In fact, HCSC's 2019 payouts come at a time of great uncertainty for health insurance companies. Maurice brings a broad perspective and deep understanding of the industry to his role from his 30 years of service with the company. Employees seem to enjoy working in an otherwise diverse workplace that is dominated by members of the Democratic Party. He has an MBA from Pepperdine University and a bachelors degree from Roosevelt University. 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. Copyright Health Care Service Corporation. Executive pay keeps climbing at Blue Cross of Illinois' parent company, even as the health insurance giant lays off workers and looks for a new strategy. 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. Blue Cross parent top executive pay surges Northwestern doc studies All Rights Reserved. We calculated the diversity score of companies by measuring multiple factors, including the ethnic background, gender identity, and language skills of their workforce. Since HCSC is not a public company, "there's very little oversight and very little transparency," Hertelendy says. Steiner, who spent more than three decades at Blue Cross & Blue Shield companies, left after disagreeing with directors over long-term growth plans. Carroll collected $930,347 in 2018, after getting nearly $5 million in each of the two previous years as part of a deal to oversee the leadership transition when Steiner succeeded Hall. One option is Adobe Reader which has a built-in screen reader. We are driven by our collective company purpose: To do everything in our power to stand with our members in sickness and in health . You are leaving this website/app ("site"). The massive raises come amid increasing cost pressures and rising uncertainty for the entire health care industry, and HCSC in particular. 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. 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. Revenue is also considered, but companies should be mindful that growth could result from higher prices, she says. 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. "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. Carroll's compensation "reflects the additional time, effort, focus and input during this time of transition.". He also had a hand in directing HCSC's subsidiaries, including its its largest, Dearborn National Life Insurance Company. In addition, some sites may require you to agree to their terms of use and privacy policy. She previously served as HCSC's Chief Financial Officer of Government Programs where she was responsible for the comprehensive financial analysis for the government product lines for both Medicare and Medicaid, including financial planning and analysis, actuarial pricing, risk adjustment and revenue management. 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. HCSC shuffles executive leaders to and from BCBSIL 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. by Stephen Ondra. To provide products and services of the highest quality and value with a direct focus on meeting the needs of customers. Opportunities to be challenged and grow.. A working environment that embraces diversity!. Claiming and updating your company profile on Zippia is free and easy. 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, Crains reported. CHICAGO, May 5, 2020 /PRNewswire/ -- Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief . At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Our IT team unleashes the power of this purpose through technology. . . Thompson did not say how many hours per week Carroll, who is also a director at oil services company Halliburton, devotes to HCSC business. Humana and Cigna, for example, paid their chairmen $544,044 and $575,352, respectively. Maurice Smith | Health Care Service Corporation - HCSC "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. At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Steiner, who spent more than three decades at Blue Cross & Blue Shield companies, left after disagreeing with directors over long-term growth plans. The Pullman community has seen plenty of long-awaited successes in recent years. "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 Pullman community has seen plenty of long-awaited successes in recent years. Inequities can be found in every facet of the industry, but targeting medical students and residents can help stem the tide. Improving the Patient Financial Experience Throughout the Patient Journey. Greg Thompson The pandemic's financial impact on insurers isn't clear yet. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. The national average salary for an HCSC employee in the United States is $58,172 per year. Big Blue Cross Insurer Taps New CEO - Forbes "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. While an outgoing chief executive moving into a chairman role or a board member stepping in as interim CEO, like Lesar, often get pay bumps during transitional periods, sources say Carroll's arrangement is unusual for an outside director. "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. Florida Blue Competitors and Similar Companies - Zippia Top 7 health care service corporation | Healthcare corporate compliance. Later, enrollment numbers could drop as employers shed insured workers. The biggest winner was Paula Steiner, who stepped down as CEO in July. Most PDF readers are a free download. Christine Kourouklis | Health Care Service Corporation - HCSC Blue Cross and Blue Shield of Illinois Parent HCSC Names Maurice Smith 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.". Health Care Service Corporation, a Mutual Legal Reserve Company. But insurers will soon get bills for COVID-19 treatments. In fact, HCSC's 2019 payouts come at a time of great uncertainty for health insurance companies. Health Care Service is the parent of Blue Cross and Blue Shield plans in Illinois, Texas, Oklahoma, New Mexico and Montana. 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.. And claims for deferred elective surgeries could pour in later this year or early in 2021, depending on when such procedures resume. Chairperson: Maurice Smith - Prime Therapeutics LLC He said he will continue to work to expand access to quality, cost-effective health care. As hospitals and outpatient centers cancel elective surgeries due to COVID-19, insurers initially will have fewer medical claims to pay. Carroll collected $930,347 in 2018, after getting nearly $5 million in each of the two previous years as part of a deal to oversee the leadership transition when Steiner succeeded Hall. Crains Chicago Business reported that the layoffs come a month after HCSC got rid of a few dozen middle management jobs and six months after CEO Paula Steiner left the company. Maurice Smith named CEO of Blue Cross owner - Chicago Sun-Times He also oversaw HCSCs subsidiaries and served as the Chairman of Dearborn National Life Insurance Company.
