Humana was founded in 1960 as a medical company, and the company has grown immensely by offering a variety of insurance plans and health services. Humana has i’s headquarters in Louisville, Kentucky, and is known to be one of the largest commercial insurance companies.
The famous names in Humana’s past and present, include the following:
- The founders, David A. Jones, Sr. H. Wendell Cherry who were from the field of law.
- CEO Bruce D. Broussard, who has been working in the various sectors of health care, such as oncology, medicine, residential care/ housing for the elderly, nursing management, medical practice management, surgical, and dental network
- The company’s Chief Financial Officer Brian Kane whose previous care work includes national and state health care organizations.
- Kurt J. Hilzinger is Board Chairman who is a partner of a firm named “Court Square Capital Partners”.
- Humana started as a Nursing home company by the name of Extendicare.
- After the corporation shifted its focus to hospitals in 1974 and the decision to change the name to Humana was made.
- Humana has medical membership in all 50 states, including Washington, D.C., and Puerto Rico.
- On December 31, 2013, Humana had approximately 12 million medical plan members and approximately 7.8 million specialty members.
Will competing insurance companies acquire Humana?
- Humana has recently attracted a lot of media coverage, including rumors that have surfaced that Humana could be acquired by a competitive health care provider.
- Humana is on the lookout to broker any deal to sell their business. Cigna is interested in purchasing and is in contact with the health care provider to pitch a reasonable offer to buy the corporation According to reports of Bloomsberg and Wall street journal, Cigna is not only an interested party. Etna has also reached out with an interest in brokering a deal with Humana.
- Many big insurance companies are interested in the acquisition of Humana because the vast majority of the company’s revenue will come from the administration. These include Medicare Advantage plans, which insurers are trying to grow and expand.
- The Goldman Sachs Group is advising Humana regarding the possible sale
- Humana reported a net profit of $ 430 million on revenue of $ 13.8 billion in the first quarter of fiscal 2021, compared with a net profit of $ 368 million, on revenue of $ 11.7 billion a year earlier.
- This year, Humana, took part in a wide range of transactional activities. In April, Humana announced that the home care department of Humana “Humana at Home”, acquired Deerfield Beach, Fl.
- In March, Humana announced the sale of Concentra health physical therapy division, for $ 1.06 billion.
- Humana plans to increase funding by 0.8 percent as of 2022 from the Medicare Advantage payment rates.
Accountable Care Agreement
- Humana has signed up to plenty of accountable agreements. An agreement was made between the Downtown office of Integrated Health Network of Wisconsin and Humana in March for a three-year accountable care deal for Humana Medicare Advantage beneficiaries.
- In February, A new long-term accountable contract was announced with the HealthSpan Physician. It is a large network of 200 GP’s whose headquarters is in Cincinnati.
- According to stats of March, 53% of Humana’s members were in accountable care relationships.
- Humana accountable care agreements have been successful, As a part of the accountable care agreements, Humana has announced better costs, reduced emergency room visits, fewer hospital admissions, and better compliance with screening for several measures, such as cholesterol, and cancer of the large intestine, in comparison to Humana members, who receive the traditional, fee-based, and the original Medicare’s settings.
- Humana was on track to have more than 75 percent accountable care relationships in 2017.
Any comments, claims, and initiatives
- According to a report published in Athena health PayerView. Humana acquired the first position in the ranking of largest contributors to the payer, and it was the only national commercial payer who made it to the list of Top 10 Payers. Payers have been evaluated based on information such as the days of past-due receivables, resolution rate, failure rate, and more.
- For Humana considered to be the # 1 for the complete satisfaction of its members of the East and South regions of the United States, according to the annual survey J. D. Power. The health plan study now in its ninth year of operation measures the participant’s satisfaction against 134 of the health plans in 18 regions of the United States of America. The study is based on six main factors: the type of coverage and benefits, at the discretion of the service provider, information and communication, resolution of any complaints, pricing, and customer service. The calculation of the satisfaction of participants was on a 1,000-point scale.
- The Humana project has recently been in controversy. In February, it was announced that the 20-year-old relationship between Humana and the University of Medicine ends on the 1st of April, which is estimated to affect 1,750 patients.
- Humana has recently been a part of the legal process. Humana announced that has been the subject of a federal investigation related to a whistleblower’s claim against a health care provider. Humana was requested by the U.S Department of Justice to release the data regarding health insurer’s Medicare Part C risk adjustment practices.
- Humana is one of the payers who became part of Health Care Payment Learning and Action Network, which is an advisory group that was made to provide a platform for public-private cooperation to help in making US health care system payments, to meet the goals of recently made Medicare payments, value-based and alternative payment models.
- This year, Humana launched two of the public health management packages. In March, the insurance company announced that Transcend and Transcend Insights, comprehensive management services are designed to support the health sector, medical doctors, and the medical team’s efforts to improve public health and management.