maurice smith hcsc salary

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. One option is Adobe Reader which has a built-in screen reader. It has an unusually high proportion of employees who are members of the Democratic Party, at 68.0%. 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.. Maurice brings a broad perspective and deep understanding of the industry to his role from his 30 years of service with the company. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. 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. 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. You are leaving this website/app ("site"). But insurers will soon get bills for COVID-19 treatments. Maurice Smith, Health Care Service Corporation: $5,904,535 (up 62.75 percent) 10. Smith, 48, will succeed David Lesar, who was the interim CEO. Humana and Cigna, for example, paid their chairmen $544,044 and $575,352, respectively. Most PDF readers are a free download. The massive raises come amid increasing cost pressures and rising uncertainty for the entire health care industry, and HCSC in particular. 400 employees to be cut from Blue Cross parent company: report, 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 has held many senior financial management roles at HCSC, including head of corporate transactions and investment strategies. Revenue is also considered, but companies should be mindful that growth could result from higher prices, she says. Have you worked at HCSC? He also serves as Vice Chair of the HCSC Board of Directors. The biggest winner was former board member David Lesar, who served as interim CEO of HCSC from July 2019 through May 2020. 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. 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. 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. 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. 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. I write about healthcare business and policy, Blue Cross Blue Shield Building, home of Health, Care Service Corp. as photographed from Maggie Daley Park in Chicago, Illinois on June 24, 2017. Inequities can be found in every facet of the industry, but targeting medical students and residents can help stem the tide. Altogether, Lesar and Steiner were paid about $25 million, not counting Steiner's severance pay. 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. 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. 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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. The American Hospital Association and American Medical Association are among the 11 organizations signing the letter. President, CEO and Vice Chair at Health Care Service Corporation (HCSC) Maurice Smith Bio. 312.653.7581 Other Adobe accessibility tools and information can be downloaded at The health care industry is facing a transition from fee-for-service to paying for value, Crain's reported. "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. 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. In fact, HCSC's 2019 payouts come at a time of great uncertainty for health insurance companies. About Blue Cross and Blue Shield of Illinois 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. Modern Healthcare empowers industry leaders to succeed by providing unbiased reporting of the news, insights, analysis and data. Her total compensation surged 120% to $31 millionabout $12 million of which was severance pay. And a $1.7 billion tax refund under the Trump administration's tax cuts drove a 226 percent rise in net income . Other Adobe accessibility tools and information can be downloaded at http://access.adobe.com. None of the information on this page has been provided or approved by HCSC. Executive pay keeps climbing at Health Care Service Corp., even as the health insurance giant lays off workers and looks for a new strategy. Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. Later, enrollment numbers could drop as employers shed insured workers. Healthcare organizations ask HHS to delay quality measure reporting for ACOs. 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. Click here to get the full experience on your screen. 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. Greg Thompson 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. While many healthcare providers believe that improving the patient financial experience is a critical step for their organization, few have done so successfully. You are leaving this website/app ("site"). As hospitals and outpatient centers cancel elective surgeries due to COVID-19, insurers initially will have fewer medical claims to pay. In her former role as Executive Vice President, Chief Operating Officer, Opella transformed HCSC's customer and provider experience through advancements in technology and innovation. In fact, HCSC's 2019 payouts come at a time of great uncertainty for health insurance companies. The turnover has been expensive. This new site may be offered by a vendor or an independent third party. 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. Sign up for enewsletters and alerts to receive breaking news and in-depth coverage of healthcare events and trends, as they happen, right to your inbox. Most PDF readers are a free download. Maurice Smith is a President/CEO at Health Care Service Corporation; Board Member at VENTAS, INC.; and Board Member at ROOSEVELT . HCSC is ranked #91 on the Best Health Care Companies to Work For in America list. It has also launched a special enrollment period for people who previously declined group coverage through their employer. The company has about 24,000 current employees and is expected to add about 1,000 new jobs in customer and provider service, technology and digital capabilities this year, according to Thompson. 