Aetna, Inc. Is an American managed health care company, which sell traditional and consumer directed health care insurance plans and related services, such as medical, pharmaceutical, dental, Behavioral Health, long-term care and disability plans. Aetna is a member of the Fortune 100.
Members
Aetna offers health care, dental, pharmacy, group life, disability and long-term care insurance and employee benefits, Primarily through Employer-paid (fully or partly) insurance and benefit programs, and through Medicare. Membership numbers: (as of June 30, 2013) [citation needed]
22 million medical members
14.3 million dental members
13.8 million pharmacy members
13.609 million group insurance members
1,000,000+ health-care professionals
597,000+ - primary-care doctors and Specialists
5,300+ Hospitals
Lobbying and campaign contributions
Aetna has spent more than $ 2.0 million in 2009 on lobbying.The company spent $ 809,793 between January 2009 and the end of March 2009, up 41 percent from the empty period in 2008. Aetna's campaign contributions include more than $ 110,000 to US Senator Joe Lieberman (ID -CT) in 2009.From 2005 through 2009, Aetna contributed $ 56,250 to Sen. Max Baucus (D-MT), chairman of the Senate Finance Committee, making Aetna Contribute to the Senator's seventh highest over that time period.Quality of Care
In the California Health Care Quality Report Card 2011 Edition, Aetna received 2 out of 4 stars in Meeting National Standards of Care and 1 out of 4 in Members Rate Their HMO.In the California Health Care Quality Report Card 2010 Edition, [8] Aetna received 3 out of 4 stars in both Meeting National Standards of Care and How Members Rate Their HMO, for a rating of "Good" (out of the "poor," "fair," "good" or "excellent").
Current leadership
Mark Bertolini became the CEO of Aetna on November 29, 2010, and chairman on April 8, 2011.
Karen S. Lynch (Rohan) is the President of Aetna.
Steven B. match is Executive Vice President of Corporate Affairs and Chief of Staff to the CEO and Chairman Mark Bertolini.
William J. Casazza is Executive Vice President and General Counsel.
Richard di Benedetto is Executive Vice President in charge of Aetna International.
Deanna Fidleris Executive Vice President in charge of Human Resources.
Shawn M. Guertin is Executive Vice President, CFO and Chief Enterprise Risk Officer.
Dijuana Lewis is Executive Vice President in charge of Consumer Products and Enterprise Marketing.
Meg McCarthy is Executive Vice President of Operations and Technology.
Harold L. Paz, M.D., inSwedenand. is Executive Vice President and Chief Medical Officer.
Frank S. Soistman is Executive Vice President in charge of Government Services
Joseph M. Zubretsky is Senior Executive Vice President in charge of Healthagen.
Operations
In 2005, the company had $ 1.1 billion in earnings. Aetna's 2007 Revenue, reported in 2008, was $ 27.6 billion. Aetna's 2008 Revenue, reported in 2009, it was $ 31 billion. Aetna's 2012 Revenue, reported in 2013 was $ 35.54 billion.
History
Aetna is the direct descendant of Aetna (Fire) Insurance Company of Hartford, Connecticut.The name was a means to invoke Mount Etna, at the time Europe's most active volcano.
1810
1819 Henry Leavitt Ellsworth, Yale graduate and attorney, becomed the second president of Aetna (Fire) Insurance Company Succeed Thomas Kimberly Brace. Ellsworth, who later became the first U. S. Patent Commissioner, served as Aetna's president for two years until 1821, when he resigned, but Ellsworth continues as a director for another 16 years. Ellsworth's brother, William Wolcott Ellsworth, also served as a director, as well as the company's first General Counsel.1850
1850 Aetna began operation of an ANNUITÄT Fund to sell life insurance, choose Hartford, Connecticut judge Eliphalet Adams Bulkeley, who was a General Counsel to the company and on its board of directors, to head it.At the time, some church leaders and others believes life insurance was sinful.1853 The ANNUITÄT department separated from the Aetna Insurance to be incorporated as the Aetna Life Insurance Company, with Eliphalet Bulkeley as president.
In 1854, Aetna hires its first full-time employee, Thomas O. Enders, later to become company president.
1857 Aetna moved to new offices on Hungerford and Cone Streets in Hartford. The Panic of 1857 struct Hartford and the nation, today the closing of all but one bank and many other businesses. Eliphalet Bulkeley blocked a move to liquidate the company during the Economic downTURK.
The Aetna Insurance Company issued life insurance policies on an undetermined number of African-American slaves, naming their owners as beneficiaries.
