[3], In January 2020, HCSC announced that it was cutting about 400 employees, most of them in middle management, in order to reduce organizational redundancy and improve decision making efficiency.[4][5]. Most PDF readers are a free download. As of 2019, it was noted to be the third-largest commercial health insurer in the United States [1] It serves nearly 16 million members. Chicago, IL 60601 HCSC booked $38.6 billion in revenue last year while paying a total of $25 million for CEO services (that includes . Acquiring additional health plans requires an enterprise data strategy Health Care Service Corp. has named a new chief executive with a three-decade history working for the company to lead the parent of Blue Cross and Blue Shield plans in five states. Improving the attack has been a focus for the Fire, who compiled 12 shutouts last year but missed the playoffs. [2], HCSC's membership was approximately 16 million as of December 31, 2019. Health Care Service Corp. has named a new chief executive with a three-decade history working for the company to lead the parent of Blue Cross and Blue Shield plans in five states. Smith's elevation wasn't a surprise. HCSC board member and former energy executive David J. Lesar will serve as interim CEO until Steiner's replacement is named. The company was founded in 1936 and is based in Chicago, Illinois with a network of offices in the United States. The health care industry is facing a transition from fee-for-service to paying for value, Crains reported. Sources identified him then as a contender for the top job, which has been held in the meantime by interim CEO David Lesar, who now will return to his previous role as a board member. All Rights Reserved. Moving forward, HCSC will likely seek growth in Medicaid and Medicare Advantage, Akers says. February 3, 2021. HCSC is the fifth-largest health insurer in the US overall and employs more than 23,000 people. Smith most recently was president of Blue Cross and Blue Shield of Illinois, the largest of HCSCs health plans, where he was responsible for the overall strategic direction for Illinois health plan including the organization's long-term growth strategy, planning and performance.. Health Care Service is a mutual insurer owned by policyholders. Roosevelt University is a national leader in educating socially conscious citizens for active and dedicated lives as leaders in their professions and their communities. "The person that is the right leader for the last five years may not necessarily be the right person for the next five," says Nate Akers, associate director of health care at Chicago-based Navigant Consulting. All Rights Reserved. As of May 1, 2019, HCSC announced an in-house educational program aimed at developing the skills of its employees, dubbed Blue University. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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, said Maurice Smith. He also oversaw HCSCs subsidiaries and served as the Chairman of Dearborn National Life Insurance Company. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. Crain's has learned Steiner clashed with HCSC directors over long-term growth plans at the nation's sixth-largest health insurer. To view this file, you may need to install a PDF reader program. 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.. Health Care Service Corporation is the countrys largest customer-owned health insurer and fifth largest health insurer overall, with nearly 16 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. (Photo By Raymond Boyd/Getty Images). "On behalf of the entire Board of Directors, I am pleased that . We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry. Copyright Health Care Service Corporation. Health Care Service Corporation (HCSC) is a member-owned health insurance company in the United States. Behavioral health could be another opportunity for the insurer, he adds. The average employee at HCSC makes $58,172 per year. Maurice Smith, who has been with the company [] File is in portable document format (PDF). "This is a good example of proactive corporate governance and, frankly, you don't see that every day.". Fertilizer giant slashes HQ space with move to Northbrook, Big Streeterville retail complex hits the market, Pritzker vows to keep Ken Griffin's pick for president out of the White House, ABC 7 promotes two anchors to replace Alan Krashesky. Under pressure to reduce health care costs and improve outcomes for members, HCSC's rivals have found creative ways to get closer to patients. The insurer says it expects 16 percent growth in the lucrative, fast-growing segment this year. [6] Blue University will focus on a number of topics such as healthcare management, leadership, marketing and sales, technology, and service delivery to name a few. 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 . E-mail oureditor Steiner's departure last year was reported to be the result of a clash with board members over strategy. Thailand Spent $13 Billion in Three Years to Fight Pandemic, UN Finalizes Global Deal on Marine Biodiversity Jurisdiction, Bank of Canada Risks Falling Too Far Behind Fed, Scotia Says, Feds Daly Says More Rate Hikes Likely Needed to Cool Inflation, Colombia Prices Rise Less than Forecast to a Fresh 24-Year High, Shortage ofMetals for EVs Is Rising Up the Agenda in Automakers C-Suites, China Emphasizes Whole Nation Stance on Tech as US Curbs Bite, China Aims to Boost Grain Capacity Under New Food Security Push, The UK Is Using Drones to Prosecute Small-Boat Migrant Smugglers, Estonias Premier Faces Far-Right Test With NATO Unity at Risk, Japan Planning Steps to End South Korea Trade Rift, Yomiuri Says, Harrods Shrugs Off Recession Fears as Rich Get Richer, FT Says, Wealthy NYC Family Feuds Over $258 Million Madison Avenue Sale, Porsche, Ferrari E-Fuel Push at Heart of EU Engine