HCSC booked $38.6 billion in revenue last year while paying a total of $25 million for CEO services (that includes . Maurice Smith drives HCSC's overall strategic direction, including its long-term growth strategy. HCSC, by contrast, has been more cautious on deal-making. All Rights Reserved. Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. To view this file, you may need to install a PDF reader program. File is in portable document format (PDF). Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. It's the dominant insurer in Illinois, Montana and Oklahomaand it's a close No. About Health Care Service Corporation Here's why this giant health insurer is looking for a new CEO. CHICAGO, May 5, 2020 /PRNewswire/ -- Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and . At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. Companies are positioning themselves to become not only insurers but providers of services by building more efficient delivery systems that they can control, Pliss says. Find Maurice Smith's accurate email address and contact/phone number in Adapt.io. Since then, he has held a number of executive roles with increasing responsibility, including senior vice president, Business Development and Subsidiary Management, divisional vice president, Business Development and Subsidiary Management, and vice president of Corporate Transactions and Business Analysis. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Maurice Smith is President and Chief Executive Officer (CEO) of Health Care Service Corporation (HCSC). Blue Cross and Blue Shield of Texas is a division of HCSC, a Mutual Legal Reserve Company, an independent licensee of the Blue Cross and Blue Shield Association. [3], Learn how and when to remove this template message, "10 biggest health plans by number of members", "Fitch Affirms Health Care Service Corporation's Ratings", "Health Care Service Corp., parent company of Blue Cross Blue Shield of Illinois, is eliminating 400 jobs", "Health Care Service Corp. sheds hundreds of workers", "HCSC launches new employee education program: Blue University", "Blue Cross parent boosts profit in second quarter", https://en.wikipedia.org/w/index.php?title=Health_Care_Service_Corporation&oldid=1136121535, Maurice Smith, CEO; Milton Carroll, Chairman; Maurice Smith, President of HCSC, This page was last edited on 28 January 2023, at 21:12. But getting bigger quickly, likely through acquisitions, may be the top item on the new CEO's agenda. 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. maurice smith actor Los Angeles County, CA. Alongside Blue University, HCSC has partnered with local universities where it operates to offer master's degree and certificate partnerships for employees. Maurice Smith. You are leaving this website/app ("site"). Maurice S Smith is President/CEO at Health Care Service Corporation. Maurice Smith President at Maurice Smith Productions . Health Care Service Corp. has named a new chief executive with a three-decade history working for the company to lead the parent of Blue Cross and Blue Shield plans in five states. "Stephen has been instrumental in the company's ambitious growth strategy and . Blue Cross and Blue Shield of Illinois is a division of HCSC, a . HCSC board member and former energy executive David J. Lesar will serve as interim CEO until Steiner's replacement is named. Elected CEO in June 2020 . Maurice Smith joined Blue Cross Blue Shield in 2021. [2] HCSC's membership was approximately 16 million at December 31, 2019. Most PDF readers are a free download. This new site may be offered by a vendor or an independent third party. At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. About Blue Cross Blue Shield of Texas Smith holds a bachelors degree in business administration from Roosevelt University and an MBA from Pepperdine University. Some directors want the insurer to broaden its service capabilities as other large health insurers have done. Career. I am delighted to welcome him as chair," said Ali Malekzadeh, Roosevelt University president. With 16 million members, HCSC's revenue increased 10 percent to $35.9 billion last year. Aetna, for example, combined with CVS Health 18 months ago to combine leading insurance and pharmacy offerings. Lesar said he is "pleased that Maurice will lead HCSC at this critical time for . The company was founded in 1936 and is based in Chicago, Illinois with a network of offices in the United States. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. David Westin speaks with top names in finance about the week's biggest issues on Wall Street. It concentrates its operations in Illinois, Montana, New Mexico, Oklahoma, and Texas. Maurice previously was President of HCSC's Illinois Plan, the states largest health insurance company. He previously served as president of Blue Cross and Blue Shield of Illinois where he was responsible for the overall financial performance, long-term growth strategy . He is a member of the Board of the Economic Club of . 312.653.7581 We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry., This is a BETA experience. 15% of HCSC employees are Hispanic or Latino. As president, Maurice Smith is responsible for overall strategic direction of the company including the organizations long-term growth strategy. Health Care Service Corporation is the licensee of the Blue Cross and Blue Shield Association for five states. Suite 3200 Blue Cross and Blue Shield of Oklahoma is a division of HCSC, a . HCSC's revenue continues to be concentrated in Illinois and Texas, accounting for 83% of premium for the full year 2017. HCSC is the country's largest customer-owned health insurer, with nearly 17 million members across its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. Health Care Service Corporation is the licensee of the Blue Cross and Blue Shield Association for five states. 