Leonard Abramson

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Leonard Abramson
Born1932 (age 91–92)
Education Philadelphia College of Pharmacy and Science
Occupation(s)businessman
philanthropist
Known forfounder and CEO of US Healthcare
SpouseMadlyn Abramson

Leonard Abramson (born in 1932, Pennsylvania) is a philanthropist [1] [2] and the founder and former CEO of U.S. Healthcare. [3] [4]

Contents

Early life and career

Born in Pennsylvania, [5] and raised in the Strawberry Mansion neighborhood of Philadelphia. [6] Abramson attended the Philadelphia College of Pharmacy and Science, driving a taxi for cash to cover his expenses. [6] [7] [8] After graduating, he worked as a salesman for pharmaceutical company Parke-Davis. He then worked as a retail pharmacist for six years and then took a job with R.H. Medical Inc., a small hospital-management company then headquartered in Cheltenham, Pennsylvania, where he served as vice president for corporate development. [9] Relying upon federal funding available through the HMO act of 1973, and the employer's obligation to offer HMO to employees, [10] he left R.H. Medical and with the aid of $3 million in federal loans, he founded a non-profit HMO, HMO of Pennsylvania. In 1981, he abandoned the company's nonprofit status and in 1983, he took the parent company, renamed U.S. Healthcare Inc., public. [9]

Abramson headed U.S. Healthcare from 1975 until 1996, when he sold it to Aetna [3] for $8.3 billion. He then served on Aetna's board of directors from 1996 to 2000. [11] In 1990, Abramson published a book, Healing Our Health Care System, attacking what he perceived to be the problems of the American health care system, [12] which he called "nothing less than a national disgrace."

Personal life

Abramson married Madlyn Abramson in August 1957, [13] [14] they have three children. [6] The Madlyn and Leonard Abramson Center for Jewish Life in North Wales, PA is named in honor of the couple. [15] In the late 1990s, Abramson sued Inside Edition for invading his privacy when the news show covertly videotaped him and his family at their Jupiter, Florida, home, as part of an exposé on the lifestyles of wealthy HMO executives. [6]

During August 2022, Abramson sold his 7,509-square-foot home at the waterfront of Jupiter's Admirals Cover for a reported $7 million. [16]

Philanthropic activities

Madlyn Abramson was a cancer survivor, and the gave donation summing up to $140 million to build the Abramson Cancer Research Institute at the University of Pennsylvania Cancer Center. [15] [17] Additional contributions were given to fund the Leonard and Madlyn Abramson Pediatric Research Center in the Children’s Hospital of Philadelphia, [18] professorships and chairs in the University of Pennsylvania and in Johns Hopkins' medical schools, [19] [20] and to the Foundation for Defense of Democracies. [21]

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References

  1. ↑ George, John (August 5, 2002). "1996: A health care merger like few others". bizjournals.com. Retrieved May 11, 2020.
  2. ↑ "Leonard and Madlyn Abramson Professorship in Neurodegenerative Diseases". Johns Hopkin's announcement.
  3. 1 2 Galewitz, Phil (June 8, 2000). "U.S. Healthcare Founder Quits Aetna". Associated Press .
  4. ↑ "Leonard Abramson - Leadership - Harvard Business School". hbs.edu. Retrieved May 11, 2020.
  5. ↑ Greenberg, Eric J. (May 31, 2002). "Girding For Campus Battles in the Fall". New York Jewish Week . Footing the $300,000 tab were a group of five noted Jewish philanthropists including World Jewish Congress chairman Edgar Bronfman, Tulsa philanthropist Lynn Schusterman, Hillel board member Michael Steinhardt, Estee Lauder cosmetics heir Ron Lauder and Leonard Abramson.
  6. 1 2 3 4 Philadelphia Inquirer: "$1 Billion Man He's Collecting Huge Fares" by Gloria Campisi April 2, 1996.
  7. ↑ www.kevo.com http://www.kevo.com/profile/leonardabramson . Retrieved January 30, 2010.{{cite web}}: Missing or empty |title= (help)[ title missing ]
  8. ↑ Anders, George (1996). Health Against Wealth: HMOs and the Breakdown of Medical Trust. Houghton Mifflin Harcourt. ISBN   978-0-395-82282-1.
  9. 1 2 Philadelphia Inquirer: "U.S. Healthcare's Abramson: Dedicated, Perhaps Ruthless" By Gilbert M. Gaul April 2, 1996.
  10. ↑ Smith, David Barton (2010). The Forensic Case Files: Diagnosing and Treating the Pathologies of the American Health System. World Scientific. ISBN   978-981-283-838-4.
  11. ↑ Philadelphia Inquirer: "Abramson Quits Aetna Inc. Board He Sold U.s. Healthcare To The Insurer In 1996. His Departure Was Seen As Part OF A Housecleaning" By Karl Stark June 8, 2000.
  12. ↑ Philadelphia Inquirer: "u.s. Healthcare Has Found A Prescription For Profits" By Gilbert M. Gaul May 14, 1991.
  13. ↑ Cook, Bonnie L. (April 16, 2020). "Madlyn K. Abramson, whose philanthropy helped cancer patients, seniors, and educational institutions, dies at 84". The Philadelphia Inquirer .
  14. ↑ Meisenzahl, Elizabeth. "Emeritus Penn Trustee and philanthropist Madlyn Abramson dies at 84". thedp.com. Retrieved May 11, 2020.
  15. 1 2 Philadelphia Inquirer: "Family's $100 Million Gift To Penn Has Personal Roots" By Huntly Collins December 12, 1997 | Asked if Jewish tradition and values had influenced her philanthropy, she referred to the Hebrew word for righteousness and charity: "Jewish people are taught the word tzedakah . . . from the time they are children. . . . We [the Abramson family] are very Jewish-minded and American-minded."
  16. ↑ "Former insurance titan sells waterfront Admirals Cove home in Jupiter". therealdeal.com. August 24, 2022.
  17. ↑ "Madlyn Abramson: Penn Alumna, Trustee, Benefactor – Abramson Cancer Center". Penn Medicine - Abramson Cancer Center. Retrieved May 11, 2020.
  18. ↑ "Leonard and Madlyn Abramson Pediatric Research Center | CHOP Research Institute". research.chop.edu. Retrieved May 11, 2020.
  19. ↑ "Abramson Professorship of Clinical Oncology | Endowed Professorships | Perelman School of Medicine at the University of Pennsylvania". med.upenn.edu. Retrieved May 11, 2020.
  20. ↑ Donor, Office of; Baltimore, Volunteer Engagement 3400 North Charles Street; Development, MD 21218 410-516-8490; Relations, Alumni (July 13, 2016). "Leonard and Madlyn Abramson Professorship in Neurodegenerative Diseases". Named Deanships, Directorships, and Professorships. Retrieved May 11, 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
  21. ↑ Judis, John B. (August 18, 2015). "The Little Think Tank That Could". Slate. ISSN   1091-2339 . Retrieved May 11, 2020.
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