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May 31, 2007
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MHMR May 30, 2007: Volume 15, Number 10
WellPoint forces out CFO Colby…Aetna to buy Schaller Anderson…NMHC CEO departs…5 Things the Managed Care Industry Doesn’t Need…Molina names CMO…MCOs slammed on Medicare…Medco ’06 drug costs rise 2.8%...HMO stocks rise 0.4%...Services stocks rise 1.9%...and more...
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WELLPOINT CFO COLBY FORCED OUT
WellPoint Inc. (Indianapolis) announced that it had “asked for and received” the resignation of company chief financial officer David Colby, after an investigation concluded that he had violated the company’s code of conduct.
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AETNA ACQUIRES SCHALLER ANDERSON
Aetna (Hartford, CT) has agreed to acquire Schaller Anderson Inc. (Phoenix, AZ,), a provider of healthcare services for Medicaid plans, for $535 million.
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NMHC HOUSECLEANING: CEO, CIO DEPART
Struggling National Medical Health Card Systems (Pt. Washington, NY), an also-ran in the pharmacy benefit management business, announced the departure of its president and chief executive James Smith effective immediately, along with other management changes.
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MOLINA NAMES HOWATT CHIEF MEDICAL OFFICER
Molina Healthcare (Long Beach, CA) has promoted James Howatt, M.D., to chief medical officer responsible for oversight of the medical management functions of all the company’s health plans.
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HUMANA, OTHERS SLAMMED ON MEDICARE PLAN MARKETING
State insurance regulators slammed the managed care industry, insurance agents and brokers over sales and marketing practices used to push Medicare Advantage health plans to seniors—tactics described in testimony during Senate hearings as confusing, inappropriate and in some cases fraudulent.
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MEDCO SAYS DRUG COSTS ROSE JUST 2.8% IN 2006
Medco Health Solutions (Franklin Lakes, NJ) reported that drug costs rose an average of just 2.8% in 2006, the lowest rate in the company’s history, according to the company’s annual Drug Trend Report.
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MANAGED CARE STOCKS ARE FLAT
Managed care stocks were essentially flat in the in the two weeks ended May 25, rising just 0.2%, according to an MHMR tally of 13 issues.
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