maurice smith hcsc salary
Share Your Experience Florida Blue vs competitors Add Company Florida Blue salaries vs Competitors Health Care Service Corporation Location 300 E Randolph St, Chicago, Illinois, 60601, United States Description Read More Executive pay keeps climbing at Health Care Service Corp., even as the health insurance giant lays off workers and looks for a new strategy. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Copyright document.write(new Date().getFullYear()) Health Care Service Corporation. CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020. All Rights Reserved. Companies likely established 2020 performance measures around the time COVID-19 hit, so they'll want to revisit their expectations, Canavan says, adding that "bonuses probably got paid out right before we were aware of how big of a deal this would be. On average, employees at HCSC stay with the company for 5.9 years. Salaries posted anonymously by Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma & Texas | HCSC employees in San Jose, CA Area. Modern Healthcare empowers industry leaders to succeed by providing unbiased reporting of the news, insights, analysis and data. [3] In 2010 HCSC nearly doubled its income to $1.09 billion, and began "a streak of billion-dollar profits for 4 straight years". You are leaving this website/app ("site"). The Pullman community has seen plenty of long-awaited successes in recent years. Suite 3200 He has held many senior financial management roles at HCSC, including head of corporate transactions and investment strategies. CHICAGO Blue Cross and Shield of Illinois (BCBSIL), a division of Health Care Service Corporation (HCSC), today announced Stephen Harris has been named the new Illinois president. Altogether, Lesar and Steiner were paid about $25 million, not counting Steiner's severance pay. HCSC is in the managed health care industry. HealthCare Services competitors are HCSC, Hhs - Hospital Housekeeping Systems, Silverado, and more. Health Care Service Corp. said Tuesday its president, Maurice Smith, will add the title of CEO effective June 1. Have an opinion about this story? It has also launched a special enrollment period for people who previously declined group coverage through their employer. Passion and desire to learn the ins and outs of the health care industry. He also had a hand in directing HCSC's subsidiaries, including its its largest, Dearborn National Life Insurance Company. To provide products and services of the highest quality and value with a direct focus on meeting the needs of customers. HCSC is the largest customer-owned health insurer in the United States, covering over 16 million members across its . [email protected], A Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association. by Stephen Ondra. Zippia's Best Places to Work lists provide unbiased, data-based evaluations of companies. Bloomberg Daybreak, anchored from New York, Boston, Washington DC and San Francisco provides listeners with everything they need to know. Since the late 1990s HCSC has been on a slow and steady growth path, acquiring and merging with other non-profit Blue Cross Blue Shield operations. Health Care Service Corporation, a Mutual Legal Reserve Company. A new business model for residential power enables people to switch to solar without the up-front cost of home installation, a critical step in bringing lower-income Americans into the green fold. HCSC employees are most likely to be members of the Democratic Party. All Rights Reserved. with an average yearly salary of $73,175. http://access.adobe.com. Competitors of HCSC include Change Healthcare, BlueCross BlueShield of Tennessee, and EmblemHealth. Health Care Service Corporation, a Mutual Legal Reserve Company. The salaries at BlueCross BlueShield of Tennessee average $66,500 per year, and the salaries at EmblemHealth come in at $66,417 per year. Other Adobe accessibility tools and information can be downloaded at http://access.adobe.com. "Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose. He also serves as Vice Chair of the HCSC Board of Directors. Research Summary. As hospitals and outpatient centers cancel elective surgeries due to COVID-19, insurers initially will have fewer medical claims to pay. Health Care Service Corporation is part of the Insurance industry, and located in Illinois, United States. Health Care Service Corporation is the countrys largest customer-owned health insurer and fifth largest health insurer overall, with nearly 16 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. Anthem reported $104.2 billion in revenue last year and Humana booked $64.9 billion, compared with $38.6 billion for HCSC. HCSC may also be known as or be related to HCSC, Health Care Service, Health Care Service Corporation, HEALTH CARE SERVICE CORPORATION, Health Care Service Corporation Illinois State Pac, Nfp and Blue Cross And Blue Shield Of Illinois, Montana, New Mexico, Oklahoma We use innovative tools and approaches to help members get the most out of their plan benefits, as affordably as possible. Employees at Change Healthcare earn more than most of the competitors, with an average yearly salary of $84,526. There has been some speculation that it could become a part of Anthem, an investor-owned publicly traded operator of Blue Cross and Blue Shield plans in 14 states. Carroll, an energy industry executive, pocketed $4.9 million last year as part of a dealthe terms of which were not disclosed"to ensure a smooth transition" and provide "proper support" to Lesar and Smith, spokesman Greg Thompson says in an email. Later, enrollment numbers could drop as employers shed insured