Socialized Medicine

Them damned commies know how to make a buck, eh? Bloomberg (10.29.07):

"Humana Inc., the second-largest provider of U.S.-sponsored health plans, said earnings rose 90 percent, and raised its 2007 forecast after gaining customers for its most-profitable managed-care programs.

Humana jumped the most in more than three months in New York trading."

Humana Net Rises 90% on U.S.-Backed Health Plans

"Third-quarter net income climbed to $302.4 million, or $1.78 a share, from $159.2 million, or 95 cents, a year earlier, Louisville, Kentucky-based Humana said today. Profit excluding some items beat analysts' estimates, as did revenue."

"Humana derives about two-thirds of its profit from U.S. Medicare-sponsored plans for the elderly, said Carl McDonald, an analyst with CIBC World Markets in New York. In the past year, Humana switched many of its 3.4 million Medicare drug plan members into the more-lucrative Advantage managed-care plans, which provide lower out-of-pocket costs and discounted drugs."

In case anyone is still confused about the concept, this is how the SCHIP program works: the government puts up the money and "the actual care is typically delivered through private health plans by private doctors and hospitals."

And they can actually turn a profit doing it.