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.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Maurice Smith drives HCSC's overall strategic direction, including its long-term growth strategy. Lesar will remain a member of the company's board. Bulking up has helped larger payers create economies of scale and expand capabilities as the health care landscape shifts. Maurice previously was President of Blue Cross and Blue Shield of Illinois, the state's largest health insurance . Missing Crain's in print? This new site may be offered by a vendor or an independent third party. Maurice Smith, who has been with the company [] 130 E. Randolph St. Opinions expressed by Forbes Contributors are their own. As of 2015[update] HCSC's operations are concentrated in Illinois and Texas, which accounted for 84% of total revenue through the first nine months of 2014, followed by Oklahoma (9% of revenue). HCSC is the fifth-largest health insurer in the US overall and employs more than 23,000 people. Copyright Health Care Service Corporation. greg_thompson@hcsc.net. Blue Cross Blue Shield Building, home of Health Care Service Corp. as photographed from Maggie Daley [+] Park in Chicago, Illinois on June 24, 2017. (Photo By Raymond Boyd/Getty Images). The health care industry is facing a transition from fee-for-service to paying for value, Crains reported. Contract Terms: 1 yr(s) / $850,000 Signing Bonus - Bloomberg's Alix Steel and Paul Sweeney harness the power of Bloomberg Intelligence to provide in-depth research and data on more than 2,000 companies and 130 industries. Other Adobe accessibility tools and information can be downloaded at http://access.adobe.com. Ventas, Inc. (NYSE:VTR) ("Ventas" or the "Company") today announced that Maurice Smith, President and Chief Executive Officer of Health Care Service Corporation ("HCSC";), has been appointed as an . Maurice Smith signed a 1 year, $850,000 contract with the Tennessee Titans, including an average annual salary of $850,000. how to become a school board member in florida ocean deck band schedule By Posted split sql output into multiple files In tribute to a mother in twi Chicago, Illinois, United States. Fertilizer giant slashes HQ space with move to Northbrook, Big Streeterville retail complex hits the market, Pritzker vows to keep Ken Griffin's pick for president out of the White House, ABC 7 promotes two anchors to replace Alan Krashesky. In addition, some sites may require you to agree to their terms of use and privacy policy. greg_thompson@hcsc.net, A Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association. some sites may require you to agree to their terms of use and privacy policy. He succeeds Board of Trustees chair Patricia Harris, former chief global diversity officer of McDonald's Corporation. Revenues last year totaled $38.6 billion, making it the country's sixth-largest health insurer. Chicago, IL 60601 He has been a member of the Roosevelt Board of Trustees since 2017. 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. We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry. The insurer says it expects 16 percent growth in the lucrative, fast-growing segment this year. . Smith began his career as an intern at HCSC in 1993. Wed. 2021. Steiner and Feldstein could not be reached for comment. The company reported annualized return on capital of greater than 40% through the first half of 2018, where achieving a high single-digit ROC would be consistent with Fitch's median guideline for the current rating category. Meanwhile, Cigna bought pharmacy benefit manager Express Scripts for $67 billion last 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.. 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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. Prasad will report to Maurice Smith, president and chief executive officer of HCSC, and will lead the organization's strategic efforts including long-term planning, business and corporate . [2], HCSC's membership was approximately 16 million as of December 31, 2019. 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.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Health Care Service is the nations fifth-largest health insurer with nearly 16 million health plan members. Most PDF readers are a free download. 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., Health Care Service Corp. CEO Maurice Smith. Acquiring additional health plans requires an enterprise data strategy Under pressure to reduce health care costs and improve outcomes for members, HCSC's rivals have found creative ways to get closer to patients. HCSC is the parent of Blue Cross plans in Texas, Oklahoma, New Mexico and Montana, in addition to Illinois. He holds an MBA from Pepperdine University and a bachelors degree in business administration from Roosevelt University. Maurice was Chairman of the Board for Dearborn National Life Insurance. A boardroom dispute over strategy leaves Health Care Service Corp. in limboat a time of convulsive change in health care. One option is Adobe Reader which has a built-in screen reader. As president, Maurice Smith is responsible for overall strategic direction of the company including the organization's long-term growth strategy. Maurice Smith. But, over the next few years, covering the cost of care for those who continue to fall sick while the country works toward a vaccine and more effective therapies will be added to the surgeries and routine care that now are slowly returning. E-mail oureditor Chicago, IL 60601 Blue Cross & Blue Shield of Illinois recently opened the Blue Door Neighborhood Center in Pullman, which aims to connect residents with community resources. HCSC, which owns Blue Cross & Blue Shield plans in Illinois and four other