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Humana: Plans
built 605 days ago
In 1987, with founders Jones and Cherry still at the helm, Humana worked to right its insurance plans. Net income had plunged nearly 75 percent between 1985 and 1986. Humana adjusted its insurance plans and underwent restructuring. It closed clinics and purchased several HMOs. That same year, Medicare ceased its practice of prepayment and started requiring bills before all reimbursements. This meant a significant slowing of cash flow for Humana.
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By Lisa Rapaport March 12 (Bloomberg) -- Humana Inc., the second-largest seller of Medicare drug plans, followed rival WellPoint Inc. in cutting its 2008 as prescription costs jumped. Humana fell the most ever, and the selloff of other insurers continued.
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As part of its approach to the consumer directed marketplace, Humana tried a little self-medication starting last year. In a test, 18% of Humana's employees (a total of about 3,000 employees and dependents) enrolled in a four-tier drug plan.
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With a focus now entirely on hospitals, the company's name was changed to Humana Inc. in January 1974. Some of the features that distinguished Humana from other hospital chains early on were its nonconforming management decisions, the refusal to overpay in buying hospitals, the refusal to manage hospitals it did not own, and rigid cost-control measures well-enforced through the company's centralized management. These methods became much discussed: first because they seemed remarkable in the industry; later because of complaints by some physicians about overcontrol. For example, Humana's efforts to ensure reimbursement included the insistence on a specific payment-plan agreement before patients were discharged.
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Many individuals ... rely on Humana for insurance coverage. HumanaOne, Humana's individual insurance plans, offers consumers lasting value thanks to Humana's experience, nationwide presence and ability to secure cost-saving discounts. HumanaOne insurance plans are designed to provide the kind of flexible, reliable coverage that consumers are seeking, plus many of the features usually found only in group plans.
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