Debate, Tom Sizemore, 'Saving Private Ryan' Actor, Dies at 61, Chinas 5% GDP Target SignalsCrackdowns Are Not Over. HCSC Community Support Strategy Increases Focus on Social Barriers to Health CHICAGO, Jan. 10, 2023 /PRNewswire/ -- Health Care Service Corporation (HCSC) is realigning its community investments in 2023 into five newly redesigned strategic pillars to better support its umbrella mission of expanding access to care. About Blue Cross Blue Shield of Texas 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. As president and CEO, Maurice Smith is responsible for overall strategic direction of the company including the organization's long-term growth strategy. He previously served as president of Blue Cross and Blue Shield of Illinois where he was responsible for the overall financial performance, long-term growth strategy . Copyright Health Care Service Corporation. The most common ethnicity at HCSC is White (60%). 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., Health Care Service Corp. CEO Maurice Smith. All Rights Reserved. Smith, who joined Health Care Service as an intern nearly 27 years ago, will be the first permanent CEO of Health Care Service since Paula Steiner surprised company observers by stepping down less than a year ago after a four-year stint as the companys top executive. 11% of HCSC employees are Black or African American. Maurice Smith signed a 1 year, $850,000 contract with the Tennessee Titans, including an average annual salary of $850,000. Other big insurers, meanwhile, have engineered multibillion-dollar transactions that obliterate traditional boundaries between insurers, pharmacies and doctors. Smith holds a bachelor's degree in business administration from Roosevelt University and an MBA from Pepperdine University. Smith holds a bachelors degree in business administration from Roosevelt University and an MBA from Pepperdine University. It's the dominant insurer in Illinois, Montana and Oklahomaand it's a close No. Health Care Service Corporation Prior to being named president of HCSC, Maurice was president of Blue Cross and Blue Shield of Illinois where he was responsible for the overall strategic direction for Illinois health plan including the organization's long-term growth strategy, planning and performance. 21. Maurice Smith is currently. Other Adobe accessibility tools and information can be downloaded at http://access.adobe.com. The . This documentary-style series follows investigative journalists as they uncover the truth. Maurice Smith. The numbers look even bigger when compared to CEO pay at HCSC's larger rivals. "Maurice is an accomplished leader with a long track record of innovation. HCSC is the parent of Blue Cross plans in Texas, Oklahoma, New Mexico and Montana, in addition to Illinois. About Health Care Service Corporation Indiana State recruit Jailah Pelly put OFallon ahead to stay at 58-56 with a basket with 2:26 left in the second overtime. 1-877-812-1590, Pritzker meeting with Walgreens after backing off on abortion pill, Walgreens wont sell abortion pills in 20 states after warning, Walgreens cuts its stake in Option Care Health, Sponsored Content: Luxury Home of the Week, The Most Powerful Women In Chicago Business. Maurice Smith is President and Chief Executive Officer (CEO) of Health Care Service Corporation (HCSC). Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. greg_thompson@hcsc.net, A Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association. Health insurers in the short term are profiting from an unexpected reprieve in paying claims tied to elective surgeries, which for weeks have been postponed to cope with the crisis. 1-877-812-1590, Pritzker meeting with Walgreens after backing off on abortion pill, Walgreens wont sell abortion pills in 20 states after warning, Walgreens cuts its stake in Option Care Health, Sponsored Content: Finalists named for 2023 Chicago ORBIE Awards, The Most Powerful Women In Chicago Business. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Alongside Blue University, HCSC has partnered with local universities where it operates to offer master's degree and certificate partnerships for employees. But Health Care Service has publicly said for years its not interested in becoming an investor-owned company even as its rivals like UnitedHealth Group, the Aetna unit of CVS Health, Anthem and Cigna get bigger through acquisitions. As of 2014[update], HCSC was the country's largest nonpublic health insurer and the fifth-largest health insurer overall, with more than 16 million members. Results are expected to moderate somewhat during the second half of 2018 as policyholders exhaust their deductibles and HCSC pays a greater percentage of claims. Manages and triages . Maurice Smith drives HCSC's overall strategic direction, including its long-term growth strategy. Smith began his career at HCSC in 1993 and has served in a wide variety of roles, including business development, corporate transactions and as President of Blue Cross and Blue Shield of Illinois. Former Blue Cross of Illinois CEO Maurice Smith is taking over as boss atthe state's largest health insurer's parent, Health Care Services Corp., the company announced today. Bulking up has helped larger payers create economies of scale and expand capabilities as the health care landscape shifts. President and Chief Executive Officer. It's clear, Pliss adds, that HCSC's focus has been, "What's valuable for our members today, rather than what's going to be valuable for the market three years from now?". He has an MBA from Pepperdine University and a bachelors degree from Roosevelt University. As of 2015[update] HCSC's operations are concentrated in Illinois and Texas, which accounted for 84% of total revenue through the first nine months of 2014, followed by Oklahoma (9% of revenue).
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