Mark Bertolini

Last updated
Mark Bertolini
Mark Bertolini (cropped).jpg
Born (1956-06-07) June 7, 1956 (age 67)
Detroit, Michigan, U.S.
Education Wayne State University (BA)
Cornell University (MBA)

Mark T. Bertolini (born 1956) is an American businessman who is currently the CEO of Oscar Health, a tech-driven health insurance company located in New York. He was the co-CEO of Bridgewater Associates, one of the world's largest hedge funds, and was previously the CEO of Aetna, a Fortune 50 diversified health care benefits company with over $60 billion in 2015 revenue. Bertolini assumed the role of CEO on November 29, 2010 and of chairman on April 8, 2011, until Aetna was sold to CVS on November 28, 2018.

Contents

Early life

Bertolini was born in 1956. [1] He completed his undergraduate studies at Wayne State University in Detroit, Michigan, and earned an MBA from Cornell University's Samuel Curtis Johnson Graduate School of Management. [2]

Career

Bertolini held executive positions at Cigna, NYLCare Health Plans, and SelectCare before joining Aetna in 2003. He became CEO of Aetna on November 29, 2010, and chairman on April 8, 2011. [2] As chairman, president and CEO of Hartford, Conn.-based Aetna, Bertolini oversaw a health insurer with more than $35.5 billion in revenue, according to 2012 figures. [3]

He served on the Board of Directors for the U.S.-China Business Council and on the Board of Directors for FIDELCO; an organization that trains, breeds and provides guide dogs for the visually impaired. In addition, Bertolini was on the Board of Directors for The Hole in the Wall Gang Camp, an organization that focuses on serving children with serious illnesses including cancer. [4]

Bertolini received a total compensation of $10.6 million in 2011 and $13.2 million in 2012 despite a cut of bonuses from $2 million to $892,000 for failing to meet financial performance goals. [5] [ failed verification ] In 2013, Bertolini received $30.7 million in compensation. [6]

Bertolini in April 2016 described Aetna's participation in ACA individual exchanges as "a good investment" despite initial losses, emphasizing the long-term possibilities.[ citation needed ] By July 5, 2016 he wrote to the DOJ that Aetna would, instead of expanding into 20 states, reduce its participation from 15 to ten states if its merger with Humana were challenged by the DOJ. After that challenge occurred, Aetna reduced its participation in ObamaCare individual exchanges to four states, citing its inability to sustain the losses it incurred in those markets. Among the states Aetna abandoned was Pennsylvania where it ran a profit in 2014 and 2015 and projected a record profit for 2017.[ citation needed ] Bertolini said in an August 2 conference to financial analysts that the decision to withdraw from the exchanges was "a separate conversation" from the Humana merger lawsuit. [7] In January 2017, the merger was blocked by a federal judge. [8] Bertolini retired as the CEO of Aetna, after the company was acquired by CVS Health in November 2018. [9]

Bertolini assumed the role of CEO for Oscar Health on April 3, 2023

Personal life

In 2004, Bertolini was involved in a severe ski accident, which left him disabled for a year, prompting him to investigate alternative healing methods such as acupuncture and yoga and other treatment modalities that Aetna would not cover. [10] [11] [12]

Related Research Articles

Aetna Inc. is an American managed health care company that sells traditional and consumer directed health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, long-term care, and disability plans, primarily through employer-paid insurance and benefit programs, and through Medicare. Since November 28, 2018, the company has been a subsidiary of CVS Health.

<span class="mw-page-title-main">CVS Pharmacy</span> American pharmacy chain

CVS Pharmacy, Inc. is an American retail corporation. A subsidiary of CVS Health, it is headquartered in Woonsocket, Rhode Island. Originally named the Consumer Value Stores, it was founded in Lowell, Massachusetts in 1963.

<span class="mw-page-title-main">Cigna</span> American health services organization

The Cigna Group is a for-profit American multinational managed healthcare and insurance company based in Bloomfield, Connecticut. Its insurance subsidiaries are major providers of medical, dental, disability, life and accident insurance and related products and services, the majority of which are offered through employers and other groups. Cigna is incorporated in Delaware.

Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. In 2023, the company ranked 42 on the Fortune 500 list, which made it the highest ranked company based in Kentucky. It is the fourth largest health insurance provider in the U.S.

<span class="mw-page-title-main">Health Net</span> American health care insurance provider

Health Net, LLC, a subsidiary of Centene Corporation, is an American health care insurance provider. Health Net and its subsidiaries provide health plans for individuals, families, businesses and people with Medicare and Medicaid, as well as commercial, small business, and affordable care insurance.

<span class="mw-page-title-main">Genworth Financial</span> American insurance company

Genworth Financial, headquartered in Richmond, Virginia, provides life insurance, long-term care insurance, mortgage insurance, and annuities.

UnitedHealth Group Incorporated is an American multinational health insurance and services company based in Minnetonka, Minnesota. Offering insurance products under UnitedHealthcare, and health care services and care delivery aided by technology and data under Optum, it is the world's eleventh-largest company by revenue and the largest health care company by revenue.

<span class="mw-page-title-main">Ron Williams</span> American businessperson

Ronald Allen Williams is an American businessman and board director on corporate, public sector and non-profit boards. Williams is the author of Learning to Lead: The Journey to Leading Yourself, Leading Others, and Leading an Organization, which appeared on The Wall Street Journal's best seller list. He is founder, chairman and CEO of RW2 Enterprises, LLC. He is the former chairman, president and chief executive officer (CEO) of Aetna Inc., a diversified benefits company. Aetna is now part of CVS Health.

