Health Net: Difference between revisions

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 == History ==
-Health Net was established as the nonprofit Health Net of California in 1977 by [[Blue Cross Blue Shield Association|Blue Cross]].<ref>{{Cite web|last=Stassel|first=Stephanie|date=28 September 1991|title=Paul Wilson; Sunkist Executive, Founding Chairman of Health Net|url=https://www.latimes.com/archives/la-xpm-1991-09-28-mn-2653-story.html|access-date=2020-11-18|website=[[Los Angeles Times]]|language=en-US}}</ref> In 1992, a California order permitted the company to convert from a nonprofit to a for-profit company.<ref name=":0">{{cite news|last=Peltz|first=James F.|date=February 8, 1992|title=Health Net Wins For-Profit Status : * Medicine: The state lets the Woodland Hills-based HMO convert from a nonprofit organization after it agrees to cede majority ownership to a foundation.|url=https://www.latimes.com/archives/la-xpm-1992-02-08-fi-1192-story.html|website=Los Angeles Times |access-date=December 10, 2017}}</ref> Under the terms of the [[California Department of Corporations]]' conversion order, the California Wellness Foundation, the successor charity to its nonprofit status, received $300 million plus 80 percent of the equity of Health Net's parent holding company.<ref name=":0" />
+Health Net was established as the nonprofit Health Net of California in 1977 by [[Blue Cross Blue Shield Association|Blue Cross]].<ref>{{Cite web|last=Stassel|first=Stephanie|date=28 September 1991|title=Paul Wilson; Sunkist Executive, Founding Chairman of Health Net|url=https://www.latimes.com/archives/la-xpm-1991-09-28-mn-2653-story.html|access-date=2020-11-18|website=Los Angeles Times|language=en-US}}</ref> In 1992, a California order permitted the company to convert from a nonprofit to a for-profit company.<ref name=":0">{{cite news|last=Peltz|first=James F.|date=February 8, 1992|title=Health Net Wins For-Profit Status : * Medicine: The state lets the Woodland Hills-based HMO convert from a nonprofit organization after it agrees to cede majority ownership to a foundation.|url=https://www.latimes.com/archives/la-xpm-1992-02-08-fi-1192-story.html|website=Los Angeles Times |access-date=December 10, 2017}}</ref> Under the terms of the [[California Department of Corporations]]' conversion order, the California Wellness Foundation, the successor charity to its nonprofit status, received $300 million plus 80 percent of the equity of Health Net's parent holding company.<ref name=":0" />
 In August 1993, Health Net merged with Qualmed to form Health Systems International.<ref>{{Cite web|last=Lee|first=Don|date=31 August 1993|title=Rivals Health Net, QualMed Agree to Merge : Health care: The strategic alliance would give the two HMOs a combined 1.2 million customers in six Western states.|url=https://www.latimes.com/archives/la-xpm-1993-08-31-fi-29825-story.html|access-date=2020-11-18|website=Los Angeles Times|language=en-US}}</ref><ref>{{Cite news|last=Freudenheim|first=Milt|date=1995-03-28|title=Company News; 2 California Health Care Providers Agree to a $1.8 Billion Merger (Published 1995)|language=en-US|work=The New York Times|url=https://www.nytimes.com/1995/03/28/business/company-news-2-california-health-care-providers-agree-to-a-1.8-billion-merger.html|access-date=2020-11-18|issn=0362-4331}}</ref> In April 1997, Health Systems International merged with Foundation Health Corporation to form Foundation Health Systems.<ref name=":1">{{Cite news|date=1997-05-09|title=Foundation Health Will Buy Physicians Health, as Expected|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/SB863098532884799000|access-date=2020-11-18|issn=0099-9660}}</ref> Also in 1997, Foundation Health Systems acquired PACC Health Plans and Physicians Health Services.<ref name=":1" /><ref>{{Cite web|last=Brock|first=Kathy|date=13 April 1997|title=Health care giant swallows PACC|url=https://www.bizjournals.com/portland/stories/1997/04/14/story1.html|website=[[Portland Business Journal]]}}</ref>