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We will continue to take action to focus and execute on a strategy that will propel this exciting and innovative company into the next phase of its evolution, while providing long-term value to customers, medical and other health care providers, employees and other partners in the dynamic health care industry. The company was founded in 1936 and is based in Chicago, Illinois with a network of offices in the United States. 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HCSC is the largest customer-owned health insurer in the United States, covering over 16 million members across its Blue Cross and Blue Shield health plans in . Health Care Service Corporation (HCSC) is a member-owned health insurance company in the United States. He has . Sources identified him then as a contender for the top job, which has been held in the meantime by interim CEO David Lesar, who now will return to his previous role as a board member. The site may also contain non-Medicare related information. greg_thompson@hcsc.net. HCSC's revenue continues to be concentrated in Illinois and Texas, accounting for 83% of premium for the full year 2017. Smith, who joined Health Care Service as an intern nearly 27 years ago, will be the first permanent CEO of Health Care Service since Paula Steiner surprised company observers by stepping down less than a year ago after a four-year stint as the companys top executive. He has held . Blue Cross & Blue Shield of Illinois recently opened the Blue Door Neighborhood Center in Pullman, which aims to connect residents with community resources. After three years at the helm, CEO Paula Steiner left the Chicago-based health insurance giant last monthfollowed by Chief Financial Officer Eric Feldstein. Aetna, for example, combined with CVS Health 18 months ago to combine leading insurance and pharmacy offerings. In an internal memo about the layoffs, HCSC President Maurice Smith told employees, "We made a number of changes to ensure we have the structure and resources to best serve our members now and . Health Care Service Corporation is the licensee of the Blue Cross and Blue Shield Association for five states. He also oversaw HCSCs subsidiaries and served as the Chairman of Dearborn National Life Insurance Company. File is in portable document format (PDF). Health Care Service Corporation is the licensee of the Blue Cross and Blue Shield Association for five states. "Maurice has deep industry experience and a proven track record of strong leadership, and he recognizes the challenges we must confront, and the opportunities we have now to advance our purpose. For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. [3], In January 2020, HCSC announced that it was cutting about 400 employees, most of them in middle management, in order to reduce organizational redundancy and improve decision making efficiency.[4][5]. Smith, author of the acclaimed novel "White Teeth," stepped up to the plate and delivered a hilarious, updated tale with the bawdy protagonist, Alvita with "The Wife of Willesden." Smith . He brings a broad perspective and deep understand ing of the industry to his role from his 28 years of service with the company. Maurice Smith drives HCSC's overall strategic direction, including its long-term growth strategy. Maurice previously was President of Blue Cross and Blue Shield of Illinois, the state's largest health insurance . In addition, some sites may require you to agree to their terms of use and privacy policy. And to better control the cost and quality of medical care, it's opening 10 primary care clinics in Dallas and Houston next year. An income tax benefit related to the enactment of the Tax Cuts and Jobs Act equal to $833 million contributed to the sizeable ROC ratio during the first half of 2018. It concentrates its operations in Illinois, Montana, New Mexico, Oklahoma, and Texas. For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. Greg Thompson HCSC is the country's largest customer-owned health insurer, with nearly 17 million members across its health plans in Illinois, Montana, New Mexico, Oklahoma and Texas. Click here to get the full experience on your screen. [2], HCSC reported a strong underwriting profit in 2017 after losses related to Affordable Care Act (ACA) exchange-sourced business in 2014 and 2015. President Emeritus Theodore "Ted" Gross (1988-2002) passed away at his home in Evanston, Illinois, on August 16, 2022. At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. About Health Care Service Corporation All Rights Reserved. Steiner and Feldstein could not be reached for comment. Still, HCSC directors worried the company wasn't building the heft and capabilities to keep pace with larger competitors and marketplace changes. Roosevelt University students Sophia Gallo, Nazarii Mykhailenko and Rachelle Vinson were presented the American Dream Award, a scholarship sponsored by BlueCross BlueShield of