workers. The site may also contain non-Medicare related information. Smith, who has been with HCSC for more than two decades, has served as president of its . HCSC and some other large insurers have agreed to cover certain patients' out-of-pocket costs for COVID-19 treatments, a move that could cost them money, unless they make it up in premium hikes. Most PDF readers are a free download. As President and CEO, Maurice Smith drives HCSC's overall strategic direction, including its long-term growth strategy. Employees in the top 10 percent can make over $105,000 per year, while employees at the bottom 10 percent earn less than $32,000 per year. Like its rivals, HCSC has agreed to waive some patients' out-of-pocket costs for COVID-19 treatments, as well as prior authorizations and COVID-19 tests, in addition to expanding virtual health care coverage. Maurice Smith, Health Care Service Corporation: $5,904,535 (up 62.75 percent) 10. Board compensation at HCSC "is designed to attract and retain the most qualified business leaders with broad and diverse experience to provide strategic counsel and guidance in the dynamic and rapidly evolving health care industry," Thompson says. 312.653.7581 Opella . The oldest company is The MetroHealth System, founded in 1837. . Health Care Service is the nations fifth-largest health insurer with nearly 16 million health plan members. Help us make this company more transparent, I dont do work so how i tell you what is like for me or what is dislike for me, I like the flexibility that comes with the job, Every job has its up and downs but Id be glad if the pay was more. Optically, it's going to be awkward, but it was for 2019 performance.". Treasury Secretary Janet Yellen warns lawmakers that if they do not vote to raise or suspend the nations borrowing authority it could cause a global financial crisis. Treasury Secretary Janet Yellen warns lawmakers that if they do not vote to raise or suspend the nations borrowing authority it could cause a global financial crisis. Still, as COVID-19 squeezes insurers' profits, premium increases in individual and employer markets nationwide could be 40 % or higher in the absence of federal action, according to a March 24 report from California's Affordable Care Act marketplace. The company increased its total adjusted capital by about $700 million between 2012 and 2013, to $10.2 billion, and also increased its premium deficiency reserve to $283 million, up from $34 million in 2012. At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. While an outgoing chief executive moving into a chairman role or a board member stepping in as interim CEO, like Lesar, often get pay bumps during transitional periods, sources say Carroll's arrangement is unusual for an outside director. "With COVID-19, any losses incurred by these insurance companies because they're waiving copays will directly come out of insurance premiums the next year, or negotiated prices with providers who are going to have to accept lower reimbursement rates," says Attila Hertelendy, a health care expert and business professor at Florida International University. The site may also contain non-Medicare related information. To view this file, you may need to install a PDF reader program. Smith, 48, will succeed David Lesar, who was the interim CEO. But insurers will soon get bills for COVID-19 treatments. The company has about 24,000 current employees and is expected to add about 1,000 new jobs in customer and provider service, technology and digital capabilities this year, according to Thompson. HCSC and some other large insurers have agreed to cover certain patients' out-of-pocket costs for COVID-19 treatments, a move that could cost them money, unless they make it up in premium hikes. Health Care Service is a mutual insurer owned by policyholders. This new site may be offered by a vendor or an independent third party. The health care industry is facing a transition from fee-for-service to paying for value, Crain's reported. The national average salary for an HCSC employee in the United States is $58,172 per year. The pandemic's financial impact on insurers isn't clear yet. Gibbs will report to Maurice Smith, president and chief executive officer of HCSC, and will lead all aspects of the company's people strategy in support of the business plan to enable its overall . Chicago-based Health Care Service Corporation has named Maurice Smith as president of Blue Cross and Blue Shield of Illinois, the largest of the company's five Blue Cross plans. HCSC paid more for CEO services last year than two larger health insurers. BCBSIL is dedicated to innovation and exploring, nurturing and activating future possibilities to make the health care system work better for our members and our communities. Its the third midsize bank to fail in two months. Health Care Service Corporation is the countrys largest customer-owned health insurer, with nearly 16 million members in its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. Rankings are based on government and proprietary data on salaries, company financial health, and employee diversity. It has an unusually high proportion of employees who are members of the Democratic Party, at 68.0%. Lesar previously served as executive chair of Halliburton, and Patricia Hemingway Hall, who retired five years ago as CEO of HCSC, joined Halliburton's board last year. Smith is succeeding Karen Atwood as head of the 7.3 million member BCBSIL, after almost six years. HCSC is ranked #91 on the Best Health Care Companies to Work For in America list. He's not the only high-level connection linking HCSC and the Houston-based energy