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. Most PDF readers are a free download. File is in portable document format (PDF). The nation's fourth largest insurer is calling on the leader of its flagship plan to manage technology and services across its regions, while ushering in a new president at the 7 million member company. . 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. Top 7 health care service corporation | Healthcare corporate compliance. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. The site may also contain non-Medicare related information. The Writers Guild of America said its 11,500 unionized screenwriters will walk the picket line Tuesday. The Pullman community has seen plenty of long-awaited successes in recent years. At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. Opinions expressed by Forbes Contributors are their own. He also oversaw HCSCs subsidiaries and served as the Chairman of Dearborn National Life Insurance Company. 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. 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.. 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. He notes that executive compensation is determined by the board, with guidance from outside advisers. 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. The nation's sixth-largest health insurer cut "a few dozen" staffers late last yearfollowed by an additional 400 in Januaryand needs to step up growth to compete with rivals. Legislators have a chance at another one, and should pass a bill to find a private developer to revive the historic Hotel Florence. Smith, who has been with HCSC for more than two decades, has served as president of its . Thompson did not say how many hours per week Carroll, who is also a director at oil services company Halliburton, devotes to HCSC business. 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. 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. At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. He also oversaw HCSCs subsidiaries and served as the Chairman of Dearborn National Life Insurance Company. http://access.adobe.com. Have an opinion about this story? He also serves as Vice Chair of the HCSC Board of Directors. Based in Chicago, IL, HCSC is an industry leader with 22,001 employees and an annual revenue of $17.0B. Health Care Service Corporation Burning Oil Tanker Off Malaysian Rings Shadow-Fleet Alarm Bells, IsBuy Now, Pay Later aGood Option for Your Groceries? The most common ethnicity at HCSC is White (60%). Maurice joined HCSC nearly 27 years ago as an intern. In addition, some sites may require you to agree to their terms of use and privacy policy. 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. Maurice joined HCSC nearly 27 years ago as an intern. Hear the latest economic, business and market news, as well as global, national, and local news. Later, enrollment numbers could drop as employers shed insured workers. There has been some speculation that it could become a part of Anthem, an investor-owned publicly traded operator of Blue Cross and Blue Shield plans in 14 states. Blue Cross and Blue Shield of Oklahoma is a division of HCSC, a . with an average yearly salary of $73,175. 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.. HCSC's membership was approximately 16 million at December 31, 2019. 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. To view this file, you may need to install a PDF reader program. Using a database of 30 million profiles, Zippia estimates demographics and statistics for HCSC. by Stephen Ondra. Anthem chief Gail Boudreaux, a former HCSC executive, got $15.5 million, while Humana's Bruce Broussard received $16.7 million. Optically, it's going to be awkward, but it was for 2019 performance.". This story first appeared in our sister publication, Crain's Chicago Business. Since HCSC is not a public company, "there's very little oversight and very little transparency," Hertelendy says. 1 salaries for 1 jobs at Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma & Texas | HCSC in San Jose, CA Area. [7] Stephanie Goldberg, Crain's Chicago Business, Clover Health settles shareholder lawsuit as delisting looms, States fighting scammers as Medicaid redeterminations resume, ESG: The Implementation Imperative Summit, More healthcare organizations at risk of credit default, Moody's says, Centene fills out senior executive team with new president, COO, SCAN, CareOregon plan to merge into the HealthRight Group, Blue Cross Blue Shield of Michigan unveils big push that lets physicians take on risk, reap rewards, Bright Health weighs reverse stock split as delisting looms. 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. Maurice Smith has been working as a President & Chief Executive Officer at Health Care Service Corporation for 30 years. 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. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Health Care Service Corporation is the countrys largest customer-owned health insurer, with nearly 16 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. The company owns Blue Cross and Blue Shield of Illinois. Health Care Service is a mutual insurer owned by policyholders. All Rights Reserved. Our IT team unleashes the power of this purpose through technology. (Photo By Raymond Boyd/Getty Images). 