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News release: Colorado - Denver/BoulderMay 16, 2003 For more information, call: Kaiser Permanente finances remain stable in first quarter Denver, CO – Kaiser Permanente's revenues exceeded expenses by $24.8 million in the first quarter, on revenues of $319.9 million. Because Kaiser Permanente is a nonprofit organization, net income is reinvested in the organization to benefit members. The money is used to finance improvements in technology, equipment and facilities. "It was an excellent first quarter," said Rick Newsome, vice president of finance. "We continue to meet or exceed our financial goals because we're doing the right things in quality and service." He noted that Kaiser Permanente's Colorado region was listed among the top 15 health plans in the nation on quality of care measures reported by the National Committee for Quality Assurance. "We're proving that quality medicine is also good for the bottom line - providing the right care at the right time." Membership turnover also is extremely low, which enables the organization to realize the longer term benefits of coordinating care. "The longer our doctors and nurses work together with their patients, the more we realize the benefits of preventive care," Newsome said. He cautioned that first quarter net income is not a predictor of the financial performance for the whole year. He noted, for example, that the March blizzard forced Kaiser Permanente to close its medical offices for the first time ever. It isn't known whether fallout from that event might show up in expenses in the second quarter. Kaiser Permanente is a nonprofit health care organization that cares for more than 400,000 members in the six-county Denver metro area and in Colorado Springs. Its scores for clinical effectiveness placed it among the top 15 health plans in the nation, according to the National Committee for Quality Assurance's annual Health Care Quality Report. In the Denver metro area, care is provided by a coordinated team of physicians, nurses, pharmacists, dietitians, mental health counselors and physical therapists. In the Colorado Springs area, Kaiser Permanente cares for its members through an affiliated network of community-based physicians and other health care providers.
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