industry giant. "Karen brings the expertise necessary to focus on taking our service and technology capabilities to the next level as we continue to expand access to cost-effective health coverage," said HCSC CEO Patricia Hemingway Hall. After extensive research and analysis, Zippia's data science team found that: 53% of HCSC employees are women, while 47% are men. While an outgoing chief executive moving into a chairman role or a board member stepping in as interim CEO, like Lesar, often get pay bumps during transitional periods, sources say Carroll's arrangement is unusual for an outside director. Lesar said he is pleased that Maurice will lead HCSC at this critical time for the company and our country as we continue to work through the challenges of the COVID-19 pandemic. Carroll's compensation is far more than nonexecutive board chairmen got at comparable publicly traded health insurers. Thompson says metrics at HCSC include "expanding access to coverage and efforts to help control the rise in medical costs for our members," in addition to market competitiveness and relevant peer data. Its the third midsize bank to fail in two months. To view this file, you may need to install a PDF reader program. Maurice Smith has been working as a President & Chief Executive Officer at Health Care Service Corporation for 30 years. 312.653.7581 Prior to being named president of HCSC, Maurice was president of Blue Cross and Blue Shield of Illinois where he was responsible for the overall strategic direction for Illinois health plan including the organization's long-term growth strategy, planning and performance. "On behalf of the entire Board of Directors, I am pleased that Maurice will lead HCSC at this critical time for the company and our country as we continue to work through the challenges of the COVID-19 pandemic," said David Lesar. Thompson did not say how many hours per week Carroll, who is also a director at oil services company Halliburton, devotes to HCSC business. Opinions expressed by Forbes Contributors are their own. Humana and Cigna, for example, paid their chairmen $544,044 and $575,352, respectively. In an internal memo about the layoffs, HCSC President Maurice Smith told employees, We made a number of changes to ensure we have the structure and resources to best serve our members now and into the future, Crains reported. "With so many changes in our healthcare system happening all at once, we need to continue to adapt our capabilities to deliver what our customers deserve and demand from us," said Atwood, who started her career at HCSC in 1990 as an accounts manager and then became national account underwriting officer in 1995 and chief underwriter in 2001. Maurice brings a broad perspective and deep understanding of the industry to his role from his 30 years of service with the company. S Maurice Smith earned $918,091 in his NFL career. Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. His total compensation surged 172% to $16.9 million. The nation's sixth-largest health insurer cut "a few dozen" staffers late last yearfollowed by an additional 400 in Januaryand needs to step up growth to compete with rivals. 1 salaries for 1 jobs at Blue Cross Blue Shield of Illinois, Montana, New Mexico, Oklahoma & Texas | HCSC in San Jose, CA Area. In addition, books, conferences, travel to present research, etc.) From 2009 to 2013, HCSC posted at least a $1 billion in net income annually--until last year, when it booked profits of $648 million as it shored up for health reform. Share Your Experience Healthcare Services Group vs competitors Healthcare Services Group salaries vs Competitors Maurice Smith, who is 48 years old, will become chief executive officer and president of Health Care Service effective June 1 when he will replace interim CEO David Lesar who will remain a member of the companys board of directors, the insurer said Tuesday. While many healthcare providers believe that improving the patient financial experience is a critical step for their organization, few have done so successfully. Work At Florida Blue? Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Insiders at Health Care Service say Smith is very community-oriented and that will serve the companys health plans well as the industry moves to address social determinants of health. All Rights Reserved. "His track record of leading multi-stakeholder teams, along with his strong connection to the Illinois business and civic community will help position BCBSIL for continued success in this fast-changing healthcare environment.". Maurice S Smith, Health Care Service Corporation: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg New Economy Forum: Lighting a Path Through the Storm In the shadow of. Average HCSC Salary $58,172 yearly $27.97 hourly Updated March 16, 2023 $32,000 10% $58,000 Median $105,000 90% In fact, HCSC's 2019 payouts come at a time of great uncertainty for health insurance companies. "Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose. Best Health Care Companies to Work For in America, Best Health Care Companies to Work For in Illinois, Best Health Care Companies to Work For in Chicago, IL, Capital District Physicians' Health Plan Inc, Working At America's Health Insurance Plans, Working At BlueCross BlueShield of Tennessee. About Health Care Service Corporation (Photo By Raymond Boyd/Getty Images). The massive raises come amid increasing cost pressures and rising uncertainty for the entire health care industry, and HCSC in particular. I am honored to lead HCSC, a company that for more than 90 years has focused on innovation, execution and through the dedication of our nearly 24,000 