Humana's longest serving board member is set to step down, and the company is inking new agreements and winding down its commercial group medical insurance business.
Here are eight updates about the Louisville, Ky.-based payer Becker's has reported since March 3.
- Humana's President and CEO Bruce Broussard is stepping down as chair of the company's foundation and will be replaced by the company's longest serving board member, David Jones Jr.
- In addition to chairing the foundation, Mr. Jones is planning to step down from Humana's board of directors.
- Humana completed a $1.25 billion debt offering, expected to generate $1.12 billion. The company will use the notes to repay a $500 million delayed draw term loan and for general corporate purposes.
- Vanderbilt University Medical Center and Humana reached an agreement that will avoid a contract break that was set to take effect April 1.
- Humana moved out of a four-story, 96,000-square-foot building in Miramar, Fla., as part of the company's hybrid pivot in which employees work from home at least part of the year.
- Bruce Broussard, Humana's CEO, said proposed Medicare Advantage payment rate changes from CMS will not affect the company's 2024 outlook.
- Humana is set to exit the commercial group medical insurance business, phasing out its employer group commercial medical products over the next 18 to 24 months. Here are the markets where Humana has the most commercial insurance business.
- Humana and Aledade, the nation's largest network of independent primary care facilities, are partnering for 10 years on value-based primary care for seniors, which includes a path to full-risk agreements.