1860
1861 Aetna began offering participating life insurance policies which paid dividends to policyholders did just as the mutual life insurance policies. Aetna launched its new product with a promotional effort including higher Commissions for its agents while most companies were cutting back due to the Outbreak of the American Civil War and the consequent loss of premium payments from the Southern policyholders. However, the death toll of the war coupled with the boom wartime economy caused an expansion of the life insurance business to match Aetna's expansion.By 1864 Aetna in 1865 had increased its volume of business by 600% over 1861 and its annual premium income ninefold exceed one million dollars. As a result, Aetna Possessed the financial stability and resources it needed to meet the Stringent Regulatory requirements placed on life insurance companies in Massachusetts and New York; by 1865 the company was authorized to supply soliciting business in these States.
In 1867, the company income rose from $ 78,000 in 1861 to $ 5,129,000 by 1867. Aetna moved to its third home office at 670 Main Street, Hartford. By 1924, Aetna had $ 94 million dollars, 43% of its assets invested in farm mortgages.
Aetna in 1868 altered its business Practices, hiring its first actuary and abandoning the half-note premium system in favor of an all-cash premium plan.
1870
A. 1872 Eliphalet Bulkeley died and Thomas O. Enders became president.In 1878, Aetna increased its capitalization from $ 150,000 to $ 750,000.
In 1879, Enders' Failing health forced him to ResiGo and Eliphalet Bulkeley's Morgan G. Bulkeley replaced him.
1880
1888 Aetna front outgrew its offices on 670 Main Street in Hartford and purchased its fourth home office, next door at 650 Main Street; the first building Aetna actually owned, and Aetna's home office for the next 42 years.1890
Aetna issued its first accident policy in 1891, purchased by Morgan Bulkeley Himself.Aetna in 1892 held its first general agents conference in Chicago.
Aetna in 1899 became one of the first publicly held insurance companies to enter the health insurance field.
1900
Aetna in 1902 created an Accident and Liability department to offer employers' liability and workmen's collective insurance, in reaction to the Growing Strength of the Progressive Social Reform Movement. This would become the cornerstone of the Aetna Accident and Liability Company.An Engineering and Inspection Division was created in 1903 to improve workplace safety.
Aetna in 1904 introduced its first corporate seals, conveyors Aetna's status as the largest life insure in the world writing accident, health and liability coverage; the logo portrayed the company's home office bursting out from within a global, with larger block typeface spelling out Aetna's ranking.
Created in 1907, Aetna Casualty subsidiary to handle items such as automobile property coverage; Aetna soon began aggressively expand into related lines such as collision and damage. This business developed into the Aetna Casualty and Surety Company.
1908 Aetna hires its first home office female employee (Julia Kinghorn, operator telephone switchboards), the first of what has become more than a two-Thirds of Aetna's employees.
1910
Under the management of E. E. Cammack, 1910, Aetna began using Hollerith punched card machines for tabulating and hires 35 women to input mortality statistics on Keypunch machines, the company's first female home office clerks.1911 Aetna began its first national advertising campaign. The empty year, Aetna Formed a bond department to marketing, Fidelity and surety covers.
In 1912, Aetna introduced the first combination automobile policy, with several separate types of coverage combined into one contract. Several Aetna insureds were killed on the RMS Titanic.
Aetna Formed in 1913 with its second affiliate, the Automobile Insurance Company, to write fire insurance on cars. This soon expanded to include windstorm, tornado, and ocean and inland marine insurance leasehold. Aetna Group Formed a department to sell group life insurance, one of the first Insurers to do so; the first step towards Aetna's current health care business.
The 1960s
In 1960, Aetna expanded outside the U. S., buying a Canadian company, Excelsior Life Insurance Company. In 1968, it bought a Majority interest in the Producer's and Citizen's Cooperative Assurance Company of Sydney, Australia. In 1981, it bought a 40 percent interest in two Chilean companies, and soon thereafter invested in Ventures in England, Spain, Hong Kong, Taiwan, Indonesia and Korea.The 1970s
Aetna's 1970 Pension Casualty and Life Division under the direction of B.E. Burton, President and Lead Actuary, saw a billion-dollar growth in the post-melting pension administration segment that is placed Aetna in the top 5 of the global pension and investment Asset Management and recordkeeping firms in the world, with over $ 11.8 billion (US) in new sales and assets under management during the decade.
