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. While many healthcare providers believe that improving the patient financial experience is a critical step for their organization, few have done so successfully. HCSC may also be known as or be related to HCSC, Health Care Service, Health Care Service Corporation, HEALTH CARE SERVICE CORPORATION, Health Care Service Corporation Illinois State Pac, Nfp and Blue Cross And Blue Shield Of Illinois, Montana, New Mexico, Oklahoma We use innovative tools and approaches to help members get the most out of their plan benefits, as affordably as possible. But insurers will soon get bills for COVID-19 treatments. Bloomberg Surveillance: Early Edition with Anna Edwards, Matt Miller & Kailey Leinz live from London, Berlin and New York, bringing insight on global markets and the top business stories of the day. Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. Legislators have a chance at another one, and should pass a bill to find a private developer to revive the historic Hotel Florence. Health Care Service Corporation, a Mutual Legal Reserve Company. Carroll's compensation is far more than nonexecutive board chairmen got at comparable publicly traded health insurers. Contract Terms: 1 yr(s) / $850,000 Signing Bonus - He was most recently head of the treasury department and corporate development, overseeing strategic partnerships, mergers and acquisitions, including the takeover of Blue Cross and Blue Shield of Montana in 2013. We are driven by our collective company purpose: To do everything in our power to stand with our members in sickness and in health . It has also launched a special enrollment period for people who previously declined group coverage through their employer. 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.. MH magazine offers content that sheds light on healthcare leaders complex choices and touch pointsfrom strategy, governance, leadership development and finance to operations, clinical care, and marketing. Thompson did not say how many hours per week Carroll, who is also a director at oil services company Halliburton, devotes to HCSC business. About Health Care Service Corporation The pandemic's financial impact on insurers isn't clear yet. In addition, Maurice Smith has been working as a President & Chief Executive Officer at Health Care Service Corporation for 30 years. The company's annual net premium income increased 10 percent to $36 million in 2018. books, conferences, travel to present research, etc.) File is in portable document format (PDF). HCSC's membership was approximately 16 million at December 31, 2019. The largest donation made to a political party by an HCSC employee was [3] In 2010 HCSC nearly doubled its income to $1.09 billion, and began "a streak of billion-dollar profits for 4 straight years". The site may also contain non-Medicare related information. In the second-largest bank failure in U.S. history, officials seize First Republic Bank, selling its deposits and most of its assets. Like its rivals, HCSC has agreed to waive some patients' out-of-pocket costs for COVID-19 treatments, as well as prior authorizations and COVID-19 tests, in addition to expanding virtual health care coverage. HCSC is ranked #91 on the Best Health Care Companies to Work For in America list. 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. Maurice brings a broad perspective and deep understanding of the industry having held many senior financial management roles, including head of corporate transactions and investment strategies. HCSC is the largest customer-owned health insurer in the United States, covering over 16 million members across its . He said he will continue to work to expand access to quality, cost-effective health care. From 2009 to 2013, HCSC posted at least a $1 billion in net income annually--until last year, when it booked profits of $648 million as it shored up for health reform. For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. Humana and Cigna, for example, paid their chairmen $544,044 and $575,352, respectively. 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. A new business model for residential power enables people to switch to solar without the up-front cost of home installation, a critical step in bringing lower-income Americans into the green fold. 11% of HCSC employees are Black or African American. Health Care Service Corporation SALARY AND BENEFITS FOR 2023-2024 YEAR ARE: IN ADDITION: The County contributes 7.5% of an employee's gross base salary towards a Deferred Compensation Plan; Each resident receives an educational stipend ($1000 for PGY1, $1,800 for PGY2 and PGY3) for educational expenses (e.g. Health Care Service is a mutual insurer owned by policyholders. Maurice Smith, who took the helm last June, got a 63 percent boost to $5.9 million, while longtime board Chairman Milton Carroll's pay jumped 81 percent to $8.9 million. All Rights Reserved. With nearly 16 million customers, HCSC also owns Blue Cross health plans in Montana, New Mexico, Oklahoma and Texas. Lesar said he is 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. 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. About Health Care Service Corporation Carroll, an energy industry executive, pocketed $4.9 million last year as part of a dealthe terms of which were not disclosed"to ensure a smooth transition" and provide "proper support" to Lesar and Smith, spokesman Greg Thompson says in an email. $68,524 to the Democratic Party. Other Adobe accessibility tools and information can be downloaded at 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. Since HCSC is not a public company, "there's very little oversight and very little transparency," Hertelendy says. In comparison, some of its highest paying competitors, like. This new site may be offered by a vendor or an independent third party. HCSC and some other large insurers have agreed to cover certain patients' out-of-pocket costs for COVID-19 treatments, a move that could cost them money, unless they make it up in premium hikes. "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. Executive pay keeps climbing at Health Care Service Corp., even as the health insurance giant lays off workers and looks for a new strategy. The site may also contain non-Medicare related information. Greg Thompson Opella . Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma & Texas | HCSC Engaged Employer Overview 2.8K Reviews 660 Jobs 4.7K Salaries 436 Interviews 1.2K Benefits 78 Photos 815 Diversity + Add a Review Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma & Texas | HCSC Reviews Updated Apr 18, 2023 Filter by Topic Remote Work President, CEO and Vice Chair at Health Care Service Corporation (HCSC) Maurice Smith Bio. From 2009 to 2013, HCSC posted at least a $1 billion in net income annually--until last year, when it booked profits of $648 million as it shored up for health reform. You are leaving this website/app ("site"). Top 7 health care service corporation | Healthcare corporate compliance. Steiner, who spent more than three decades at Blue Cross & Blue Shield companies, left after disagreeing with directors over long-term growth plans. The site may also contain non-Medicare related information. Smith, 48, will succeed David Lesar, who was the interim CEO. "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. Some of the most common performance metrics that health insurance companies use to determine executive compensation are enrollment, market share and customer satisfaction, says Judy Canavan, leader of BDO's compensation surveys practice. Blue Cross owner names Maurice Smith as CEO, Netflix looks to curb password sharing, considers ads, Aiming to predict COVID, future pandemics better, CDC opens infectious diseases forecasting center, Joliet farmers wrangle cows thrown from semitrailer after crash on Interstate 80, 1 killed, 3 wounded in shootings Tuesday in Chicago, Obama relatives sue Milwaukee school alleging racial bias, Unmasked transit: Pritzker ends mask mandates in public transportation, airports, The Edgar haircut is one more thing kids, parents can disagree on, Charges filed in stabbing of Loop Target employee, 7 big questions facing Bears after NFL Draft, Pullmans Hotel Florence deserves a chance to welcome guests again, Hollywood writers, slamming gig economy, vote to go on strike, Treasurys Yellen says U.S. could default as soon as June 1, First Republic Bank seized, sold in fire sale to JPMorgan. He previously was President of HCSC's Illinois Plan, the states largest health insurance company. Maurice Smith contract and salary cap details, including signing bonus, guaranteed salary, dead money, roster bonuses, and contract history. 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. In addition, some sites may require you to agree to their terms of use and privacy policy. Like its rivals, HCSC has agreed to waive some patients' out-of-pocket costs for COVID-19 treatments, as well as prior authorizations and COVID-19 tests, in addition to expanding virtual health care coverage. 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. Share Your Experience Florida Blue vs competitors Add Company Florida Blue salaries vs Competitors HCSC, which owns Blue Cross plans in Illinois, Montana, New Mexico, Oklahoma and Texas, is navigating the pandemic without a permanent CEO. Lesar will remain a member of the company's board. (Photo By Raymond Boyd/Getty Images). The biggest winner was Paula Steiner, who stepped down as CEO in July. "His track record of leading multi-stakeholder teams, along with his strong connection to the Illinois business and civic community will help position BCBSIL for continued success in this fast-changing healthcare environment.". The pandemic's financial impact on insurers isn't clear yet. He also oversaw HCSCs subsidiaries and served as the Chairman of Dearborn National Life Insurance Company. The company owns Blue Cross and Blue Shield of Illinois. 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. greg_thompson@hcsc.net. The largest mutual insurer in the country, HCSC was created in 1975 through the merger of two Illinois Blue plans. Board member David Lesar, who took over as interim CEO, pocketed $6.2 million; Maurice Smith, who was named president, got $3.6 million; and board Chairman Milton Carroll got a 429% boost to $4.9 million. Carroll's compensation "reflects the additional time, effort, focus and input during this time of transition.". 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. Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. The company owns Blue Cross and Blue Shield of Illinois. The massive raises come amid increasing cost pressures and rising uncertainty for the entire health care industry, and HCSC in particular. Competitors of HCSC include Change Healthcare, BlueCross BlueShield of Tennessee, and EmblemHealth. Have an opinion about this story? The turnover has been expensive. some sites may require you to agree to their terms of use and privacy policy. 1 salaries for 1 jobs at Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma & Texas | HCSC in San Jose, CA Area. Greg Thompson Healthcare organizations ask HHS to delay quality measure reporting for ACOs. 