Kaiser Permanente reported $ 3 billion in net income for the second quarter of the year as membership in its health plan remains stable.
The health system and insurer posted total operating income of $ 23.7 billion versus total operating expenses of $ 23.3 billion. Revenue was slightly above the $ 22.1 billion it earned in the second quarter of 2020.
Kaiser noted in its earnings statement on Friday that favorable financial market conditions resulted in $ 3 billion in net income, compared to $ 4.5 billion for the second quarter of 2020.
“The health threat from COVID-19 is not over and we will continue to focus our resources on providing needed care to our patients and increasing vaccination rates to protect the health and safety of our workforce, members, and communities we serve. “Kaiser said. CEO Greg Adams in a statement.
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The $ 3 billion in profit for the quarter was an improvement over the $ 2 billion the system posted in the first quarter.
The system’s earnings were driven in part by the steady growth of its Kaiser Foundation Health Plan.
The plan had nearly 12.5 million members as of June 30, an increase of nearly 141,000 from the end of 2020, according to the earnings release.
“The stability of Kaiser Permanente’s integrated model, providing care and coverage, continues to help us through the pandemic as we manage ongoing COVID-19 expenditures and resumption of care,” said Kathy Lancaster, Kaiser’s chief financial officer.