March 19, 2000 |
One was an old-line, process-driven property and casualty insurance company with an established name, and a corporate history so deep that last week it had to apologize for insuring slaves. The other was a go-go entrepreneurial upstart with a fresh strategy based on managed care, a bitten apple for a corporate logo, and a home base in a little-known suburb of Philadelphia. Now, three years after Aetna Inc., the venerable Hartford, Conn., insurer, bought U.S. Healthcare of Blue Bell, the $8.9 billion acquisition seems more like a bite of the forbidden fruit.
October 4, 2000 |
Six area hospitals said yesterday that they would not renew their contract with Aetna U.S. Healthcare unless they could win more favorable terms than Aetna has offered in contract negotiations. The move yesterday by six members of the Catholic Health Initiatives system was the latest indication that hospitals are getting bolder about pushing back at insurers they feel are not paying them enough for their services. The hospitals are St. Mary Medical Center, Langhorne; Nazareth Hospital, Philadelphia; St. Agnes Medical Center, Philadelphia; St. Francis Hospital, Wilmington; St. Francis Medical Center, Trenton; and St. Joseph Medical Center, Reading.
June 8, 2000 |
Leonard Abramson, the onetime pharmacist who created U.S. Healthcare and sold it to Aetna Inc. for $900 million, announced his resignation from the insurer's board of directors. Analysts said his departure, announced late Tuesday, was part of a housecleaning by Aetna's new chief executive, William H. Donaldson, and followed the exits of several executives whom Abramson had hand-picked before selling the company in 1996. "What we're seeing is the new CEO wanting to make a clean break from all the U.S. Healthcare people and their culture," a managing director at PaineWebber Inc. in New York, William McKeever, said.
September 7, 2000 |
John W. Rowe, a doctor for 30 years, is setting out to cure financially troubled Aetna U.S. Healthcare, the nation's largest health insurer. Rowe, the chief executive officer of Mount Sinai NYU Health in New York City, will take over as chief executive officer of Aetna U.S. Healthcare on Sept. 15. After the sale of its financial and international operations to ING Group of the Netherlands for $7.7 billion, Aetna U.S. Healthcare will be spun off to shareholders and assume the Aetna Inc. name.
October 25, 1999 |
The area's two dominant health insurers, Aetna U.S. Healthcare and Independence Blue Cross, said they would raise rates an average of at least 9 percent next year, because of increasing drug and medical costs. The two firms, which together control more than 90 percent of the HMO market in Southeastern Pennsylvania, are following the lead of health-care insurers nationwide that are raising rates an estimated 9 percent to 14 percent next year, industry executives and analysts said.
November 15, 2000 |
Seven health insurers, including Aetna Inc. and Cigna Corp., are creating an Internet-based claims-processing system that they promise will reduce doctors' aggravation in dealing with them. The insurers announced yesterday that they had formed a company called MedUnite Inc., whose online software will provide doctors' offices with a one-stop clearinghouse to handle claims, referrals and other matters for the seven participants. The aim is to reduce what Eve Dryer, a MedUnite spokeswoman, called "the hassle factor" that plagues doctors who must deal with many insurers - each with its own forms, eligibility requirements, and preferred modes of operation.
August 3, 2016 |
The Pennsylvania Department of Human Services delayed the start of new managed Medicaid contracts to April 1 from Jan. 1, after Aetna won a preliminary injunction that blocked the state from continuing the process of implementing new contracts. Aetna, which had 201,196 Pennsylvanians in its Medicaid managed care plans in March, objected to the state's use of undisclosed factors in its its decision-making. After the preliminary injunction was issued on July 19 by a Commonwealth Court judge, the human services department restarted the procurement process, setting an August 22 deadline for proposals.
August 3, 1997 |
Profits on prescription drugs have gotten so slim that pharmacists have begun rejecting reimbursements from certain health plans. Some area pharmacies dropped Aetna U.S. Healthcare after the managed-care behemoth last month cut reimbursements by 6 percent. RXD Pharmacies and Super G grocery stores were among those that stopped accepting the insurer's cards at their pharmacy counters because, they said, they were losing money. "When we sat down and figured it out, it wasn't worth it," said Craig Lehrman of Banks Apothecary in Philadelphia, one of 13 pharmacies owned by RXD, of Collingswood.
April 6, 2001
An Associated Press article (March 22) states that "medical care has risen by a seasonally adjusted annual rate of 7 percent. " Where do they get such figures? In two years, my annual premiums for health care with Aetna went up 154 percent. The same article says gas prices declined 2.4 percent. I'll bet in my next bill from Philadelphia Gas Works the price is no lower. ROBERT SUTHERLAND Philadelphia
September 11, 2015 |
Doylestown Health Partners, a joint venture between Doylestown Hospital and about 440 primary care and specialist physicians, entered a contract to manage Humana's 3,200 Medicare Advantage customers in Bucks and Montgomery Counties. Humana, based in Louisville, Ky., agreed in July to be acquired by Aetna for $37 billion. In July, Humana had 8,246 Medicare Advantage customers in the eight-country Philadelphia region. Nationwide, Humana has 1.5 million Medicare Advantage customers, the company said.