states, has stayed out of the large-scale dealmaking that's reshaping health care in the U.S. HCSC CEO Maurice Smith elected Chair of Roosevelt Board of Trustees, Leader of Illinois Hispanic Chamber of Commerce Joins Roosevelt Board of Trustees, Inaugural American Dream Award Presented to Three Student Leaders, Remembering Theodore "Ted" Gross, Fourth President of Roosevelt University, International Applicants and Foreign Degree Recipients. Copyright Health Care Service Corporation. Roosevelt University students Sophia Gallo, Nazarii Mykhailenko and Rachelle Vinson were presented the American Dream Award, a scholarship sponsored by BlueCross BlueShield of Illinois, on October 17. maurice smith hcsc wife; why is tiktok shortening my video; seafood restaurants in savannah; why was martial law cancelled; the best day; barnes bullets 350 legend; choctaw medicine wheel; is dreyer's ice cream halal; julian mcmahon barrister; belly of the beast documentary faull brothers; describe a movie ielts; giovanni's italian kitchen menu . some sites may require you to agree to their terms of use and privacy policy. Maurice brings a broad perspective and deep understanding of the industry having held many senior financial management roles, including head of corporate transactions and investment strategies. To view this file, you may need to install a PDF reader program. 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. CHICAGOVentas, Inc., (NYSE: VTR) announced that Maurice Smith, president and CEO of Health Care Service Corporation (HCSC), has been appointed as an independent member of its board of directors effective immediately. best army base in germany is dr abraham wagner married is dr abraham wagner married File is in portable document format (PDF). 2023, Roosevelt University, All Rights Reserved. All Rights Reserved. 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. Click here to get the full experience on your screen. In addition, "The person that is the right leader for the last five years may not necessarily be the right person for the next five," says Nate Akers, associate director of health care at Chicago-based Navigant Consulting. Health Care Service is a mutual insurer owned by policyholders. As of May 1, 2019, HCSC announced an in-house educational program aimed at developing the skills of its employees, dubbed Blue University. 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. [2], HCSC reported a strong underwriting profit in 2017 after losses related to Affordable Care Act (ACA) exchange-sourced business in 2014 and 2015. [3], In 2010 HCSC nearly doubled its income to $1.09 billion, and began "a streak of billion-dollar profits for 4 straight years". Company Description: Founded in 1936, Health Care Service Corporation (HCSC) is an independent licensee of the Blue Cross and Blue Shield Association, is the largest customer-owned health insurer in the United States, which operates its Blue Cross and Blue Shield Plans in Illinois, . Their struggles were hardly surprising, given the substantial changes in the roster coach Luke Richardson is working with. One option is Adobe Reader which has a built-in screen reader. Finch stated that "lack of geographic diversification has historically kept HCSC out of the 'AA' rating category and that HCSC would be downgraded if it were no longer to market itself as a Blues plan. The average employee at HCSC makes $58,172 per year. 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.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. 1-877-812-1590, Pritzker meeting with Walgreens after backing off on abortion pill, Walgreens wont sell abortion pills in 20 states after warning, Walgreens cuts its stake in Option Care Health, Sponsored Content: Finalists named for 2023 Chicago ORBIE Awards, The Most Powerful Women In Chicago Business. Maurice Smith drives HCSC's overall strategic direction, including its long-term growth strategy. The middle management roles will be eliminated to reduce organizational redundancy and improve decision-making efficiency, according to HCSC spokesman Greg Thompson in an email to the Chicago Sun-Times. Health Care Service Corp. (HCSC) on May 5 named Maurice Smith its new president and CEO, effective June 1. Such strategies will be tested in the future as the health care system continues to grapple with the spread of the coronavirus strain COVID-19 and high unemployment that is expected to disrupt health insurance coverage for many. Under Steiner, the $36 billion-revenue company has focused on its local markets and financial performance. He also served as the chairman of the board of directors for DearbornLife Insurance Company, a subsidiary of HCSC. "I look forward to working closely with the university's committed leadership, faculty, staff, and students to build on Roosevelt's history of advancing the social justice mission through education and knowledge.". Smith, author of the acclaimed novel "White Teeth," stepped up to the plate and delivered a hilarious, updated tale with the bawdy protagonist, Alvita with "The Wife of Willesden." Smith . About Health Care Service Corporation Throughout his nearly 28 years of service with HCSC, Smith also previously served as president of its Illinois health plan, where he was responsible for the overall financial performance, long-term growth strategy and strategic planning of Illinois' largest health insurance company. Net income more than tripled to $4.1 billion, due mostly to the Trump administration's 2017 tax law changes, as revenue rose 10% to $36 billion. Humana, for its part, has opened clinicssome inside Walgreens storeswhile doubling down on Medicare Advantage business. Blue Cross and Blue Shield of New Mexico is a division of HCSC, a . Health Care Service Corporation (HCSC), the nation's largest customer-owned health insurer, today announced the departure of President and CEO Paula Steiner, who led the organization since 2016. To view this file, you may need to install a PDF reader program. President, HCSC. 