Express Scripts Holding Company is a pharmacy benefit management (PBM) organization. In 2017 it was the 22nd-largest company in the United States by total revenue as well as the largest pharmacy benefit management (PBM) organization in the United States. Express Scripts had 2016 revenues of $100.752 billion. Since December 20, 2018, the company has been a direct subsidiary of Bloomfield, Connecticut-based Cigna.

CVS Caremark is the pharmacy benefit management subsidiary of CVS Health, headquartered in Woonsocket, Rhode Island.

AHIP is an American political advocacy and trade association of health insurance companies that offer coverage through the employer-provided, Medicare Advantage, Medicaid managed care, and individual markets.

WellCare Health Plans, Inc. is an American health insurance company that provides managed care services primarily through Medicaid, Medicare Advantage and Medicare Prescription Drug plans for members across the United States.

CVS Health Corporation is an American healthcare company that owns CVS Pharmacy, a retail pharmacy chain; CVS Caremark, a pharmacy benefits manager; and Aetna, a health insurance provider, among many other brands. The company is the world's largest healthcare company, and its headquarters are in Woonsocket, Rhode Island.

John Wallis "Jack" Rowe is an American businessman and academic physician, who served as Chairman and CEO of Aetna Inc., a large health insurance company based in Connecticut, titles he retired from in February 2006.

<span class="mw-page-title-main">Universal American</span>

Universal American is a Fortune 500 company with offices throughout the United States, and headquarters in Rye Brook, New York. The company offered health insurance, and also deals in Medicare managed care plans, and Medicare prescription drug benefits. Its CEO is Richard A. Barasch.

<span class="mw-page-title-main">Michael McCallister</span>

Michael B. McCallister is an American businessman, and the chairman of Humana a health insurance company, and of the Humana Foundation. He retired as chief executive officer (CEO) in December 2012.

Oscar Health, Inc. is an American health insurance company, founded in 2012 by Joshua Kushner, Kevin Nazemi and Mario Schlosser, and is headquartered in New York City. The company focuses on the health insurance industry through telemedicine, healthcare focused technological interfaces, and transparent claims pricing systems which would make it easier for patients to navigate.

The Patient Protection and Affordable Care Act, often shortened to the Affordable Care Act (ACA) or nicknamed Obamacare, is a United States federal statute enacted by the 111th United States Congress and signed into law by President Barack Obama on March 23, 2010. Together with the Health Care and Education Reconciliation Act of 2010 amendment, it represents the U.S. healthcare system's most significant regulatory overhaul and expansion of coverage since the passage of Medicare and Medicaid in 1965. Once the law was signed, provisions began taking effect, in a process that continued for years. Some provisions never took effect, while others were deferred for various periods.

Optum, Inc. is an American healthcare services provider with business interests encompassing technology and related services, pharmacy care services and various direct healthcare services. It has been a subsidiary of UnitedHealth Group since 2011. UHG formed Optum by merging its existing pharmacy and care delivery services into the single Optum brand, comprising three main businesses: OptumHealth, OptumInsight and OptumRx. In 2017, Optum accounted for 44 percent of UnitedHealth Group's profits and as of 2019, Optum's revenues have surpassed $100 billion. Also in early 2019, Optum gained significant media attention regarding a trade secrets lawsuit that the company filed against former executive David William Smith, after Smith left Optum to join Haven, the joint healthcare venture of Amazon, JPMorgan Chase, and Berkshire Hathaway.

<span class="mw-page-title-main">Karen S. Lynch</span> American businesswoman

Karen S. Lynch is an American businesswoman and the president and chief executive officer of CVS Health. Lynch serves on the board of directors of AHIP, CVS Health, and U.S. Bancorp. In 2015, she became the first female president of Aetna. She has held executive positions at Magellan Health Services and Cigna. In 2021, she became the highest-ranking female chief executive on the Fortune 500 list.

References

  1. ↑ "Mark T. Bertolini profile". Forbes. 2011. Archived from the original on October 7, 2008. Retrieved 20 March 2012.
  2. 1 2 "Executive bio". Aetna. Archived from the original on 21 March 2012. Retrieved 20 March 2012.
  3. ↑ "50 of the Most Powerful People in Healthcare". www.beckershospitalreview.com. 7 January 2014.
  4. ↑ Executive Biographies: Mark Bertolini; Aetna Inc.; 2001-2014
  5. ↑ Strauss, Gary (8 April 2013). "Aetna CEO latest health exec with big payday". USA Today.
  6. ↑ "Health Insurance CEO Pay Sky-Rockets in 2013". CNBC. 5 May 2014.
  7. ↑ Hiltzik, Michael (17 August 2016). "Smoking gun? Aetna threatened to quit Obamacare if the government blocked its Humana merger". Los Angeles Times .
  8. ↑ "Judge blocks major health insurance merger". POLITICO. Retrieved 2017-01-23.
  9. ↑ Gosselin, Kenneth R. (9 July 2019). "Hartford in the rearview mirror? Former Aetna CEO Mark Bertolini puts West Hartford home up for sale". courant.com. Retrieved 2021-02-02.
  10. ↑ Little, Katie (19 March 2013). "Severe Ski Accident Spurs Aetna CEO to Bring Yoga to Work". www.cnbc.com.
  11. ↑ "Aetna CEO and 30-Year-Old Bond Over Staggering Cancer Bills". news.yahoo.com.
  12. ↑ Machan, Dyan. "The Health-Care Reformer". www.barrons.com.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.