Displaying items by tag: Priority Health
Individuals who buy their own health insurance would pay an average of 6.2 percent more for coverage next year under insurance carriers’ recent rate filings with state regulators.
New state law aims to boost competition for health insurance as large employers seek coverage for workers
Gov. Gretchen Whitmer has signed legislation that is designed to better enable large employers to bid out their employee health coverage.
Michigan’s two largest health insurers again seek to raise small business rates for 2023 as medical claims rise and pandemic-related costs are considered for the first time.
Spectrum Health 2021 income dropped as health systems combatted COVID-19 case surges, staff shortages
GRAND RAPIDS — Spectrum Health recorded a smaller bottom line for 2021 as health systems nationally were ailing from COVID-19 case surges and staff shortages that drove up labor costs.
Here is the MiBiz People in the news report for March 14, 2022
Costs to test, treat and vaccinate members for COVID-19 drove sharp earnings declines last year for Priority Health and Blue Cross Blue Shield of Michigan, and both intend to work ongoing pandemic-related expenses into their rate requests for next year.
The recent merger between Spectrum Health and Beaumont Health creates the potential for Priority Health to make deeper inroads in the Southeast Michigan health insurance market.
Praveen Thadani describes his first year as president of Priority Health as “simply exceptional.” In January, he joined the Grand Rapids-based Priority Health — the second-largest health plan in Michigan with 1.1 million members.
GRAND RAPIDS — Spectrum Health plans to spend $117 million in the coming months on higher pay and bonuses to help retain and attract workers amid a widespread health care industry staffing shortage.
Michigan now ranks as the second-least competitive market in the nation for health coverage, a status that stems from Blue Cross Blue Shield of Michigan’s long-held position as the leading insurer in the state.
With the emergence of artificial intelligence over the last decade, insurers’ painstaking work to identify trends and analyze data increasingly has become automated.
Driven by higher medical claims trends, insurance rates for small business and individual health policies would increase significantly in 2022 compared to recent years under rate proposals before state regulators.
Spectrum Health’s former chief financial officer was “stunned” when he learned about the health system’s proposed merger with Beaumont Health, and doubts the plan will achieve the intended goals.
As state lawmakers consider more controls over prior authorizations that health insurers require before covering certain medical care, Priority Health has launched a new system designed to make the process easier for physicians.
The proposed merger between Spectrum Health and Beaumont Health could add fuel to the years-long trend of consolidation in the health care industry.
GRAND RAPIDS — Spectrum Health, which was created through a merger more than two decades ago and went on to become West Michigan’s largest health care provider, intends to merge with Southfield-based Beaumont Health.
GRAND RAPIDS — Marti Lolli, an executive at Priority Health for more than two decades, will depart this summer to become president and CEO of SelectHealth, a 950,000-member health plan in Salt Lake City, Utah.
Small businesses can expect larger increases in their health insurance premiums in 2022 than in recent years, even without costs associated with responding to the COVID-19 pandemic figured into the equation.
GRAND RAPIDS — Spectrum Health maintained a solid financial performance for 2020 as the COVID-19 pandemic stressed operating margins at hospitals nationwide.
The yearlong COVID-19 pandemic drove down earnings last year at West Michigan’s major health insurance providers.
ALLENDALE — A West Michigan injection molder that was acquired more than two years ago has filed for Chapter 11 bankruptcy, citing the effects of the COVID-19 pandemic after investing in operational improvements.
On the surface, the position appears completely counter to what a business organization would typically advocate.
Priority Health wanted to build a book of business in Southeast Michigan for its Medicaid HMO.
As COVID-19 emerged last spring and closed physician offices for non-essential care — forcing connections with patients via telehealth platforms — health insurers began to pay doctors the same for virtual visits as they do for in-person care.
Praveen Thadani starts as Priority Health’s new president this month, moving from Humana Inc. in Chicago, where he’s worked for more than seven years. He started at Humana as Illinois market president then led strategic planning across several business lines as senior vice president of strategy, product and innovation. A veteran health insurance executive with 25 years of industry experience, Thadani succeeds Joan Budden, who retired at the end of 2020 after 12 years with Priority Health, including the last five as CEO. Thadani is expected to take on the new role in early January.
Joan Budden retires Dec. 31 as CEO of Priority Health, Michigan’s second-largest health plan with more than 1 million people statewide enrolled in policies. As she prepares to depart after 12 years with the Grand Rapids-based Priority Health, the last five as CEO, Budden expects COVID-19 pandemic will continue to cause disruptions. That includes within Priority Health, which had to adjust its operations because of state-ordered restrictions, as well as with the broader trend toward increased use of telehealth services, Budden told MiBiz.
GRAND RAPIDS — Praveen Thadani, a veteran health insurance executive with 25 years of industry experience, becomes Priority Health’s new president early next month.