There has been some speculation that it could become a part of Anthem, an investor-owned publicly traded operator of Blue Cross and Blue Shield plans in 14 states. As President and CEO, Maurice Smith drives HCSC's overall strategic direction, including its long-term growth strategy. In an internal memo about the layoffs, HCSC President Maurice Smith told employees, "We made a number of changes to ensure we have the structure and resources to best serve our members now and into the future, Crain's reported. You are leaving this website/app ("site"). The health care industry is facing a transition from fee-for-service to paying for value, Crain's reported. Maurice Smith, who took the helm last June, got a 63 percent boost to $5.9 million, while longtime board Chairman Milton Carroll's pay jumped 81 percent to $8.9 million. Carroll's compensation is far more than nonexecutive board chairmen got at comparable publicly traded health insurers. The data presented on this page does not represent the view of HCSC and its employees or that of Zippia. . Health Care Service Corporation is the countrys largest customer-owned health insurer, with nearly 16 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. The biggest winner was Paula Steiner, who stepped down as CEO in July. CHICAGO, March 31, 2022 /PRNewswire/ -- Blue Cross and Shield of Illinois (BCBSIL), a division of Health Care Service Corporation (HCSC), today announced Stephen Harris has been named the new. Maurice brings a broad perspective and deep understanding of the industry having held many senior financial management roles, including head of corporate transactions and investment strategies. To provide products and services of the highest quality and value with a direct focus on meeting the needs of customers. Humana and Cigna, for example, paid their chairmen $544,044 and $575,352, respectively. Our IT team unleashes the power of this purpose through technology. Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. He also had a hand in directing HCSC's subsidiaries, including its its largest, Dearborn National Life Insurance Company. HCSC's revenue continues to be concentrated in Illinois and Texas, accounting for 83% of premium for the full year 2017. "Karen brings the expertise necessary to focus on taking our service and technology capabilities to the next level as we continue to expand access to cost-effective health coverage," said HCSC CEO Patricia Hemingway Hall. greg_thompson@hcsc.net, A Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association. "Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose. Healthcare organizations ask HHS to delay quality measure reporting for ACOs. Thompson says metrics at HCSC include "expanding access to coverage and efforts to help control the rise in medical costs for our members," in addition to market competitiveness and relevant peer data. In an internal memo announcing the January layoffs, Smith said the company is focused on making changes that "ensure we have the structure and resources to best serve our members now and into the future.". We come to work every day to make a difference, and we deliver the highest quality and best solutions to our members. About Health Care Service Corporation I write about healthcare business and policy, Blue Cross Blue Shield Building, home of Health, Care Service Corp. as photographed from Maggie Daley Park in Chicago, Illinois on June 24, 2017. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. Work At Florida Blue? "His track record of leading multi-stakeholder teams, along with his strong connection to the Illinois business and civic community will help position BCBSIL for continued success in this fast-changing healthcare environment.". The company has about 24,000 current employees and is expected to add about 1,000 new jobs in customer and provider service, technology and digital capabilities this year, according to Thompson. Some of the most common performance metrics that health insurance companies use to determine executive compensation are enrollment, market share and customer satisfaction, says Judy Canavan, leader of BDO's compensation surveys practice. The site may also contain non-Medicare related information. HCSC may also be known as or be related to HCSC, Health Care Service, Health Care Service Corporation, HEALTH CARE SERVICE CORPORATION, Health Care Service Corporation Illinois State Pac, Nfp and Blue Cross And Blue Shield Of Illinois, Montana, New Mexico, Oklahoma We use innovative tools and approaches to help members get the most out of their plan benefits, as affordably as possible. Later, enrollment numbers could drop as employers shed insured workers. The pandemic's financial impact on insurers isn't clear yet. HCSC and some other large insurers have agreed to cover certain patients' out-of-pocket costs for COVID-19 treatments, a move that could cost them money, unless they make it up in premium hikes. 15% of HCSC employees are Hispanic or Latino. Health Care Service Corporation is part of the Insurance industry, and located in Illinois, United States. Most PDF readers are a free download. Hear the latest economic, business and market news, as well as global, national, and local news. Treasury Secretary Janet Yellen warns lawmakers that if they do not vote to raise or suspend the nations borrowing authority it could cause a global financial crisis. Treasury Secretary Janet Yellen warns lawmakers that if they do not vote to raise or suspend the nations borrowing authority it could cause a global financial crisis. In addition, some sites may require you to agree to their terms of use and privacy policy. Board compensation at HCSC "is designed to attract and retain the most qualified business leaders with broad and diverse experience to provide strategic counsel and guidance in the dynamic and rapidly evolving health care industry," Thompson says. In an internal memo announcing the January layoffs, Smith said the company is focused on making changes that "ensure we have the structure and resources to best serve our members now and into the future.". Board member David Lesar, who took over as interim CEO, pocketed $6.2 million; Maurice Smith, who was named