Humana has been making headlines with its strategic focus on growth, diversity, and corporate responsibility. The health insurance provider launched new Medicare Advantage special needs plans, was recognized for gender and racial diversity, and posted strong financial performance. However, the company also faced overpayments from its HumanaChoice plan and increased scrutiny over CEO compensation. Overall, Humana’s efforts to promote inclusion, innovation, and ethical behavior have contributed to its reputation as a trustworthy and sustainable organization.
Humana is one of the largest health insurance providers in the United States, offering a variety of health plans to individuals, families, and employers. From the launch of new Medicare Advantage special needs plans to being recognized as a top employer for diversity, Humana has been making headlines in recent months. This article will examine eight Humana-related developments that Becker has reported on since April 20, 2023.
- Launching new Medicare Advantage special needs plans
Humana has partnered with Longevity Health Plan to launch new Medicare Advantage special needs plans in South Carolina and Georgia. These plans are designed to provide targeted healthcare services to individuals with specific chronic conditions, such as diabetes or heart disease. By offering specialized care and support, these plans aim to improve health outcomes and reduce healthcare costs for both patients and providers.
2. Recognition of gender diversity
Humana was named among the top companies for executive women by DiversityInc, along with three other payers. This recognition highlights the company’s commitment to promoting gender diversity in leadership positions and creating a more inclusive workplace culture. By prioritizing diversity and inclusion, Humana is not only improving the employee experience but also enhancing its ability to meet the needs of a diverse customer base.
3. Increase in CEO pay
According to the company’s financial filings, Humana CEO Bruce Broussard’s pay increased by 4.08 percent from 2021 to 2022. This increase reflects the company’s strong financial performance and Broussard’s value to the organization. However, it also highlights the ongoing debate over executive compensation and the growing income inequality in the United States.
4. CEO to median employee pay ratio
In addition to reporting CEO pay, Humana also disclosed its CEO-to-median employee pay ratio in 2022, which was 238-to-1. This ratio is a measure of income inequality within the company and has become a hot topic in recent years, with many stakeholders calling for greater transparency and accountability in executive pay practices.
5. Recognition for diversity and inclusion
Forbes named Humana among the nation’s best employers for diversity, along with 16 other payers. This recognition is based on a survey of employees’ experiences and perceptions of diversity and inclusion in the workplace. By creating a culture of respect, inclusion, and equity, Humana is attracting and retaining top talent and improving health outcomes for its diverse customer base.
6. Strong financial performance
Humana posted a 33 percent increase in profits year over year and added more than 500,000 Medicare Advantage members in the past year, according to its first-quarter earnings report. This strong financial performance is a testament to the company’s strategic focus on growth and innovation, as well as its ability to adapt to changing market dynamics.
7. Overpayments from HumanaChoice
HumanaChoice, a Medicare Advantage plan offered by Humana, received an estimated $27.3 million in overpayments in 2015 and 2016, according to an audit from HHS’ Office of Inspector General. While the overpayments were largely due to errors in coding and documentation, they highlight the importance of accurate and timely reporting in healthcare reimbursement.
8. Recognition for corporate responsibility
Newsweek named Humana among the nation’s most trustworthy companies in 2023, along with 11 other payers. This recognition is based on a survey of corporate responsibility and ethical behavior, including factors such as transparency, accountability, and social impact. By prioritizing corporate responsibility, Humana is enhancing its reputation and contributing to a more sustainable and equitable society.
