First few Article Sentences
Fifteen of the largest domestic health plans in Washington State recently filed 2012 financial reports and the results were mixed with 8 plans reporting lower net income and 7 plans reporting higher net income when compared to 2011 levels.
One plan, SoundPath Health, reported a capital level just $400 thousand over state required minimums. In October 2012, Soundpath announced a new partnership with Catholic Health Initiatives (CHI) where CHI would make a commitment to invest in excess of $24 million in exchange for a majority interest. According to Bob Peters, Interim CFO, the OIC approved the partnership and funding to capitalize the company on March 1st and the transaction closed in early March 2013. Some of the money went to purchase a control position from existing shareholders and the balance went to bolster SoundPath Health capital levels. The new capital will be reflected in their first quarter 2013 filing.