20 things to know about Aetna
From its 2018 acquisition by CVS Health to its future in virtual and integrated care, here are 20 things to know about Aetna.
1. Aetna was founded under the leadership of its first president, Eliphalet Bulkeley, in 1853 and has its roots as an annuity fund to sell life insurance. It was named after one of the most active volcanoes in Europe at the time.
2. The company has ties to many facets of American history – insuring the Manhattan Atomic Project, encouraging bond sales during the two world wars, and providing group coverage to the United Nations. Around 1985, Aetna was the largest insurer in the country and the payer began to seriously develop its HMOs, PPOs and other products.
3. Aetna is currently under the leadership of Karen Lynch, who was the first woman to serve as president of the company in its 160-year history when she took office in 2015. Ms. Lynch is now president and CEO of CVS Health, which owns Aetna.
4. In 2018, CVS Health, under the leadership of President and CEO Larry Merlo, completed a $ 70 billion acquisition of Aetna. The payer has maintained its leadership and structure, operating as a stand-alone unit.
5. Today, Aetna insures approximately 39 million people in total through medical, pharmaceutical, dental, Medicare, Medicaid, behavioral health and management coverage. It provides medical coverage to 23.7 million people.
6. Aetna directly owns five subsidiaries. However, since its acquisition by CVS Health, the payer has used the services of CVS, as has its pharmacy benefits manager, Caremark.
7. CVS Health’s healthcare benefits segment, which includes Aetna, reported third quarter 2021 revenue of $ 20.5 billion, up $ 1.8 billion, or 9, 5%, year over year.
8. CVS Health expects more than $ 309 billion in sales from across its businesses.
9. Looking ahead, Ms Lynch said CVS Health is focused on further integration between Aetna and its other healthcare offerings. An example can be encouraging Aetna members to use CVS MinuteClinics over their competitors.
10. While payers quickly embraced virtual health plans first throughout 2021, Aetna led the pack. The payer was the first to launch a national first virtual plan with virtual primary care, mental health counseling, dermatology and more.
11. Aetna is also re-entering the ACA market in 2022 after leaving space four years ago, according to Forbes. He will sell an individual blanket as Ms Lynch cited more favorable market conditions.
12. ActiveHealth Management is Aetna’s provider of wellness and medical management solutions, according to its website. The provider serves over 20 million people and employs over 500 clinicians and staff.
13. The payer acquired bswift, a healthcare IT and analytics company, in 2014. The subsidiary provides administrative services – including human resources and benefits management – and data analysis.
14. Cofinity, founded under Aetna in 2007, provides administrative services to over 200 health plans and insurers.
15. Meritain Health offers self-funded employers benefit support as a third-party administrator. The company leverages Aetna’s in-house pharmacy solutions and national networks for its customers.
16. PayFlex, acquired by Aetna in 2011, offers a variety of savings and benefit accounts at both the individual and employer level.
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17. CVS Health is currently ranked # 4 on the US Fortune 500 list and # 7 on its International 500 list.
18. Ms Lynch topped Fortune’s 50 Most Powerful Women list in 2021, beating Gail Boudreaux, CEO and President of Anthem.
19. The company was also ranked 26th on Diversity Inc.’s 2021 Top 50 Companies for Diversity list.
20. CVS Health has compiled both the Dow Jones Sustainability World and North America indices. The company has been recognized in the North American index for nine years.