⁴ In addition to the points noted in the text, the database used did not include actual premiums or rates. Instead, these analysts constructed premiums by dividing total annual premium revenue by member months of coverage. These constructed measures approximate companywide pricing rather than pricing in discrete market segments. Thus, for example, a shift in an HMO’s mix of coverage from large employers to small employers would register an apparent increase in premiums even if the literal premiums for the two groups remained identical.[Return to Text]