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Financial Highlights
The financial stability of an individual's insurance company is always an important consideration. Having the confidence that your needs will be taken care of when a medical condition arises is why you have health insurance. Providing a strong and stable financing vehicle for the health insurance needs of Arkansans has been a continuous goal of QualChoice since the company's inception in 1994.
QualChoice has made significant investments in systems and administrative capabilities to insure that a strong foundation was built upon which to grow and achieve the company's mission. Grow we have, and the early investments have matured into multiple years of strong positive operating results as evidenced by the following financial highlights.
Balance Sheet
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December 31 |
|
2007 |
2006 |
2005 |
| What We Have |
| Cash and investments |
$ 28,145,761
|
$ 23,344,864
|
$ 24,947,156 |
| Receivables |
1,549,978 |
944,828 |
120,716 |
| Other assets |
814,000 |
562,000 |
498,000 |
|
Total Assets |
30,509,739 |
24,851,692 |
25,565,872 |
| What We Owe |
| Claims payable |
$ 6,803,838 |
$ 6,839,899 |
$ 8,158,606 |
| Advanced premiums |
2,340,601 |
966,864 |
1,274,779 |
|
Accounts payable |
3,895,966 |
2,103,902 |
2,510,717 |
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Total Liabilities |
13,040,405 |
9,910,665 |
11,944,102 |
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What We Have in Reserves |
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Capital and surplus |
$ 17,469,334
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$ 14,941,027
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$ 13,621,770
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| Total Liabilities, Capital and Surplus |
$ 30,509,739 |
$ 24,851,692 |
$ 25,565,872 |
Summary of Operations
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Year Ended December 31 |
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2007 |
2006 |
2005 |
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Premium income |
$ 58,273,196
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$ 60,478,211
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$ 59,884,416
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Investment income |
1,244,262 |
1,089,438 |
738,627 |
| Total Income |
59,517,458 |
61,567,649 |
60,623,043 |
| Medical expense |
$ 47,552,706
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$ 52,769,346
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$ 51,686,944
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Administrative expense |
9,650,984 |
7,645,560 |
6,976,177 |
| Total Expense |
57,203,690 |
60,414,906 |
58,663,121 |
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Income before taxes |
$ 2,313,765 |
$ 1,152,743 |
1,959,922 |
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Income taxes |
34,212 |
13,557 |
30,886 |
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Net Income |
$ 2,279,553 |
$ 1,139,185 |
$ 1,919,036 |
Impressive financial results are only part of the story. These figures don't just mean more cash; they mean more confidence.
A strong profit margin translates into a better defense against rising health care expenses. Today, Arkansans, like everyone across the nation, are faced with rising medical costs, an aging population and increased use of health care services. Strong, positive financial results help QualChoice maintain an exceptional level of member benefits without sacrificing our company's financial security. This all translates to a Better Health Plan for you and your family.
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