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BUSINESS
By Rona Kobell and Rona Kobell,SUN STAFF | July 8, 2000
Coventry Health Care Inc. announced yesterday that it will acquire WellPath Community Health Plans, the managed care subsidiary of Duke University Health System, for approximately $25.5 million. WellPath has 152,000 members and annual premiums of $230 million. Bethesda-based Coventry serves more than 50 counties in North and South Carolina, with concentrations in Charlotte, Greensboro and Raleigh-Durham, home of Duke University. Coventry expects to retain 130,000 of WellPath's current members, bringing its subscribers in North Carolina to 170,000.
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HEALTH
By Colin Campbell, The Baltimore Sun | January 27, 2014
Maryland approved a plan Monday to allow small businesses to offer employees small group health plans in April, but pushed back the launch of its small business health care exchange website to Jan. 1, 2015, in line with the federal health exchange. The program, which would give small business employees access to federal tax credits, was initially slated to open in October, but was delayed due to glitches that have plagued the state's exchange. Certified plans and access to tax credits worth up to 50 percent of the employer's contribution toward employee premium costs, will be available directly through carriers, third party administrators and brokers starting April 1. "Maryland small businesses will be able to access tax credits to help them cover the cost of health coverage for their employees," Maryland Health Benefit Exchange Interim Executive Director Carolyn Quattrocki said in a statement.
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BUSINESS
By Matthew Sturdevant and Kenneth R. Gosselin, The Hartford Courant | August 20, 2012
Aetna's plans announced Monday to acquire Coventry Health Care Inc. for $5.6 billion could catapult the insurance giant to the front of an industry race to capitalize on Obamacare and the health needs of aging baby boomers. The deal, subject to approval by Coventry stockholders and industry regulators, is expected to be completed in mid-2013. Aetna said it would pay about $5.6 billion to acquire Bethesda-based Coventry and will take on the company's debt, driving up the total value of the transaction to $7.3 billion.
HEALTH
By Meredith Cohn, The Baltimore Sun | November 6, 2013
Raymond Liu remembers President Barack Obama's promise that people would be able to keep their insurance if they liked it. He liked his, but he won't be able to keep it. As Obama continues his campaign to win over Americans skeptical of the Affordable Care Act, the ranks of critics are growing, swollen by people such as Liu who are losing their existing health insurance because it does not comply with the law. Liu is one of 73,000 Marylanders insured...
HEALTH
By Scott Dance, The Baltimore Sun | August 2, 2013
Aetna Inc. said Friday it canceled plans to sell insurance on Maryland's new health insurance exchange, set to open Oct. 1 as part of the federal health care reform law, after regulators cut the rates it could charge consumers for its plans. Aetna was one of several carriers poised to sell on the state's exchange, along with Coventry Health Care, which Aetna acquired this spring. But Aetna told Maryland Insurance Commissioner Therese M. Goldsmith in a letter this week that cuts regulators made to the rates the companies had proposed "would not allow us to collect enough premiums to cover the cost of the plans.
BUSINESS
January 27, 2009
Coventry Health Care's CEO, Wolf, is resigning Coventry Health Care Inc., a provider of medical benefit plans based in Bethesda, said chief executive Dale Wolf will resign. He will be replaced, effective Friday, by Allen Wise, who held the chief executive job before becoming board chairman in 2004, the company said yesterday. Coventry lost 74 percent of its value in New York Stock Exchange trading in the past 12 months, compared with the 49 percent decline in the six-member Standard & Poor's 500 Managed Health Care Index.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | May 7, 2012
Baltimore made the newest Fortune 500 list by the skin of its teeth — with a company that was based here last year but is now part of an out-of-state concern. Constellation Energy Group, which merged with Chicago-based Exelon Corp. in March, is No. 199 on Fortune magazine's 2012 list of the country's largest companies. The list is calculated using 2011 information. Five other companies from Maryland made the list, all from Montgomery County: defense contractor Lockheed Martin (No. 58)
HEALTH
By Colin Campbell, The Baltimore Sun | January 27, 2014
Maryland approved a plan Monday to allow small businesses to offer employees small group health plans in April, but pushed back the launch of its small business health care exchange website to Jan. 1, 2015, in line with the federal health exchange. The program, which would give small business employees access to federal tax credits, was initially slated to open in October, but was delayed due to glitches that have plagued the state's exchange. Certified plans and access to tax credits worth up to 50 percent of the employer's contribution toward employee premium costs, will be available directly through carriers, third party administrators and brokers starting April 1. "Maryland small businesses will be able to access tax credits to help them cover the cost of health coverage for their employees," Maryland Health Benefit Exchange Interim Executive Director Carolyn Quattrocki said in a statement.
NEWS
By Kevin Rector, The Baltimore Sun | November 19, 2012
A Bethesda-based insurance company that gained advantage over competitors by allowing its employees to inappropriately access a federal Medicare database has agreed to pay the federal government $3 million to avoid criminal prosecution, according to the Maryland U.S. attorney's office. According to an agreement with prosecutors, top officials at Coventry Health Care Inc., which is incorporated in Delaware but headquartered in Bethesda and provides group and individual health insurance to some five million members nationally, knew of the inappropriate use of the database and did nothing to stop it until a federal agency raised concerns.