employees helped expand access to quality, cost-effective health care to all Americans, said Maurice Smith. The largest mutual insurer in the country, HCSC was created in 1975 through the merger of two Illinois Blue plans. Maurice Smith, who took the helm last June, got a 63 percent boost to $5.9 million, while longtime board Chairman Milton Carroll's pay jumped 81 percent to $8.9 million. Improving the Patient Financial Experience Throughout the Patient Journey. Smith, 48, will succeed David Lesar, who was the interim CEO. I am honored to lead HCSC, a company that for more than 90 years has focused on innovation, execution and through the dedication of our nearly 24,000 employees helped expand access to quality, cost-effective health care to all Americans, Smith said in a statement. HCSC, which owns Blue Cross plans in Illinois, Montana, New Mexico, Oklahoma and Texas, is navigating the pandemic without a permanent CEO. We come to work every day to make a difference, and we deliver the highest quality and best solutions to our members. As the healthcare industry continues to rapidly transform, our IT team conceives, develops and delivers impactful technology solutions to support access to quality, affordable healthcare for our members. Missing Crain's in print? Legislators have a chance at another one, and should pass a bill to find a private developer to revive the historic Hotel Florence. Carroll collected $930,347 in 2018, after getting nearly $5 million in each of the two previous years as part of a deal to oversee the leadership transition when Steiner succeeded Hall. The national average salary for an HCSC employee in the United States is $58,172 per year. The Board and I look forward to working with him and the rest of the HCSC team to ensure a continued success in simplifying the health care experience and helping people achieve their health care goals.. He's not the only high-level connection linking HCSC and the Houston-based energy industry giant. The Writers Guild of America said its 11,500 unionized screenwriters will walk the picket line Tuesday. Board compensation at HCSC "is designed to attract and retain the most qualified business leaders with broad and diverse experience to provide strategic counsel and guidance in the dynamic and rapidly evolving health care industry," Thompson says. Anthem chief Gail Boudreaux, a former HCSC executive, got $15.5 million, while Humana's Bruce Broussard received $16.7 million. E-mail oureditor Dr. Opella Ernest is responsible for commercial markets in HCSC's five geographies, as well as national account growth and clinical operations. In addition, some sites may require you to agree to their terms of use and privacy policy. Health Care Service is the parent of Blue Cross and Blue Shield plans in Illinois, Texas, Oklahoma, New Mexico and Montana. About Blue Cross and Blue Shield of Illinois In general, to best serve our customers now and into the future of the rapidly changing health care landscape, we are rebalancing our resources to meet the diverse needs of our customers, provider partners and other stakeholders, the email said. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Employees seem to enjoy working in an otherwise diverse workplace that is dominated by members of the Democratic Party. Click below to see everything we have to offer. Since HCSC is not a public company, "there's very little oversight and very little transparency," Hertelendy says. He notes that executive compensation is determined by the board, with guidance from outside advisers. Optically, it's going to be awkward, but it was for 2019 performance.". For example, the company's longtime board chairman profits when there's a transition at the top. In her former role as Executive Vice President, Chief Operating Officer, Opella transformed HCSC's customer and provider experience through advancements in technology and innovation. Headquartered in Chicago, HCSC has combined annual revenues of approximately $46 billion, over 272,000 physicians and other providers in its network, more than 24,000 employees and over 16. The nation's sixth-largest health insurer cut "a few dozen" staffers late last yearfollowed by an additional 400 in Januaryand needs to step up growth to compete with rivals. Smith, who joined Health Care Service as an intern nearly 27 years ago, will be the first permanent CEO of Health Care Service since Paula Steiner surprised company observers by stepping down less than a year ago after a four-year stint as the companys top executive. HCSC, which owns Blue Cross plans in Illinois, Montana, New Mexico, Oklahoma and Texas, is navigating the pandemic without a permanent CEO. Board member David Lesar, who took over as interim CEO, pocketed $6.2 million; Maurice Smith, who was named president, got $3.6 million; and board Chairman Milton Carroll got a 429% boost to $4.9 million. Carroll, an energy industry executive, pocketed $4.9 million last year as part of a dealthe terms of which were not disclosed"to ensure a smooth transition" and provide "proper support" to Lesar and Smith, spokesman Greg Thompson says in an email. The pandemic's financial impact on insurers isn't clear yet. We come to work every day to make a difference, and we deliver the highest quality and best solutions to our members. For example, the company's longtime board chairman profits when there's a transition at the top. Maurice Smith, who is 48 years old, will become chief executive officer and president of Health Care Service effective June 1 when he will replace interim CEO David Lesar who will remain a. Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership.