president, got $3.6 million; and board Chairman Milton Carroll got a 429% boost to $4.9 million. Thompson did not say how many hours per week Carroll, who is also a director at oil services company Halliburton, devotes to HCSC business. Click below to see everything we have to offer. We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce. HCSC is in the managed health care industry. CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Still, as COVID-19 squeezes insurers' profits, premium increases in individual and employer markets nationwide could be 40 % or higher in the absence of federal action, according to a March 24 report from California's Affordable Care Act marketplace. The Writers Guild of America said its 11,500 unionized screenwriters will walk the picket line Tuesday. At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. Lesar will remain a member of the companys board. Lesar said he is pleased that Maurice will lead HCSC at this critical time for the company and our country as we continue to work through the challenges of the COVID-19 pandemic. While many healthcare providers believe that improving the patient financial experience is a critical step for their organization, few have done so successfully. Help other job seekers by rating HCSC. The Board and I look forward to working with him and the rest of the HCSC team to ensure a continued success in simplifying the health care experience and helping people achieve their health care goals.. He notes that executive compensation is determined by the board, with guidance from outside advisers. HealthCare Services competitors are HCSC, Hhs - Hospital Housekeeping Systems, Silverado, and more. File is in portable document format (PDF). 312.653.7581 Maurice Smith signed a 1 year, $850,000 contract with the Tennessee Titans, including an average annual salary of $850,000. In fact, HCSC's 2019 payouts come at a time of great uncertainty for health insurance companies. One option is Adobe Reader which has a built-in screen reader. All Rights Reserved. Despite its diversity in other areas, HCSC employees are noticeably lacking in political diversity. "On behalf of the entire Board of Directors, I am pleased that Maurice will lead HCSC at this critical time for the company and our country as we continue to work through the challenges of the COVID-19 pandemic," said David Lesar. The company increased its . Employees in the top 10 percent can make over $105,000 per year, while employees at the bottom 10 percent earn less than $32,000 per year. Headquartered in Chicago, HCSC has combined annual revenues of approximately $46 billion, over 272,000 physicians and other providers in its network, more than 24,000 employees and over 16. Maurice Smith . In comparison, some of its highest paying competitors, like. All Rights Reserved. HCSC employees are most likely to be members of the Democratic Party. Steiner, who spent more than three decades at Blue Cross & Blue Shield companies, left after disagreeing with directors over long-term growth plans. He's not the only high-level connection linking HCSC and the Houston-based energy industry giant. Board member David Lesar, who took over as interim CEO, pocketed $6.2 million; Maurice Smith, who was named president, got $3.6 million; and board Chairman Milton Carroll got a 429 percent boost to $4.9 million. HCSC employees are most likely to be members of the democratic party. All Rights Reserved. He also oversaw HCSCs subsidiaries and served as the Chairman of Dearborn National Life Insurance Company. Zippia gives an in-depth look into the details of HCSC, including salaries, political affiliations, employee data, and more, in order to inform job seekers about HCSC. The employee data is based on information from people who have self-reported their past or current employments at HCSC. At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. HCSC paid more for CEO services last year than two larger health insurers. Contract Terms: 1 yr(s) / $850,000 Signing Bonus - Board member David Lesar, who took over as interim CEO, pocketed $6.2 million; Maurice. Top 7 health care service corporation | Healthcare corporate compliance. "With COVID-19, any losses incurred by these insurance companies because they're waiving copays will directly come out of insurance premiums the next year, or negotiated prices with providers who are going to have to accept lower reimbursement rates," says Attila Hertelendy, a health care expert and business professor at Florida International University. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. The nation's fourth largest insurer is calling on the leader of its flagship plan to manage technology and services across its regions, while ushering in a new president at the 7 million member company. 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Thompson did not say how many hours per week Carroll, who is also a director at oil services company Halliburton, devotes to HCSC business. Modern Healthcare empowers industry leaders to succeed by providing unbiased reporting of the news, insights, analysis and data. Greg Thompson Greg Thompson Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose.. We are more than a health care insurer and we are truly anchored in our purpose: to do everything in our power to stand by our members in sickness and in health. The average salaries at Change Healthcare rank the highest, with their employees earning an. This new site may be offered by a vendor or an independent third party. MH magazine offers content that sheds light on healthcare leaders complex choices and touch pointsfrom strategy, governance, leadership development and finance to operations, clinical care, and marketing. Meanwhile, HCSC recently cut hundreds of staffersmany of whom had senior manager and director titles. Health Care Service is a mutual insurer owned by policyholders. The site may also contain non-Medicare related information. You are leaving this website/app ("site"). Companies likely established 2020 performance measures around the time COVID-19 hit, so they'll want to revisit their expectations, Canavan says, adding that "bonuses probably got paid out right before we were aware of