1990
Between 1996 and 1999, Aetna initiated a series of company acquisitions. In 1996, Aetna acquired in U.S. Healthcare, founded in 1998 by Leonard Abramson.In, Aetna bought NYLCare Health Plans for $ 1.05 billion, adding 2.2 million members. The next year, it bought Prudential HealthCare for $ 1 billion, making it the largest provider of health benefits in the U. S., with more than 21 million members. The company spent more than $ 20 million that it received in fees and Premium from customers to Revamp its computer systems, enable the company to identify and discontinue unprofitable accounts. With this new and extensive information about policyholders, new management, and a shift in strategy, Aetna Sharplan raised Premium on less profitable accounts. Within a few years, Aetna shed 8 million covered lives due to the premium that customers could no longer afford.2000
2000 Aetna Hires John Rowe as CEO and executive chairman. Rowe cut approximately 15,000 jobs and raised insurance Premium by 16 percent per year. He also shrunk Aetna's customer base from 19 million members to 13 million by abandoning unprofitable markets, including almost half of the counties in which it is offered Nationwide, Medicare products.Aetna in 2000 into its financial services and international businesses to ING for $ 7.7 billion, and spun off its health business to its Shareholders, Northern focuss on its business as an Independent health and group benefits company.
In 2001, Aetna recruited a global public relations and marketing executive, Roy Clash, Jr. Leading to the companies reputation management strategies during Aetna's multi-year corporate turnaround campaign.
In 2006, John Rowe ended his 65 months as CEO and executive chairman of Aetna; During his tenure, the former Harvard geriatrician earned $ 225,000 a day (including Sundays and holidays).
In 2007, Aetna chief medical officer Troy Brennan told the Aetna Investor Conference that "The (US) healthcare system is not timely." He cited "recent statistics from the Institution of Healthcare Improvement ... that people are waiting an average of about 70 days to try to see a provider. And in many Circumstances people initially diagnosed with cancer are waiting over a month, which is Intolerable. "
Aetna acquired in 2007, the plan is the operator Schaller Anderson in July, signaling a push into the growing business of running the plan for Medicaid and the State Children's Health Insurance Program.
2008 Aetna CEO Ron Williams received $ 38.12 million in compensation - the highest annual compensation in the insurance sector and the 22nd-highest compensation of all American CEO.
2008 Aetna began offering Pet Health Insurance in Alabama, District of Columbia, Idaho, Iowa, Montana, North Dakota and Texas, with plans to quickly expand to all 50 states. "As the new Underwriter for Pets Best policies, we look forward to working closely with Pets Best and the AVMA Ghlin to extend the reach of the PET insurance industry to bring trusted, affordable Pet Health Insurance products to Pet Owners Nationwide," said Gretchen Spann Aetna's head of PET insurance.
Aetna's 2008 2008 Revenue, excluding net Realized capital losses, increased 14 percent over 2007 to $ 31.6 billion.
2009
Through June 30, Aetna took in $ 14 billion in premium: $ 10.7 billion of that amount from employers and employees, $ 2.9 billion more from Medicare Recipients who bought a supplemental insurance plan to cover the gaps in what Medicare covers, and Another $ 400 million for handling the Medicaid claims. Aetna reported that it paid out $ 11.9 billion in health care reimbursements and $ 2.3 billion in administrative expenses (20 percent).On September 22, more than 200 people gathered in front of Aetna's Hartford headquarters to call for a public health insurance option they said is essential to true on National Health Care Reform. The insurance industry, including Aetna, has opposed a public option.
On October 2, the Connecticut Attorney General Richard Blumenthal and Healthcare Advocate Kevin P. Lember asked Aetna and four other insurance companies for information the companies may have sent policyholders regarding the impact of proposed Legislation on Medicare Advantage and prescription drug programs. According to Blumenthal, some insurance companies have exaggerates or Stretched the impact of health care reform.
On October 27, Aetna stock values shot up when US Senator Joe Lieberman of Connecticut broke with the Democratic caucus that he is a member of and Vocal to join a Republic-led filibuster if the public option was not removed from the Senate's Health Care Reform Bill.
On October 30, Aetna reported a third quarter profit increase of 18 percent.
On November 3, the US Senator Tom Harkin, the chairman of the Committee on Health, Education, Labor and Pensions, launched an investigation into health insurance pricing, asking Aetna and three other major Insurers to justify their pricing Practices. The investigation began after small business owners testified before Harkin's Committee that skyrocketing Health Care Premium were severely hurt their livelihoods.
On November 19, Aetna Announces off the layoff some 3.5% of its Work Force 625 employees now and a similar number of reductiondan early next year. The current cuts include 160 jobs in Connecticut. "Streamlining our business now will enable us to improve our competitiveness and redirect resources to areas with a greater potential for future growth," said Aetna CEO Ron Williams.During the third quarter of 2009, Aetna earned $ 326.2 million, or 73 cents per share . That represents an increase from $ 277.3 million, or 58 cents per share, in the empty quarter last year.
