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June 30, 2007
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MHMR June 30, 2007: Volume 15, Number 12
Plans to halt PFFS marketing…Humana to buy CompBenefits…SPECIAL REPORT: Michael Moore’s “Sicko”…Moore sees “no role” for HMOs…Review: “Sicko” mostly right…Cohn says Moore cuts corners…BCBS-AZ names 2 EVPs…Magellan gets AZ Medicaid pact…HMO stocks fall 3.7%...Services stocks rise 0.6%...MedAvant raises funds…and more…
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MOORE SEES “NO ROLE” FOR HEALTH PLANS
At a press conference in New York—10 days before the release of his movie “Sicko”—academy award winning director Michael Moore said that there is no role in healthcare for managed care plans.
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PLANS TO HALT MEDICARE PFFS MARKETING
In the wake of Senate hearings pointing to widespread fraud in the sale and marketing of Medicare Advantage plans (MHMR, June 20), seven leading managed care organization have agreed to suspend the marketing of Medicare Private Fee-for-Service health insurance products.
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HUMANA TO ACQUIRE COMPBENEFITS
Humana (Louisville, KY) has signed an agreement to purchase CompBenefits Corp. (Roswell, GA) $360 million in cash. CompBenefits, which provides dental and vision benefits to more than 14,000 employer groups in 22 states, had year-end 2006 revenues of $345 million.
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COHN SAYS “SICKO” CUTS CORNERS BUT IS MOSTLY RIGHT
Despite “plenty of intellectual dishonesties and arguments without context,” Michael Moore’s new movie “Sicko” offers “a compelling argument about what’s wrong with U.S. healthcare and how to fix it,” wrote Jonathan Cohn in a review of the film in the July 2 issue of The New Republic (www.tnr.com).
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MEDAVANT TO GET UP TO $4.2 MILLION FROM LAURUS
MedAvant Healthcare Solutions (Atlanta) said it will receive up to $4.2 million in additional financing from its largest lender Laurus Master Fund (New York)—with $3 million available right away and up to $1.2 million available if the company reaches certain goals.
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BCBS-AZ PROMOTES NAVRAN, GIBSON TO EVP ROLES
Blue Cross Blue Shield of Arizona (Phoenix) has named Susan Navran executive vice president of internal operations; she was previously senior vice president of corporate services and general counsel.
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MAGELLAN WINS $1.5 BB AZ MEDICAID BEHAVIORAL PACT
Magellan Health Services (Avon, CT) has won a $1.5 billion three-year contract to provide managed behavioral services to 500,000 Medicaid recipients in Maricopa County, AZ, including the city of Phoenix.
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