CVS Health said it will lay off over 500 Aetna employees in the coming weeks, and the company welcomed a new president of Aetna in September.
Here are seven updates on Aetna and parent company CVS Health Becker's has reported since Aug. 18.
- The 4th U.S. Circuit Court of Appeals said it won't review a lower court's ruling that certified class-action status in a lawsuit alleging Aetna and OptumHealth Care Solutions conspired to use "dummy code" to make administrative fees appear to be billable medical charges.
- CVS Health CEO Karen Lynch said she is "optimistic" Aetna will improve its Medicare Advantage star ratings for 2024.
- Reactions to Blue Shield of California's decision to drop its contract with CVS Caremark to manage pharmacy benefits in favor of a partnership with five companies have been overblown, CVS Health CEO Karen Lynch said.
- CVS Health recently expanded the roles of three of its C-suite executives and welcomed a new president of Aetna. Here is more information about executives that make up CVS Health's leadership team.
- Aetna is one of several payers not renewing their contracts with senior companionship company Papa following allegations of abuse against patients or company employees.
- Oscar Health named two former Aetna leaders to its executive team. Kerry Sain, former chief commercial growth officer for Aetna, was appointed as executive vice president of +Oscar, and Steven Kelmar, former senior vice president of strategy implementation at CVS Health, joined as executive vice president and chief of staff to the CEO.
- CVS Health will lay off 521 Aetna employees, according to WARN Act documents. The layoffs will be conducted beginning Oct. 21, according to the notice. Of the layoffs, 306 employees are based at the insurer's headquarters in Hartford, Conn. The other employees work remotely but report to supervisors in Connecticut.