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, Crain's reported. Anthem reported $104.2 billion in revenue last year and Humana booked $64.9 billion, compared with $38.6 billion for HCSC. Maurice brings a broad perspective and deep understanding of the industry to his role from his 30 years of service with the company. Blue Cross and Blue Shield of Oklahoma is a division of HCSC, a . Employees in the top 10 percent can make over $105,000 per year, while employees at the bottom 10 percent earn less than $32,000 per year. To view this file, you may need to install a PDF reader program. Maurice Smith, who is 48 years old, will become chief executive officer and president of Health Care Service effective June 1 when he will replace interim CEO David Lesar who will remain a. HCSC paid more for CEO services last year than two larger health insurers. Board member David Lesar, who took over as interim CEO, pocketed $6.2 million; Maurice. Our IT team unleashes the power of this purpose through technology. HCSC competitors include Aetna, Humana, BlueCross BlueShield of South Carolina, Centene, UnitedHealth Group, IBX Foundation, WellCare Health Plans, Anthem, Express Scripts Holding, America's Health Insurance Plans, BlueCross BlueShield of Tennessee, Cigna, Florida Blue, HealthNet, Kansas Health Solutions, Capital District Physicians' Health Plan Inc, EmblemHealth, Harvard Pilgrim, Change Healthcare, HealthCare Services. Her total compensation surged 120 percent to $31 millionabout $12 million of which was severance pay. In general, to best serve our customers now and into the future of the rapidly changing health care landscape, we are rebalancing our resources to meet the diverse needs of our customers, provider partners and other stakeholders, the email said. This story first appeared in our sister publication, Crain's Chicago Business. The turnover has been expensive. 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.". Based in Chicago, IL, HCSC is an industry leader with 22,001 employees and an annual revenue of $17.0B. 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. Other Adobe accessibility tools and information can be downloaded at http://access.adobe.com. Headquartered in Chicago, HCSC has combined annual revenues of approximately $46 billion, over 272,000 physicians and other providers in its network, more than 24,000 employees and over 16. Maurice Smith, who is 48 years old, will become chief executive officer and president of Health Care Service effective June 1 when he will replace interim CEO David Lesar who will remain a member of the companys board of directors, the insurer said Tuesday. Maurice Smith signed a 1 year, $850,000 contract with the Tennessee Titans, including an average annual salary of $850,000. Her total compensation surged 120 percent to $31 millionabout $12 million of which was severance pay. Maurice joined HCSC nearly 27 years ago as an intern. For example, the company's longtime board chairman profits when there's a transition at the top. HCSC employees are most likely to be members of the Democratic Party. File is in portable document format (PDF). The oldest company is HCSC, founded in 1936. Anthem reported $104.2 billion in revenue last year and Humana booked $64.9 billion, compared with $38.6 billion for HCSC. Health Care Service Corp. said Tuesday its president, Maurice Smith, will add the title of CEO effective June 1. The middle management roles will be eliminated to reduce organizational redundancy and improve decision-making efficiency, according to HCSC spokesman Greg Thompson in an email to the Chicago Sun-Times. Insiders at Health Care Service say Smith is very community-oriented and that will serve the companys health plans well as the industry moves to address social determinants of health. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. Claiming and updating your company profile on Zippia is free and easy. Blue Cross and Blue Shield of Illinois is a division of HCSC, a Mutual Legal Reserve Company, an independent licensee of the Blue Cross and Blue Shield Association. . We are more than a health care insurer and we are truly anchored in our purpose: to do everything in our power to stand by our members in sickness and in health. Zippia gives an in-depth look into the details of HCSC, including salaries, political affiliations, employee data, and more, in order to inform job seekers about HCSC. One option is Adobe Reader which has a built-in screen reader. "Expanding access to affordable healthcare coverage is an imperative," said Smith, who outside of his insurance career is the chair-elect of the Chicago Sinfonietta orchestra. "Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose. We come to work every day to make a difference, and we deliver the highest quality and best solutions to our members. To view this file, you may need to install a PDF reader program. The Writers Guild of America said its 11,500 unionized screenwriters will walk the picket line Tuesday. Still, as COVID-19 squeezes insurers' profits, premium increases in individual and employer markets nationwide could be 40 percent or higher in the absence of federal action, according to a March 24 report from California's Affordable Care Act marketplace. Board compensation at HCSC "is designed to attract and retain the most qualified business leaders with broad and diverse experience to provide strategic counsel and guidance in the dynamic and rapidly evolving health care industry," Thompson says. Smith is succeeding Karen Atwood as head of the 7.3 million member BCBSIL, after almost six years. Karen Ignagni, Emblemhealth Plan: $5,342,500 (up 66.58 percent) Latest articles on Payer: The fastest growing Medicare Advantage startup plans More traditional Medicare enrollees are adding Medigap plans: 5 things to know Hear the latest economic, business and market news, as well as global, national, and local news. With unemployment skyrocketing in the wake of anti-contagion measures that have essentially locked down the economy, HCSC could see enrollment in its employer-based insurance plans drop. Meanwhile, HCSC recently cut hundreds of staffersmany of whom had senior manager and director titles.