Humana has undergone significant developments recently, including the appointment of new CEO Jim Rechtin for 2024 and plans to acquire Cano Health clinics. They’re co-branding Medicare Advantage plans for veterans with USAA and earned top customer satisfaction ratings in 2023. CEO Bruce Broussard will step down in 2024, with Rechtin taking over. Humana is expanding its Medicare Advantage plans across 39 new counties, gaining accolades as a great workplace and ranking on Time’s list of the world’s top companies. They’re also making strategic acquisitions and offering high-quality Medicare supplement plans.
Humana, headquartered in Louisville, Kentucky, has been making waves in the news lately. Here are ten noteworthy updates that Becker’s has covered since September 12th:
1. New CEO On the Horizon: Humana has announced the appointment of a new CEO, Jim Rechtin, who will assume leadership in 2024. This change follows the planned acquisition of multiple primary care clinics from Cano Health.
2. Veterans’ Co-Branded Plans: Starting in 2024, all of Humana’s Medicare Advantage plans tailored for veterans will feature a co-branding partnership with USAA.
3. Top Marks for Customer Satisfaction: In 2023, Humana earned the top spot for insurer customer satisfaction, as reported by the American Customer Satisfaction Index.
4. Leadership Transition: Current CEO Bruce Broussard is set to step down from his role in the latter half of 2024, making way for incoming CEO Jim Rechtin. Mr. Rechtin will initially join as the Chief Operating Officer in January.
5. Network Changes: Charles Health System in Bend, Oregon, will no longer be in-network with Humana and Centene subsidiaries HealthNet and WellCare Medicare Advantage plans in 2024, citing unresolved concerns about patient care and administrative burden.
6. Widespread Expansion: Humana is expanding its Medicare Advantage plans to encompass 39 new counties across 14 states and Washington, D.C. This expansion will benefit an additional 762,000 Medicare-eligible individuals, with a focus on offering D-SNPs in 116 counties and veteran-oriented plans in 84 new counties.
7. Workplace Recognition: Humana has earned a spot among Newsweek’s 2023 America’s Greatest Workplaces for Parents and Families, solidifying its reputation as an employer of choice.
8. Market Share Insights: A report from KFF reveals that Humana and UnitedHealthcare, despite accounting for nearly half of Medicare Advantage enrollment, only contribute to 20 percent of television advertising for MA plans.
9. Cano Health Transaction: Miami-based primary care provider Cano Health is selling a significant portion of its centers in Texas and Nevada to Humana’s CentwerWell. The transaction, valued at $66.7 million, comprises $35.4 million in cash and the release of specific Cano Health liabilities.
10. Global Recognition: Humana has secured the 32nd spot on Time’s prestigious list of the “best” 750 companies in the world. Additionally, Forbes Health has recognized Humana for offering the best Medicare supplement plan in 2023.
These developments highlight Humana’s commitment to enhancing its services, expanding its reach, and maintaining its position as a leader in the healthcare industry.