10 key Humana updates from the first half of 2023

Humana said it will wind down its commercial group insurance over the next 18 to 24 months, and it shuttered its SeniorCare clinics in the first half of 2023. 

Here's 10 stories about Humana from the past six months to know: 

  1. Humana is anticipating its medical loss ratio will be at the top end of its full-year projected range of 86.3 percent to 87.3 percent. The increase is largely driven by "higher than anticipated non-inpatient utilization trends, predominantly in the categories of emergency room, outpatient surgeries and dental services, as well as inpatient trends that have been stronger than anticipated in recent weeks, diverging from historical seasonality patterns," according to regulatory filings. 

  1. Lawmakers are seeking more information about claims denials from the largest Medicare Advantage insurers, including Humana. In May, the Senate Permanent Subcommittee on Investigations sent letters to CVS Health, Humana and UnitedHealth Group seeking internal documents detailing how the companies decide to approve or deny claims, including how the payers use artificial intelligence in the process. 

  1. Humana posted a 33 percent increase in profits year over year and added more than 500,000 Medicare Advantage members in the past year, according to its first-quarter earnings report. 

  1. Former Humana CFO Brian Kane was named president of Aetna effective Sept. 1. 

  1. Humana CEO Bruce Broussard was paid $17.2 million in total compensation in 2022. The company's CEO-to-median-employee pay ratio in 2022 was 238-to-1. 

  1. Humana and Aledade are partnering for 10 years on value-based primary care for seniors, which includes a path to full-risk agreements. Aledade, the nation's largest network of independent primary care facilities, will provide care to Humana's Medicare Advantage members nationwide. 

  1. Humana will exit the employer group commercial medical products business over the next 18 to 24 months, the company said in February. The payer has just under 1 million commercial members in 13 states. 

  1. Humana posted revenues of nearly $93 billion in 2022 and a net loss of $15 million in the fourth quarter of 2022, according to its year-end earnings report. 

  1. Humana laid off at least 1,162 employees in two states following the decision to close all its SeniorBridge home care facilities nationwide. The payer closed 16 facilities at the end of 2022 and closed its remaining seven New York locations March 5. SeniorBridge had operated in Arizona, Texas, Florida, Ohio, Virginia, New York, New Jersey, Massachusetts and Connecticut. 

  1. Wells Fargo maintained Humana's "overweight" rating. Analysts said the payer has a "differentiated" growth strategy to help it withstand pressure on the managed care industry in 2023. 


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