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Booming HMO – Kaiser profits triple

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Profits have almost tripled for the largest nonprofit health maintenance organization in the U.S. since it raised premiums and changed locations, the L.A. Times reports.

Kaiser Permanente has announced that first-quarter profit from operations rose to $167 million from $56 million in the year-earlier quarter, the Times says.

After two years of losses, the Oakland-based Kaiser had a profit of $311 million in 1999, Last year, the company pulled its money-losing operations out of upstate New York, Massachusetts, Vermont, Connecticut and North Carolina, the Times reports.

Overall, the company had a net income of $142 million in the first quarter of 2000, compared with a $61 million net income in the year-earlier quarter, the Times says.

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