Posted at 12:31 p.m., Wednesday, November 16, 2005
BUSINESS BRIEFS
HMSA earnings fall as expenses rise
Advertiser Staff
The Hawai'i Medical Service Association, the state's largest medical insurer, said third quarter net income fell 39 percent from a year earlier as health care costs rose. It said it may be forced to raise rates next year if the expenses continue to rise.HMSA reported net income tumbled to $6.4 million from $10.4 million in the 2004 third quarter as health care costs rose 7.8 percent. That followed expense increases in the previous two quarters.
"If this trend continues we will be forced to look at higher health plan rates in 2006," said HMSA Chief Financial Officer Steve Van Ribbink in a statement.
The non-profit insurer said dues revenue rose to $439.3 million from $410.7 million a year earlier.
Administrative expenses rose 8.9 percent, while the amount paid on average to hospitals, physicians and other providers increased by almost $10 million a month, it said.
Biotech trade group to hold conference in Honolulu
The Biotechnology Industry Organization will host its first Pacific Rim Summit on Industrial Biotechnology and Bioenergy Jan. 11-13, 2006 at the Hilton Hawaiian Village Beach Resort and Spa.
BIO is sponsoring the conference in conjunction with the state of Hawai'i, the University of Hawai'i, the Hawaii Life Sciences Council, Enterprise Honolulu and the Oceanic Institute. The purpose of the conference is to highlight the emerging field of industrial biotechnology, which is being used to convert agricultural wastes to renewable energy and to make many types of manufacturing processes more environmentally sustainable.
"Honolulu was selected as the host city due to its proximity to Pacific Rim nations, and because it has a significant biomass resource base that can provide sugar and plant oil feedstocks for a regional biobased economy," said Brent Erickson, executive vice president of BIO's Industrial and Environmental Section.
