Kaiser Foundation Health Plan reports profitable fourth quarter

Kaiser continues to rake in the cash. Total revenue for the year ended Dec. 31, 2007, was $37.8 billion, compared to $34.4 billion in 2006. Operating income was $1.7 billion last year, compared with $965 million during the same period in 2006.

Net income for last year was $498 million, compared with $387 million in the prior year.

Kaiser had a financial loss in the fourth quarter of last year. It had a net loss of $233 million for the fourth quarter versus operating profit of $97 million in 2006. Items impacting fourth quarter net loss include additional expenses associated with the opening of new facilities, higher retirement costs, other increases in hospital and medical costs and increased spending for community benefit programs.

Capital spending last year designed to enhance Kaiser's health care systems, technology, facilities and health programs and services continued at a pace similar to 2006 at $2.8 billion. In 2007, Kaiser provided an estimated $1 billion to fund community benefit programs, which compares to $807 million in 2006. Kaiser membership increased last year by about 13,000 to nearly 8.7 million total members.