On November 30, Aetna CEO Ron Williams told analysts that Aetna would increase prices in 2010 and Force 600,000 to 650,000 Aetna customers to drop their coverage. Aetna President Mark Bertolini justified the move as "ensure that each customer is priced to an appropriate margin." Aetna Chief Executive Ronald Williams owns 7.6 million Aetna stock and options.
On December 7, Aetna file a $ 4.9 billion correction to its 2008 health insurance regulatory filings. The new filings show that Aetna Spender less on small business health care than previously reported. "Health insurance companies have a duty to provide accurate financial information both to consumers and to their regulators about how much money they actually spend on health care and how much they spend on owning an executive salaries, and on figure out how to Deny care to people When they really need it, "said Senator Jay Rockefeller, Chairman of the US Senate Committee on Commerce, Science, and Transportation. "Unfortunately, it looks like Aetna and other Health Insurers have not been taking this duty very seriously. I'm disappointed that my Committee had to launch a full-scale congressional investigation to get these companies to meet their basic reporting OBLIGATIONS." [40 ]
On December 14, Aetna stocks rose dramatically after U. S. Senator Joe Lieberman of Connecticut threatened to filibuster the Senate health care reform bill if it included a Medicare buy-in proposal.
December 29: Aetna Chief Executive Ron Williams owns approximately 7.6 million Aetna stock and options. The price gain for Aetna stocks of $ 8.50 from October lows to December 29 adds at least $ 37 million in value to Williams Holdings.
2010
On February 3, Aetna laid off more than 100 Connecticut workers. This follows the lay off of 160 Connecticut Aetna employees in November 2009.On February 6, 2009, Aetna reported fourth-quarter net income of $ 165.9 million, or 38 cents per share, on $ 8.69 billion in Revenue.
On April 30, Aetna Announces a 29 percent increase in net income for the first quarter of 2010 compared with the empty quarter a year ago, as the insure benefited from higher investment income.
In April, Aetna notified policyholders that it was in a contract dispute with Continuum Health Partners and that its contract with Continuum Health Partners would lapse as of June 5, 2010. Continuum Health Partners comprises five major New York City hospitals: Beth Israel Medical Center, Roosevelt Hospital, St. Luke's Hospital, Long Island College Hospital and New York Eye and Ear Infirmary. The June 5th date passes and the contract lapsed, an outcome that could mean much higher costs for thousands of New Yorkers.Aetna is obligated in its contract with doctors to retain those doctors in the network for a policyholder for a period of a year or until the expiration date of the policyholder's contract, whichever comes first. Aetna did not inform policyholders of this fact. Continuum Health provided a form to policyholders to make this request.U. S. Senator Kirsten Gillibrand has asked executive of Aetna and Continuum Health Partners to re-enter negotiations, saying, "I Urge You to re-enter negotiations on a new three-year agreement for reimbursement rates, for the sake of the patients that need health coverage. "In July, the Faculty Union of Pratt Institute, the United Federation of College Teachers Local 1460, prepared a letter to Aetna express their unhappiness over the termination of the contract.
In June, Crystal Run Healthcare, a 170-doctor group practice in Orange County, New York and Sullivan County, New York, Announces that it would terminate its contract with Aetna on July 31, 2011. Crystal Run stated that, "Aetna proposed to pay us significantly less than other commercial Care Health Plans with whom we contract. Despite good faith efforts, we can not come to an agreement at this time. We want to afford every opportunity to our patients to make informed Choices regarding their health care coverage. "Aetna replied," It is extraordinary that a responsible physician group would alarm patients in this manner more than a year before there could be any impact to those patients. "
On July 27, Aetna reported that its second-quarter profit rose 42 percent, as the percentage of Premium The company spent on medical care fell versus a year ago. The insure earned $ 491 million, or $ 1.14 a share, in the three months ended June 30. That compares with net income of $ 346 million, or 77 cents a share, in the empty period last year.
On September 9, Aetna Announces that it would Demollari its 1,300,000-square-foot (120,000 m2) structure in Middletown, Connecticut that once housed approximately 5,000 Aetna employees on a 261-acre (1.06 km2) campus. Aetna has not said exactly how it will redevelop the site, although a data center currently located there will remain Regardless of future plans.
2012
In June 2012, Aetna and Inova Health System Announces a joint venture by creating a new health insurance company, Innovation Health.
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