Regions Hampton Roads

Amerigroup second-quarter profit drops

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Virginia Beach-based Amerigroup Corp. reported that second-quarter earnings dropped 34 percent partly because of a retroactive premium adjustment.

The health-care services company had profits of $44.3 million, or 83 cents per diluted share, for the three-month period ending June 30. Those figures are down from $67.2 million, or $1.31 per diluted share, for the same period last year.

Second-quarter results were affected by a $13.8 million, or 16 cent per diluted share, premium adjustment stemming from reconciliation of duplicate patient records in a health program managed by Amerigroup in Georgia.

Total revenues for the second quarter rose 6.3 percent to $1.53 billion.

Amerigroup provided health services to 2 million members in the second quarter, up 15,000 from the first quarter. The Louisiana Department of Health and Hospitals announced in late July that Amerigroup will be one of five managed-care organizations that will provide health-care coverage to state Medicaid patients.

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