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 percent boost to $4.9 million. Copyright Health Care Service Corporation. Maurice S Smith, Health Care Service Corporation: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg New Economy Forum: Lighting a Path Through the Storm In the shadow of. Treasury Secretary Janet Yellen warns lawmakers that if they do not vote to raise or suspend the nations borrowing authority it could cause a global financial crisis. Maurice brings a broad perspective and deep understanding of the industry to his role from his 30 years of service with the company. HCSC employees are most likely to be members of the Democratic Party. The salaries at BlueCross BlueShield of Tennessee average $66,500 per year, and the salaries at EmblemHealth come in at $66,417 per year. The company increased its . Optically, it's going to be awkward, but it was for 2019 performance.". Dr. Opella Ernest is responsible for commercial markets in HCSC's five geographies, as well as national account growth and clinical operations. It has also launched a special enrollment period for people who previously declined group coverage through their employer. The company owns Blue Cross and Blue Shield of Illinois. Share Your Experience Healthcare Services Group vs competitors Healthcare Services Group salaries vs Competitors Chicago, IL 60601 Best Health Care Companies to Work For in America, Best Health Care Companies to Work For in Illinois, Best Health Care Companies to Work For in Chicago, IL, Capital District Physicians' Health Plan Inc, Working At America's Health Insurance Plans, Working At BlueCross BlueShield of Tennessee. Stephen Ondra donated Opella . In addition, some sites may require you to agree to their terms of use and privacy policy. 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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. Our IT team unleashes the power of this purpose through technology. You are leaving this website/app ("site"). "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. Its the third midsize bank to fail in two months. 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. The pandemic's financial impact on insurers isn't clear yet. Our estimates are verified against BLS, Census, and current job openings data for accuracy. As the healthcare industry continues to rapidly transform, our IT team conceives, develops and delivers impactful technology solutions to support access to quality, affordable healthcare for our members. "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. E-mail oureditor 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. Chicago-based Health Care Service Corporation has named Maurice Smith as president of Blue Cross and Blue Shield of Illinois, the largest of the company's five Blue Cross plans. 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. All Rights Reserved. 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.. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. The turnover has been expensive. HCSC is the largest customer-owned health insurer in the United States, covering over 16 million members across its . 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. 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. "Nobody is holding them accountable so, realistically, they can do whatever they want.". 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. "Maurice brings to this role a broad perspective and deep understanding of our business and operations rooted in more than 20 years of experience across corporate finance, treasury, business development and subsidiary management," said Colleen Reitan, HCSC executive vice president and head of plan operations. The 10 highest-paid employees at Health Care Service Corp. got a combined $70 million last year, up 58 percent from 2018. HCSC is in the managed health care industry. For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. In comparison, some of its highest paying competitors, like. Health Care Service Corporation Location 300 E Randolph St, Chicago, Illinois, 60601, United States Description Read More The site may also contain non-Medicare related information. 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. some sites may require you to agree to their terms of use and privacy policy. Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. 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. 1-877-812-1590, CommonSpirit completes acquisition of five Utah hospitals, affiliated clinics, With hundreds of thousands of Illinoisans slated to lose coverage, Medicaid renewals resume, AbbVie, Bristol Myers vied for Prometheus before Merck bought it, Sponsored Content: Amazon discusses investing in the future of community, Another pillar of Chicago's financial sector is poised to follow Citadel to Miami, The Most Powerful Women In Chicago Business. Anthem chief Gail Boudreaux, a former HCSC executive, got $15.5 million, while Humana's Bruce Broussard received $16.7 million. For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. 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. Health Care Service is the nations fifth-largest health insurer with nearly 16 million health plan members. And claims for deferred elective surgeries could pour in later this year or early in 2021, depending on when such procedures resume. 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. 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. 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.". He previously was President of HCSC's Illinois Plan, the states largest health insurance company. He said he will continue to work to expand access to quality, cost-effective health care. Salaries posted anonymously by Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma & Texas | HCSC employees in San Jose, CA Area. Maurice Smith . With nearly 16 million customers, HCSC also owns Blue Cross health plans in Montana, New Mexico, Oklahoma and Texas. This new site may be offered by a vendor or an independent third party. 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. books, conferences, travel to present research, etc.) HCSC's mission statement is "To provide products and services of the highest quality and value with a direct focus on meeting the needs of customers.".

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