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. The company operates the Blue . Click below to see everything we have to offer. Thompson said the company doesnt plan any additional job cuts. We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry. Suite 3200 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. Blue Cross and Blue Shield of Texas is a division of HCSC, a Mutual . The numbers look even bigger when compared to CEO pay at HCSC's larger rivals. To view this file, you may need to install a PDF reader program. Meanwhile, last year was a banner year for HCSC. Other Adobe accessibility tools and information can be downloaded at http://access.adobe.com. After three years at the helm, CEO Paula Steiner left the Chicago-based health insurance giant last monthfollowed by Chief Financial Officer Eric Feldstein. 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. A potential contender for the permanent role is newly named HCSC President Maurice Smith, who has been with the organization for more than two decades and led Blue Cross of Illinois before Steiner's departure. HCSC employees are most likely to be members of the democratic party. He brings a broad perspective and deep understand ing of the industry to his role from his 28 years of service with the company. Insurers are under pressure from employer groups, the government and the market "to go out there and do something different.". Most PDF readers are a free download. This new site may be offered by a vendor or an independent third party. In addition, some sites may require you to agree to their terms of use and privacy policy. He has held . Results are expected to moderate somewhat during the second half of 2018 as policyholders exhaust their deductibles and HCSC pays a greater percentage of claims. CHICAGO, May 5, 2020 /PRNewswire/ -- Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief . As of 2014[update], HCSC was the country's largest nonpublic health insurer and the fifth-largest health insurer overall, with more than 16 million members. 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. "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. "I also want to thank outgoing chair Patricia Harris for her dedication to strengthening our institution, especially through the pandemic.". For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. As of 2019, it was noted to be the third-largest commercial health insurer in the United States [1] It serves nearly 16 million members. Will His AI Plans Be Any Different? Blue Cross of Illinois parent company, Health Care Service Corp., announced Tuesday it will slash about 400 positions to ready itself for fast industry growth, according to reports. 312.653.7581 maurice smith hcsc wifehtml5 interactive animation. The site may also contain non-Medicare related information. Connect with intelligence [object Module] Products Web Platform Chrome Plugin API. Improving the attack has been a focus for the Fire, who compiled 12 shutouts last year but missed the playoffs. He has . Maurice Smith President and CEO, Health Care Service Corp. Tweet Share Share Email More. Director at Federal Reserve Bank of Chicago - View - Federal Reserve Bank of Chicago org chart. As CEO, Smith is responsible for the overall strategic direction of the company, including the organization's long-term growth strategy. S Maurice Smith earned $918,091 in his NFL career. "We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry," he said in a statement. Maurice brings a broad perspective and deep understanding of the industry having held many senior financial management roles, including head of corporate transactions and investment strategies. As competitors have pursued mergers and acquisitions, HCSC has mostly opted to invest in its existing markets and offerings. President and Chief Executive Officer. He will begin this new position immediately. Civic and business leader Jaime di Paulo, President and CEO of the Illinois Hispanic Chamber of Commerce (IHCC), was voted into the Roosevelt University Board of Trustees at the December board meeting. Maurice Smith. Smith holds a bachelor's degree in business administration from Roosevelt University and an MBA from Pepperdine University. Maurice Smith, who Yet in 2015, Fitch Ratings assessed its financial strength still at 'A+' and gave it an 'A' for likelihood of default and senior unsecured rating. Missing Crain's in print? Most PDF readers are a free download. Smith's elevation wasn't a surprise. You are leaving this website/app ("site"). Roosevelt University alum Maurice Smith, President and Chief Executive Officer of Health Care Service Corporation (HCSC), has been named chair of the Roosevelt University Board of Trustees. Jul. 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.. On average, employees at HCSC stay with the company for 5.9 years. All Rights Reserved. Click here to get the full experience on your screen. For more than a decade the insurer has partially owned pharmacy benefit manager Prime Therapeutics, along with other Blues plans. HCSC is the fifth-largest health insurer in the US overall and employs more than 23,000 people. Revenues last year totaled $38.6 billion, making it the country's sixth-largest health . The site may also contain non-Medicare related information. Other big insurers, meanwhile, have engineered multibillion-dollar transactions that obliterate traditional boundaries between insurers, pharmacies and doctors. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX, President/CEO, Health Care Service Corporation. 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.