Illinois, on October 17. HCSC is the fifth-largest health insurer in the US overall and employs more than 23,000 people. Such strategies will be tested in the future as the health care system continues to grapple with the spread of the coronavirus strain COVID-19 and high unemployment that is expected to disrupt health insurance coverage for many. "On behalf of the entire Board of Directors, I am pleased that Maurice will lead HCSC at this critical time for the company and our country as we continue to work through the challenges of the COVID-19 pandemic," said David Lesar. But Health Care Service has publicly said for years its not interested in becoming an investor-owned company even as its rivals like UnitedHealth Group, the Aetna unit of CVS Health, Anthem and Cigna get bigger through acquisitions. Board members had grown frustrated with Steiner's relatively cautious expansion strategy amid rapid industry consolidation. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. How the coronavirus pandemic changes that equation, however, is challenging to predict. He previously served as president of Blue Cross and Blue Shield of Illinois where he was responsible for the overall financial performance, long-term growth strategy . CHICAGO - Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and president, effective June 1, 2020.At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Crain's has learned Steiner clashed with HCSC directors over long-term growth plans at the nation's sixth-largest health insurer. HCSC declined to make someone available for an interview. some sites may require you to agree to their terms of use and privacy policy. I am honored to lead HCSC, a company that for more than 90 years has focused on innovation, execution and through the dedication of our nearly 24,000 employees helped expand access to quality, cost-effective health care to all Americans, Smith said in a statement. "I also want to thank outgoing chair Patricia Harris for her dedication to strengthening our institution, especially through the pandemic.". President and Chief Executive Officer. Others named Maurice Smith. Jan 2021 - Present2 years 3 months. Smith, 48, will succeed David Lesar, who was the interim CEO. The Board and I look forward to working with him and the rest of the HCSC team to ensure a continued success in simplifying the health care experience and helping people achieve their health care goals.. HCSC, which owns Blue Cross & Blue Shield plans in Illinois and four other states, has stayed out of the large-scale dealmaking that's reshaping health care in the U.S. Copyright document.write(new Date().getFullYear()) Health Care Service Corporation. Staying current is easy with Crain's news delivered straight to your inbox, free of charge. About Blue Cross Blue Shield of Texas Prior to being named president of HCSC, Maurice was president of Blue Cross and Blue Shield of Illinois where he was responsible for the overall strategic direction for Illinois health plan including the organization's long-term growth strategy, planning and performance. Roosevelt University is a national leader in educating socially conscious citizens for active and dedicated lives as leaders in their professions and their communities. At that time, David Lesar, will step down as the company's interim CEO; he will remain a member of the Board of Directors. Former Blue Cross of Illinois CEO Maurice Smith is taking over as boss atthe state's largest health insurer's parent, Health Care Services Corp., the company announced today. [2] HCSC's membership was approximately 16 million at December 31, 2019. [3], In 2010 HCSC nearly doubled its income to $1.09 billion, and began "a streak of billion-dollar profits for 4 straight years". Click here to get the full experience on your screen. As president, Maurice Smith is responsible for overall strategic direction of the company including the organization's long-term growth strategy. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. Click below to see everything we have to offer. Smith holds a bachelors degree in business administration from Roosevelt University and an MBA from Pepperdine University. HCSC CEO Maurice Smith elected Chair of Roosevelt Board of Trustees, Leader of Illinois Hispanic Chamber of Commerce Joins Roosevelt Board of Trustees, Inaugural American Dream Award Presented to Three Student Leaders, Remembering Theodore "Ted" Gross, Fourth President of Roosevelt University, International Applicants and Foreign Degree Recipients. He also served as the chairman of the board of directors for DearbornLife Insurance Company, a subsidiary of HCSC. Since that time, he worked in many functions at HCSC assuming increased responsibility, excelling in each position and demonstrating solid strategic leadership. "Stephen has been instrumental in the company's ambitious growth strategy and . Nurse Practitioner Annual Physical Exam,
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