Kaiser Permanente said its Kaiser Foundation Hospitals, Kaiser Foundation Health Plan Inc. and subsidiaries reported net income of $770 million in this year’s first quarter, a 16 percent drop from the $921 million reported for the first three months of 2011.
The health care giant noted that capital spending in this year’s first quarter was $861 million, up substantially from $623 million in the year-ago period. Kaiser said it is investing in up-to-date technology and rebuilding hospitals to comply with California seismic standards.
Ongoing hospital construction projects are in Fontana, Harbor City, Oakland, San Leandro and Redwood City.
Kaiser said membership increased by approximately 94,000 members since Dec. 31, and now exceeds 9 million.