Bruce Japsen has written about healthcare business and policy for three decades. He has covered the rise, fall and rise again of health reform, chronicling trends that include the influence of Bill and Hillary Clinton to Barack and Michelle Obama from Chicago where he's based.
Aetna health insurance business after the latest disclosure the plan was underperforming. In this photo is Lynch speaking at the 2023 Forbes Healthcare Summit Lynch at Jazz at Lincoln Center in New York on December 4, 2023.CVS Health chief executive Karen S. Lynch is taking over “day-to-day management” of the company’s Aetna health insurance business after its latest poor performance.
CVS reported net income fell nearly 9% to $1.77 billion, or $1.41 per share, in the second quarter compared to $1.9 billion, or $1.48, in the year-ago period thanks largely to a nearly 40% decrease in adjusted operating income in the company’s health care benefits segment that includes Aetna and has 27 million health plan members across Medicaid, Medicare and commercial insurance lines of business. Total revenues rose 2.6% to $91.2 billion.
“We are taking action today to ensure we make the most of our many opportunities, including leadership changes in the Health Care Benefits segment,” Lynch said in a statement accompanying CVS’ second quarter earnings report.
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