“Market Cap $17.53 B As of May 2014
At a Glance
- Industry: Managed Health Care
- Founded: 1961
- Country: United States
- CEO: Bruce Broussard
- Website: www.humana.com
- Employees: 54,500
- Sales: $41.31 B
- Headquarters: Louisville, Kentucky
#418 Global 2000
- #217 in Sales
- #532 in Profit
- #996 in Assets
- #635 in Market value
Humana, Inc. is a health care company that offers a wide range of insurance products and health and wellness services that incorporate an integrated approach to lifelong well-being. The company operates its business through the following segments: Retail, Employer Group, and Health and Well-Being Services. The Retail segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and financial protection products, marketed directly to individuals. The Employer Group segment consists of Medicare and commercial fully-insured medical and specialty health insurance benefits, including dental, vision, and other supplemental health and financial protection products, as well as administrative services only products marketed to employer groups. The Health and Well-Being Services segment includes services offered to its health plan members as well as to third parties that promote health and wellness, including provider services, pharmacy, integrated wellness, and home care services. The company was founded by David A. Jones, Sr. and Wendell Cherry in 1961 and is headquartered in Louisville, KY.“
1961-1983: Nursing homes and hospitals
The company was founded by David A. Jones, Sr. and Wendell Cherry as a nursing home company in 1961. Then known as Extendicare, the company became the largest nursing home company in the United States. Extendicare later divested the nursing home chain and moved into purchasing hospitals in 1972, becoming the world’s largest hospital company in the 1980s.
The corporate name was changed to Humana Inc. in 1974. Humana experienced growth period in the years that followed, both organically and through the takeover of American Medicorp Inc. in 1978, which doubled the company’s size. During the mid-1970s, the company used a fast-track construction process to complete and open one hospital a month. During this period Humana developed the double corridor model for hospital construction. This design minimized the distance between patients and nurses by placing nursing support services in the interior of the building with patient rooms surrounding the perimeter.
1984-present: Health insurance
As the American health care system changed in the 1980s, Humana began marketing health insurance products.
The 1990s marked Humana’s transition into a consumer health benefits company. Humana spun off its hospital operations from the health insurance operations in 1993, creating Galen Health Care, which then merged with Columbia/HCA.
United Healthcare attempted to acquire Humana in 1998. United’s effort failed when it reported an almost billion-dollar quarterly loss.
In 2001, Humana partnered with Navigy, Inc., a subsidiary of Blue Cross and Blue Shield of Florida, Inc., to launch Availity.
In 2005, Humana entered into a business partnership with Virgin Group, offering financial incentives to members for healthy behavior, such as regular exercise.
On November 16, 2006, The Centers for Disease Control and Prevention (CDC) and Humana Inc. entered into a partnership with the aim of expanding on traditional private-sector approaches to population health management.
In 2006, Humana launched an education campaign to market Medicare Advantage (MA) and Prescription Drug Plans (PDP) nationwide to Medicare eligible consumers, following the passage of the Medicare modernization act.
Humana also launched RightSource, a national mail-order retail pharmacy business in 2006.
In its March 2008 issue, Fortune Magazine named Humana one of the Top 5 Most Admired Healthcare Companies in the United States.
In May 2011, Humana announced that they would be using mobileStorm to allow transmission of protected health information to patients. The service is the first HIPAA-compliant messaging platform.”
*Information from Forbes.com and Wikipedia.org
**Video published on YouTube by “Humana“