Richard T. Burke

Last updated
Richard T. Burke
Occupation(s)Healthcare Executive and Former NHL Team Owner
Employer UnitedHealth Group
Known forHealth insurance innovations

Richard T. Burke is a businessman and the founder of UnitedHealth Group, a large managed healthcare and insurance company. [1] He has been characterized as both a "visionary" and "personifying what was wrong with managed care." [2] Burke was also an avid hockey fan and was responsible for the Winnipeg Jets move to become the Arizona Coyotes. [1]

Contents

Personal life

Burke married at least three times. He was married first to Juanita and divorced in 1979. [2] He then married Michelle and divorced her in 1989. [2]

UnitedHealth

Burke founded UnitedHealth Group and played a significant role in the development of the HMO and Physicians Health Plan (PHP) while he worked at InterStudy, a think tank focused on health care with Dr. Paul M. Ellwood Jr. [3] [4] [5] Burke took the view that healthcare should be economized and hospital admissions should be limited, sometimes at the protest of doctors. [6]

UnitedHealth and PHP controversy

In 1984 UnitedHealth took a loan from PHP to pay some expenses in exchange for future stock. Then in reverse PHP promised 15-17% of its profits over 25 years to UnitedHealth in exchange for some of its future stock. Around the same time PHP cut doctors salaries significantly to pay bills. Various suits were filed by both the doctors and PHP. [7] Burke was in an executive positions in both companies and some felt that he had misused his position in both companies for personal gain. [3] Others felt it was antithetical for Burke to hold competing interests as members of both boards; as a member of the UnitedHealthcare board, he sought profitability and as a member of the PHP board he tried to lower costs. [2] After time, the matter was resolved in 1987 by a mediator and Burke left prominent roles in the companies over the next few years. [7]

Later executive role

After a scandal involving an unethical business relationship between William McGuire and William Spears, Burke came in to lead UnitedHealth in October 2006. [4] He retired from that position in 2022. [3]

Hockey

Burke has maintained an interest in hockey through his life. His sons Ryan and Taylor played hockey, and he volunteered for the hockey team at The Blake School (Minneapolis) helping them redo their athletic buildings. [2]

In 1995 he bought the Winnipeg Jets thinking to move them to St. Paul, MN. [2] [8] However, due to stadium construction issues, the team moved Phoenix to become the Arizona Coyotes. [3] [9] He sold the team in 2001 to Steve Ellman and Wayne Gretzky. [1] [10]

While he owned the Arizona Coyotes he employed his son Taylor Burke as the team's assistant general manager. [11] Taylor was pressured into resigning from the position a few months after his father sold the team . [11]

Other ventures

Burke is a primary shareholder in FirstCash Inc. [2]

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References

  1. 1 2 3 "UNH Company Profile & Executives - UnitedHealth Group Inc. - Wall Street Journal". www.wsj.com. Retrieved 2023-08-24.
  2. 1 2 3 4 5 6 7 Kennedy, Tony; Phelps, David (1995-05-04). "Jets' suitor Richard Burke a relentless, aggressive businessman: [METRO Edition]". Star Tribune . p. 1.
  3. 1 2 3 4 Tribune, Christopher Snowbeck Star. "UnitedHealth Group founder to retire from the board after more than 40 years". Star Tribune. Retrieved 2023-08-24.
  4. 1 2 Phelps, David (22 October 2006). "PRESSURE IN THE BOARDROOM ; Richard Burke faces the difficult task of rebuilding UnitedHealth's reputation and righting a board perceived as having strayed from its oversight role.: [METRO Edition]". Star Tribune . p. 1 – via Proquest.
  5. ↑ Snowbeck, Christopher (2022-07-03). "'Father of HMO' helped make minn. a reform model: Dr. paul ellwood's think tank advised presidents, left indelible mark with alumni". Star Tribune . pp. D1. ProQuest   2686313911 . Retrieved 2023-08-24.
  6. ↑ Slovut, Gordon (1987-11-04). "Admirers call burke classic entrepreneur; critics say he's abrasive and dictatorial: [METRO edition]". Star Tribune . Retrieved 2023-08-24.
  7. 1 2 Brown, Krista; Sirota, Sara (2023-08-02). "Health Care's Intertwined Colossus". The American Prospect. Retrieved 2023-08-24.
  8. ↑ Short, Allen; Weiner, Jay (1995-05-20). "Jets' Shenkarow says deal with Burke Group stands: [METRO Edition]". Star Tribune . pp. 01.A. ProQuest   418678580 . Retrieved 2023-08-24.
  9. ↑ Weiner, Jay (1995-12-05). "Jets' final destination: Phoenix // Too many uncertainties sink St. Paul Civic Center plan: [METRO Edition]". Star Tribune . pp. 01.A. ProQuest   419997803 . Retrieved 2023-08-24.
  10. ↑ "New owner makes payment to keep Coyotes in Arizona: [Final Edition]". Nanaimo Daily News; Nanaimo, B.C. 2000-05-27. pp. B2. ProQuest   360970002 . Retrieved 2023-08-24.
  11. 1 2 "Taylor Burke out as assistant GM of Phoenix Coyotes: [Final Edition]". Daily News (Prince Rupert, BC . 2001-05-18. pp. FRONT. ProQuest   357947855 . Retrieved 2023-08-24.

See also

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