Amerigroup boosts revenue, profit

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Virginia Beach-based Amerigroup Corp.’s second-quarter profit grew 35.5 percent as its premium revenue grew and membership increased.

The Medicaid and Medicare managed care company reported profit of $67.2 million in the second quarter, or $1.31 per diluted share, up from $49.6 million, or 94 cents per diluted share, in the second quarter of 2009.

Revenues grew 11.3 percent to $1.4 billion in the quarter. Amerigroup added 41,000 members during the quarter, or 2.2 percent since the first quarter of this year and 10.5 percent above membership in the second quarter of 2009.

In May, the Texas Health and Human Services Commission selected Amerigroup’s Texas health plan to expand cover for seniors and people with disabilities in the Fort Worth region. Operations should begin there in early 2011.

“More than any other time in our history, our state partners need the value we offer – expanded access to care, better coordination of services and clinical outcomes, as well as cost containment for their Medicaid-dependant populations,” said James G. Carlson, Amerigroup’s chairman and CEO.

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