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Humana: Humana Health
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Humana (HUM) is a health insurance company which generated $21.4 billion in total revenue in 2006, with $487 million in net income. Historically, about half of Humana's beneficiaries have participated in government sponsored programs, including the state- and federally- funded Medicare, the federally funded Medicaid Advantage, and TRICARE, a program for armed services personnel. Humana's longstanding relationship with the government is beginning to pay high dividends, as it has capitalized on Medicare Part D's prescription drug coverage by enrolling over 3 million seniors in new benefits programs. Enrollment in government programs now accounts for 70% of all of Humana's membership.
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On September 11, 2001, approximately 23 Humana leaders were in New York City to launch the company's next generation health benefit consumer services at the Digital Sandbox. The group had dined the previous evening at the Windows on the World Restaurant atop the World Trade Center Tower One. The group safely escaped New York following the collapse of the World Trade Center buildings. The leaders wrote a book: Stories from 55 Broad Street; to tell the story of their experience.
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One of the largest publicly traded managed healthcare companies in the United States, Humana Inc. has about 6.2 million people enrolled in its health plans, which are available in 16 states and Puerto Rico. Nearly 45 percent of these customers are in Florida, Illinois, and Texas. Principally offering health maintenance organization (HMO) and preferred provider organization (PPO) plans, Humana ... offers Medicare- and Medicaid-related health insurance products; provides managed healthcare services under a contract with the U.S. Department of Defense; and offers such specialty and administrative services as dental plans, group life insurance, and worker's compensation. In late May 1998 Humana agreed to merge with United HealthCare Corporation to create the largest managed-care company in the United States in terms of plan participants (the merged entity would operate under the United HealthCare name).
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Humana Inc. (NYSE: HUM), founded in 1961 in Louisville, Kentucky, is a Fortune 500 company that markets and administers health benefit consumer services. With a customer base of over 11.5 million in the United States, the company is the largest Fortune 500 company headquartered in the Commonwealth of Kentucky, with a market cap of over $13 billion dollars and $21.4 billion in revenue. Humana employs over 25,000 "associates" nationwide. Humana markets its health benefit consumer services in all 50 states, D.C., Puerto Rico and has international business interests in Western Europe. In its March 2007 issue, Fortune Magazine named Humana one of the Top 5 Most Admired Healthcare Companies in the United States.
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Humana Inc. said this week that the Internal Revenue Service had approved its split into two companies through a tax-free stock spinoff. The company now operates 78 hospitals and provides health plans for employee groups and Medicare beneficiaries. It announced its plans to split in August. One new company, Humana Inc., will operate the health plan business, and the other, Galen Health Care Inc., will operate the hospital business.
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Humana’s business is based on managing health risk for beneficiaries. As a health insurer, Humana agrees to pay for a percentage of its customers' medical expenses in exchange for a fee, called the premium. These medical expenses include hospitalizations in case of emergency as well as more routine costs like prescription drugs. The vast majority of Humana’s income comes from the premiums it charges customers; the remainder comes from investments made on this income (more on this below) and from a handful of other services, such as call-in pharmacies.
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