Metropolitan Health Networks, Inc. (the Company, "Metropolitan" or Metcare) was incorporated in the State of Florida in January 1996 with a plan of acquiring physician practices and ancillary services. In 2000, the Company implemented its new strategic plan, operating as a Provider Service Network (PSN), specializing in managed care risk contracting. Through its Network, the Company provides medical care to Medicare+Choice HMO, commercial HMO and fee-for-service patients aligned with various health plans in South and Central Florida.
Operating expenses for the nine months ended September 30, 2003 decreased more than $1.6 million (1.6%) over the prior year, from $104.8 million to $103.2 million. With the exception of direct medical costs and medical supplies, which directly correlate to revenue, operating expenses for the quarter decreased 14.1% over the prior year due to in part to several cost cutting measures undertaken by the Company since mid-year 2002.
On February 10, 2004, Metropolitan Health Networks, Inc. ("Metcare") announced that Metcare has received notification from the U.S. Attorney's Office in Delaware that its investigation of the Company has been terminated. |