how big of a deal this would be. Blue Cross and Blue Shield of Illinois (BCBSIL) is committed to expanding access to quality, cost-effective health care to as many people as possible in Illinois. Other Adobe accessibility tools and information can be downloaded at http://access.adobe.com. He has an MBA from Pepperdine University and a bachelors degree from Roosevelt University. Thompson says metrics at HCSC include "expanding access to coverage and efforts to help control the rise in medical costs for our members," in addition to market competitiveness and relevant peer data. Thompson said the company doesnt plan any additional job cuts. With unemployment skyrocketing in the wake of anti-contagion measures that have essentially locked down the economy, HCSC could see enrollment in its employer-based insurance plans drop. Karen Ignagni, Emblemhealth Plan: $5,342,500 (up 66.58 percent) Latest articles on Payer: The fastest growing Medicare Advantage startup plans More traditional Medicare enrollees are adding Medigap plans: 5 things to know Copyright document.write(new Date().getFullYear()) Health Care Service Corporation. "Maurice brings to this role a broad perspective and deep understanding of our business and operations rooted in more than 20 years of experience across corporate finance, treasury, business development and subsidiary management," said Colleen Reitan, HCSC executive vice president and head of plan operations. Claiming and updating your company profile on Zippia is free and easy. greg_thompson@hcsc.net. Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. He said he will continue to work to expand access to quality, cost-effective health care. BCBSIL is dedicated to innovation and exploring, nurturing and activating future possibilities to make the health care system work better for our members and our communities. Research Summary. HCSC is ranked #91 on the Best Health Care Companies to Work For in America list. CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020. Anthem chief Gail Boudreaux, a former HCSC executive, got $15.5 million, while Humana's Bruce Broussard received $16.7 million. Chairperson: Maurice Smith. Missing Crain's in print? Anthem reported $104.2 billion in revenue last year and Humana booked $64.9 billion, compared with $38.6 billion for HCSC. HCSC paid more for CEO services last year than two larger health insurers. . In general, to best serve our customers now and into the future of the rapidly changing health care landscape, we are rebalancing our resources to meet the diverse needs of our customers, provider partners and other stakeholders, the email said. It has also launched a special enrollment period for people who previously declined group coverage through their employer. Revenue is also considered, but companies should be mindful that growth could result from higher prices, she says. But Health Care Service has publicly said for years its not interested in becoming an investor-owned company even as its rivals like UnitedHealth Group, the Aetna unit of CVS Health, Anthem and Cigna get bigger through acquisitions. Burning Oil Tanker Off Malaysian Rings Shadow-Fleet Alarm Bells, IsBuy Now, Pay Later aGood Option for Your Groceries? Blue Cross and Blue Shield of Illinois is a division of HCSC, a Mutual Legal Reserve Company, an independent licensee of the Blue Cross and Blue Shield Association. "With so many changes in our healthcare system happening all at once, we need to continue to adapt our capabilities to deliver what our customers deserve and demand from us," said Atwood, who started her career at HCSC in 1990 as an accounts manager and then became national account underwriting officer in 1995 and chief underwriter in 2001. Legislators have a chance at another one, and should pass a bill to find a private developer to revive the historic Hotel Florence. Maurice brings a broad perspective and deep understanding of the industry having held many senior financial management roles, including head of corporate transactions and investment strategies. On average, employees at HCSC stay with the company for 5.9 years. Click here to submit a Letter to the Editor, and we may publish it in print. Dr. Opella Ernest is responsible for commercial markets in HCSC's five geographies, as well as national account growth and clinical operations. Writers say that in the streaming era they are not being paid enough. Meanwhile, HCSC recently cut hundreds of staffersmany of whom had senior manager and director titles. Employees at Change Healthcare earn more than most of the competitors, with an average yearly salary of $84,526. Lesar previously served as executive chair of Halliburton, and Patricia Hemingway Hall, who retired five years ago as CEO of HCSC, joined Halliburton's board last year. Sign up for enewsletters and alerts to receive breaking news and in-depth coverage of healthcare events and trends, as they happen, right to your inbox. Health Care Service Corporation, a Mutual Legal Reserve Company. I am honored to lead HCSC, a company that for more than 90 years has focused on innovation, execution and through the dedication of our nearly 24,000 employees helped expand access to quality, cost-effective health care to all Americans, Smith said in a statement. Companies likely established 2020 performance measures around the time COVID-19 hit, so they'll want to revisit their expectations, Canavan says, adding that "bonuses probably got paid out right before we were aware of how big of a deal this would be. "Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose. Salaries posted anonymously by Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma & Texas | HCSC employees in San Jose, CA Area. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. As hospitals and outpatient centers cancel elective surgeries due to COVID-19, insurers initially will have fewer medical claims to pay. In addition, Employees at the parent company, HCSC, earn $58,172 whereas employees at Medecision earn $89,566, on average. Blue Cross of Illinois parent company, Health Care Service Corp., announced Tuesday it will slash about 400 positions to ready itself for fast industry growth, according to reports.
