAGE HEALTHCARE

More information

Vermont Legislative Joint Fiscal Office

Vermont Legislative Joint Fiscal Office Vermont Legislative Joint Fiscal Office One Baldwin Street Montpelier, VT 05633-5701 (802) 828-2295 Fax: (802) 828-2483 The Medicaid Cost Shift: Background and Considerations ISSUE BRIEF Date: February

More information

(Table 2.2). General account assets amounted to $3.5 trillion in 2010, up 4 percent from 2009.

(Table 2.2). General account assets amounted to $3.5 trillion in 2010, up 4 percent from 2009. 2ASSETS Assets held by life insurers back the companies life, annuity, and health liabilities. Accumulating these assets via the collection of premiums from policyholders and earnings on investments provides

More information

Analysis Brief March 2013

Analysis Brief March 2013 Trends in Higher Education Series College Board Advocacy & Policy Center Analysis Brief March 2013 How Students and Parents Pay for College Kathleen Payea Policy Analyst, The College Board Sandy Baum Senior

More information

Man y spe cia l ist s hel p employers

Man y spe cia l ist s hel p employers Who Helps Employers Design Their Health Insurance Benefits? More than half of employers use outside consultants when designing health benefits, but this practice does not result in a different type of

More information

Life Settlements 2012: the Secondary Market for Life Insurance Policies

Life Settlements 2012: the Secondary Market for Life Insurance Policies Life Settlements 2012: the Secondary Market for Life Insurance Policies Executive Summary A Life Settlement is the sale of a life insurance policy to third party investors for an amount greater than the

More information

Department of Education HOWARD UNIVERSITY. Fiscal Year 2009 Budget Request CONTENTS

Department of Education HOWARD UNIVERSITY. Fiscal Year 2009 Budget Request CONTENTS Department of Education HOWARD UNIVERSITY Fiscal Year 2009 Budget Request CONTENTS Page Appropriations Language... T-1 Analysis of language provisions and changes... T-2 Amounts Available for Obligation...

More information

UNITED STATES DEPARTMENT OF EDUCATION OFFICE OF INSPECTOR GENERAL BACKGROUND

UNITED STATES DEPARTMENT OF EDUCATION OFFICE OF INSPECTOR GENERAL BACKGROUND UNITED STATES DEPARTMENT OF EDUCATION OFFICE OF INSPECTOR GENERAL July 23, 2013 AUDIT SERVICES Control Number ED-OIG/A09L0001 James W. Runcie Chief Operating Officer Federal Student Aid U.S. Department

More information

A Perspective on Mutual Fund Redemption Activity and Systemic Risk

A Perspective on Mutual Fund Redemption Activity and Systemic Risk A Perspective on Mutual Fund Redemption Activity and Systemic Risk NOVEMBER 1, 2013 Strategic Insight an Asset International Company 805 Third Avenue, New York, NY 10022 Tel: (212) 944-4455, Fax: (212)

More information

N E W S R E L E A S E

N E W S R E L E A S E N E W S R E L E A S E Investors: Brett Manderfeld John S. Penshorn Media: Don Nathan Tyler Mason Vice President Senior Vice President Senior Vice President Vice President 952-936-7216 952-936-7214 952-936-1885

More information

Medicare Advantage: The overlooked cornerstone of healthcare reform

Medicare Advantage: The overlooked cornerstone of healthcare reform Medicare Advantage: The overlooked cornerstone of healthcare reform June 8, 2013 Grace-Marie Turner Galen Institute Medicare: Still basically the 1965 model A social insurance program to help pay for hospital

More information

WGZ BANK copes with fallout from sovereign debt crisis

WGZ BANK copes with fallout from sovereign debt crisis Press release WGZ BANK copes with fallout from sovereign debt crisis WGZ BANK's 2011 operating profit is second highest in its history Negative impact of European sovereign debt crisis is completely absorbed

More information

Investment Return Assumptions for Public Funds

Investment Return Assumptions for Public Funds Callan InvesTmenTs InsTITuTe ReseaRCH June 2010 Investment Return Assumptions for Public Funds The Historical Record The return assumptions that public defined benefit plans use to calculate both future

More information

NONPROFIT HEALTH INSURERS:

NONPROFIT HEALTH INSURERS: EXECUTIVE SUMMARY For several years,wall Street investment firms have campaigned for conversion of not-for-profit health insurers to investor ownership, arguing that an infusion of equity capital is critical

More information

New Healthcare M&A Developments

New Healthcare M&A Developments 2010 American Health Lawyers Association June 04, 2010 Vol. VIII Issue 22 New Healthcare M&A Developments By Michael W. Peregrine and Ashley M. Fischer, McDermott Will & Emery LLP Health lawyers advising

More information

Medical Malpractice Insurance: Stable Losses/Unstable Rates in Illinois (February 2003)

Medical Malpractice Insurance: Stable Losses/Unstable Rates in Illinois (February 2003) Medical Malpractice Insurance: Stable Losses/Unstable Rates in Illinois (February 2003) Introduction and Summary of Findings On February 26, 2003, Illinois doctors have scheduled a walkout to protest high

More information

The chain. Unravelling the links between sales

The chain. Unravelling the links between sales The chain Unravelling the links between sales Autumn 2015 The story so far Contents More homes have been sold without an onward chain in 2015 than in any of the previous years. The growth in the number

More information

Clients per professional. Over $1B 45 $750MM $1B 48 $500MM $750MM 45 $250MM $500MM 47. Over $1B 38 $750MM $1B 38 $500MM $750MM 35

Clients per professional. Over $1B 45 $750MM $1B 48 $500MM $750MM 45 $250MM $500MM 47. Over $1B 38 $750MM $1B 38 $500MM $750MM 35 The power of the independent advice business $123 $750MM $1B $91 model AUM per (millions) $500MM $750MM $75 Clients per 45 $750MM $1B 48 $500MM $750MM 45 $250MM $500MM $72 $250MM $500MM 47 More than one-third

More information

Department of Education HOWARD UNIVERSITY. Fiscal Year 2015 Budget Request CONTENTS

Department of Education HOWARD UNIVERSITY. Fiscal Year 2015 Budget Request CONTENTS Department of Education Fiscal Year 2015 Budget Request CONTENTS Page Appropriations Language... U-1 Analysis of Language Provisions and Changes... U-2 Appropriation, Adjustments and Transfers... U-3 Authorizing

More information