CVS Health, parent company of Aetna, posted $2.1 billion in first quarter profits. The payer will also have a new executive taking the helm in September.
Here are nine updates about Aetna and CVS Health Becker's has reported since March 23.
- CVS Health is expecting big growth in its Medicare Advantage membership by the end of 2023, setting a different tone compared to the company's disappointment in "low- to mid-single-digit-percentage" growth late last year. The company also reported $2.1 billion in profit and surpassed 25 million members in Aetna.
- CVS Health completed its $10.6 billion acquisition of primary care company Oak Street Health.
- Aetna's Medicaid program in Maryland is piloting a new program for covered doula services in collaboration with digital health solution provider Mae.
- Aetna reached a tentative contract agreement with the six University of California health systems, avoiding a split that would have affected thousands of patients.
- CVS Health named Brian Kane as executive vice president and president of Aetna, effective September 1. Most recently, Mr. Kane was a consultant to private equity firms focused on healthcare. Prior to that, he served as CFO at Humana until 2021, overseeing its primary care businesses.
- CVS Health CEO Karen Lynch was among the likes of Elon Musk, President Joe Biden and Beyonce on Time's list of the 100 most influential people for 2023.
- Ms. Lynch was paid $21.3 million in total compensation in 2022. Here's how much the company's top five earners were paid in 2022.
- Oscar Health named former Aetna CEO Mark Bertolini as the company's next chief executive. Mr. Bertolini was CEO of Aetna from 2010 until the company's acquisition by CVS Health in 2018. He left CVS Health's board of directors in 2020.
- Cigna CEO David Cordani must sit for a deposition as the company seeks to block a former executive from taking a role with rival CVS Health, a federal judge ruled.