BUSINESS
October 31, 2001
In the Region Worker compensation insurance rates being raised 8.4% The Maryland Injured Workers Insurance Fund's board voted yesterday to boost the rates charged to some 20,000 Maryland businesses by 8.4 percent or an estimated $12 million per year. IWIF, which provides workers compensation insurance coverage to more than one of five businesses in the state, will start the new rate schedule Jan. 1. Preston Williams, IWIF's chief executive officer, said the new rates were approved after a presentation to the board by an actuarial consultant.
HEALTH
By Scott Dance, The Baltimore Sun | August 2, 2013
Aetna Inc. said Friday it canceled plans to sell insurance on Maryland's new health insurance exchange, set to open Oct. 1 as part of the federal health care reform law, after regulators cut the rates it could charge consumers for its plans. Aetna was one of several carriers poised to sell on the state's exchange, along with Coventry Health Care, which Aetna acquired this spring. But Aetna told Maryland Insurance Commissioner Therese M. Goldsmith in a letter this week that cuts regulators made to the rates the companies had proposed "would not allow us to collect enough premiums to cover the cost of the plans.
NEWS
By Kevin Rector, The Baltimore Sun | November 19, 2012
A Bethesda-based insurance company that gained advantage over competitors by allowing its employees to inappropriately access a federal Medicare database has agreed to pay the federal government $3 million to avoid criminal prosecution, according to the Maryland U.S. attorney's office. According to an agreement with prosecutors, top officials at Coventry Health Care Inc., which is incorporated in Delaware but headquartered in Bethesda and provides group and individual health insurance to some five million members nationally, knew of the inappropriate use of the database and did nothing to stop it until a federal agency raised concerns.
BUSINESS
By Matthew Sturdevant and Kenneth R. Gosselin, The Hartford Courant | August 20, 2012
Aetna's plans announced Monday to acquire Coventry Health Care Inc. for $5.6 billion could catapult the insurance giant to the front of an industry race to capitalize on Obamacare and the health needs of aging baby boomers. The deal, subject to approval by Coventry stockholders and industry regulators, is expected to be completed in mid-2013. Aetna said it would pay about $5.6 billion to acquire Bethesda-based Coventry and will take on the company's debt, driving up the total value of the transaction to $7.3 billion.
NEWS
By Jamie Smith Hopkins, The Baltimore Sun | May 7, 2012
Baltimore made the newest Fortune 500 list by the skin of its teeth — with a company that was based here last year but is now part of an out-of-state concern. Constellation Energy Group, which merged with Chicago-based Exelon Corp. in March, is No. 199 on Fortune magazine's 2012 list of the country's largest companies. The list is calculated using 2011 information. Five other companies from Maryland made the list, all from Montgomery County: defense contractor Lockheed Martin (No. 58)
BUSINESS
January 27, 2009
Coventry Health Care's CEO, Wolf, is resigning Coventry Health Care Inc., a provider of medical benefit plans based in Bethesda, said chief executive Dale Wolf will resign. He will be replaced, effective Friday, by Allen Wise, who held the chief executive job before becoming board chairman in 2004, the company said yesterday. Coventry lost 74 percent of its value in New York Stock Exchange trading in the past 12 months, compared with the 49 percent decline in the six-member Standard & Poor's 500 Managed Health Care Index.
BUSINESS
October 31, 2001
In the Region Worker compensation insurance rates being raised 8.4% The Maryland Injured Workers Insurance Fund's board voted yesterday to boost the rates charged to some 20,000 Maryland businesses by 8.4 percent or an estimated $12 million per year. IWIF, which provides workers compensation insurance coverage to more than one of five businesses in the state, will start the new rate schedule Jan. 1. Preston Williams, IWIF's chief executive officer, said the new rates were approved after a presentation to the board by an actuarial consultant.
HEALTH
By Meredith Cohn, The Baltimore Sun | November 6, 2013
Raymond Liu remembers President Barack Obama's promise that people would be able to keep their insurance if they liked it. He liked his, but he won't be able to keep it. As Obama continues his campaign to win over Americans skeptical of the Affordable Care Act, the ranks of critics are growing, swollen by people such as Liu who are losing their existing health insurance because it does not comply with the law. Liu is one of 73,000 Marylanders insured...
BUSINESS
July 31, 2005
A weekly briefing on the economic calendar Monday Institute for Supply Management manufacturing index for July Earnings reports: Humana Inc.; Opnet Technologies Inc.; Tyson Foods Inc.; Unocal Corp. Tuesday June personal income and spending Earnings reports: Comcast Corp.; Coventry Health Care Inc.; Marsh & McLennan Cos.; Qwest Communications International Inc.; Tyco International Ltd. Wednesday Institute for Supply Management services index for July Earnings reports: Cigna Corp.
BUSINESS
By Rona Kobell and Rona Kobell,SUN STAFF | July 8, 2000
Coventry Health Care Inc. announced yesterday that it will acquire WellPath Community Health Plans, the managed care subsidiary of Duke University Health System, for approximately $25.5 million. WellPath has 152,000 members and annual premiums of $230 million. Bethesda-based Coventry serves more than 50 counties in North and South Carolina, with concentrations in Charlotte, Greensboro and Raleigh-Durham, home of Duke University. Coventry expects to retain 130,000 of WellPath's current members, bringing its subscribers in North Carolina to 170,000.
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