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    Mid Atlantic Medical Services Inc.
    list rank

    From the April 28, 1997 Washington Post


    '96 (in $ 000s) % Change From '95
    Revenue 1,133,742 18.7
    Net Income (2,800) --
    Rank Last Year: 21

    Description:
    Mid Atlantic Medical Services, commonly known as MAMSI, is one of the region's largest providers of managed care health services, operating several health maintenance organizations (HMOs), including MD-Individual Practice Association Inc. (MD-IPA) and Optimum Choice.

    Business Resume:
    • Contact Info --
      4 Taft Ct.
      Rockville, Md. 20850
      301-762-8205
    • Main Business --
      Health services
    • Founded --
      1979
    • Chairperson --
      George T. Jochum (CEO)
    • President --
      George T. Jochum
    • Employees --
      2,000
    • D.C.-Area Employees --
      1,600
    Developments:
    After a highflying 1995, when it earned a profit of $61.1 million on $955 million in revenue, Mid Atlantic was hard hit last year by increases in the cost of the medical services it paid for. As a result, although MAMSI's revenue increased to $1.1 billion, it reported a loss of $2.8 million.

    Its once soaring stock price, which was as high as $24.87 a share in the past year, has dropped to around $13 on the New York Stock Exchange.

    MAMSI management blamed the company's losses on increases in the cost of supplying medical care to its members. The company said it priced its products low in order to attract new members, but the medical loss ratio (medical expenses as a percentage of health premium revenue) jumped to 94.4 percent for the third quarter of 1996, compared with 82.8 percent for the same period last year, showing that members used more care than anticipated. But the company expects these cost increases to moderate because of its cost control measures.

    MAMSI settled one stockholder suit alleging inside trading and a second, accusing the company of inflating the stock price by producing overly optimistic reports, was dismissed by the judge. In addition, two Maryland doctors sued over their fees.

    Copyright 1997 The Washington Post

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