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PACIFICARE HEALTH SYSTEMS history
PACIFICARE HEALTH SYSTEMS company history timeline
PacifiCare was founded as a nonprofit corporation by Samuel J. Tibbitts of the Lutheran Hospital Society of Southern California in 1975 and became a federally qualified health maintenance organization (HMO) three years later.
PacifiCare was incorporated in 1983 and, like many other HMOs, switched to for-profit status the following year.
In 1985, PacifiCare created its first subsidiary outside California: PacifiCare of Oregon.
Mounting debt, which totaled nearly $200 million by the end of fiscal 1992 on September 30, compelled several changes in PacifiCare's stock.
The plan became California's largest Medicare risk program in 1992, and went national as Secure Horizons USA the following year.
The company was ranked among Working Mother magazine's 1992 list of the 100 best companies for working parents by virtue of its child care assistance and family leave programs.
The company was renamed PacifiCare Wellness Company in 1993.
A 1994 study by the American Academy of Actuaries endorsed the application of managed care's cost-cutting techniques to mental health care.
By 2003, the cuts had been restored, bringing profitability to PacifiCare, whose $85.7 million in net income for this year's first quarter was up 28 percent from a year earlier, exceeding analysts' forecasts.
Correction: July 8, 2005, Friday An article in Business Day last Friday about Congressional opposition to the purchase of Unocal by the China National Offshore Oil Corporation referred incorrectly in some copies to the party of Representative Jim Moran, who opposed an effort to block the takeover.
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PACIFICARE HEALTH SYSTEMS competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Universal American | 1981 | $1.4B | 961 | - |
| UnitedHealth Group | 1977 | $400.3B | 300,000 | 8,661 |
| WellCare Health Plans | 1985 | $20.4B | 14,000 | - |
| Centene | 1984 | $163.1B | 65,000 | 504 |
| Elevance Health | 1944 | $121.9B | 63,900 | 3 |
| Genworth | 2004 | $8.4B | 3,000 | 19 |
| Noridian Mutual Insurance Company | 1940 | $13.0B | 16,000 | - |
| Golden Rule Insurance Company | 1940 | $2.8B | 3,000 | - |
| The Cincinnati Insurance Companies | 1950 | $7.5B | 4,925 | 78 |
| Mount Carmel Health System | 1886 | $1.3B | 1,000 | 345 |
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