BCBSTX is a Division of Health Care Service Corporation (which operates Blue Cross and Blue Shield plans inTexas,Illinois,Montana,OklahomaandNew Mexico), the country's largest customer-owned health insurer and fourth largest health insurer overall. As of 2019, it was noted to be the third-largest . Smiths current philanthropic endeavors include actively serving on the boards of the Civic Consulting Alliance, Chicago Council on Global Affairs, Roosevelt University and the Common Ground Foundation. 312.653.7581 greg_thompson@hcsc.net, A Division of Health Care Service Corporation, a Mutual Legal Reserve Company, an Independent Licensee of the Blue Cross and Blue Shield Association. He has been a member of the Roosevelt Board of Trustees since 2017. Insurers are under pressure from employer groups, the government and the market "to go out there and do something different.". He has held . Most PDF readers are a free download. I am delighted to welcome him as chair," said Ali Malekzadeh, Roosevelt University president. 2023, Roosevelt University, All Rights Reserved. "On behalf of the entire Board of Directors, I am pleased that . Health Care Service Corporation, a Mutual Legal Reserve Company. HCSC board member and former energy executive David J. Lesar will serve as interim CEO until Steiner's replacement is named. This new site may be offered by a vendor or an independent third party. 2 in New Mexico and Texas, according to data compiled by the Kaiser Family Foundation. Companies are positioning themselves to become not only insurers but providers of services by building more efficient delivery systems that they can control, Pliss says. Health Care Service Corporation is a Mutual Legal Reserve Company and an Independent Licensee of the Blue Cross and Blue Shield Association. Steiner and Feldstein could not be reached for comment. This documentary-style series follows investigative journalists as they uncover the truth. Health Care Service Corporation, a Mutual Legal Reserve Company. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Maurice joined HCSC nearly 27 years ago as an intern. As president, Maurice Smith is responsible for overall strategic direction of the company including the organizations long-term growth strategy. [6] Blue University will focus on a number of topics such as healthcare management, leadership, marketing and sales, technology, and service delivery to name a few. Elected CEO in June 2020 . Chicago-based REIT Ventas, Inc. announced that Maurice Smith, president and chief executive officer of Health Care Service Corporation (HCSC), has been appointed . Blue Cross and Blue Shield of New Mexico is a division of HCSC, a . 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. All Rights Reserved. CHICAGO, May 5, 2020 /PRNewswire/ -- Health Care Service Corporation (HCSC) announced today that its Board of Directors has named current president, Maurice Smith, as chief executive officer and . Thompson said the company doesnt plan any additional job cuts. As president, Maurice Smith is responsible for overall strategic direction of the company including the organization's long-term growth strategy. You are leaving this website/app ("site"). At that time, David Lesar, will step down as the companys interim CEO; he will remain a member of the Board of Directors. Maurice Smith. Smith holds a bachelors degree in business administration from Roosevelt University and an MBA from Pepperdine University. Here's why this giant health insurer is looking for a new CEO. As CEO, Smith is responsible for the overall strategic direction of the company, including the organization's long-term growth strategy. Blue Cross and Blue Shield ofTexas(BCBSTX) the only statewide, customer-owned health insurer inTexas is the largest provider of health benefits in the state, working with nearly 80,000 physicians and health care practitioners, and 500 hospitals to serve 6 million members in all 254 counties. With 16 million members, HCSC's revenue increased 10 percent to $35.9 billion last year. Blue Cross and Blue Shield of Illinois is a division of HCSC, a . Maurice Smith, who has been with the company [] 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. To view this file, you may need to install a PDF reader program. It's clear, Pliss adds, that HCSC's focus has been, "What's valuable for our members today, rather than what's going to be valuable for the market three years from now?". E-mail oureditor 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. A Mutual Legal Reserve Company, HCSC is an independent licensee of the Blue Cross and Blue Shield Association. Some directors want the insurer to broaden its service capabilities as other large health insurers have done. "I also want to thank outgoing chair Patricia Harris for her dedication to strengthening our institution, especially through the pandemic.". [2], HCSC reported a strong underwriting profit in 2017 after losses related to Affordable Care Act (ACA) exchange-sourced business in 2014 and 2015. Maurice Smith is currently. Maurice Smith. Indiana State recruit Jailah Pelly put OFallon ahead to stay at 58-56 with a basket with 2:26 left in the second overtime. Greg Thompson Smith began his career at HCSC in 1993 and has served in a wide variety of roles, including business development, corporate transactions and as President of Blue Cross and Blue Shield of Illinois. Health Care Service Corporation (HCSC), the nation's largest customer-owned health insurer, today announced the departure of President and CEO Paula Steiner, who led the organization since 2016. In 2021, under Smith's leadership, HCSC announced its biggest expansion in Medicare Advantage. Maurice brings a broad perspective and deep understanding of the industry having held many senior financial management roles, including head of corporate transactions and investment strategies. The company was founded in 1936 and is based in Chicago, Illinois with a network of offices in the United States. On average, employees at HCSC stay with the company for 5.9 years. Lesar said he is "pleased that Maurice will lead HCSC at this critical time for . Board members had grown frustrated with Steiner's relatively cautious expansion strategy amid rapid industry consolidation. All Rights Reserved. One option is Adobe Reader which has a built-in screen reader. [2] HCSC's membership was approximately 16 million at December 31, 2019. The company operates the Blue . Smith, 48, who has been with HCSC for nearly 27 years and joined as an intern, will become HCSC CEO effective June 1. Roosevelt University is a national leader in educating socially conscious citizens for active and dedicated lives as leaders in their professions and their communities. Maurice Smith, who 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. 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. 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. Revenues last year totaled $38.6 billion, making it the country's sixth-largest health . Crain's has learned Steiner clashed with HCSC directors over long-term growth plans at the nation's sixth-largest health insurer. Under pressure to reduce health care costs and improve outcomes for members, HCSC's rivals have found creative ways to get closer to patients. Musk Made a Mess at Twitter. Jan 2021 - Present2 years 3 months. President, HCSC. how to become a school board member in florida ocean deck band schedule Maurice Smith signed a 1 year, $850,000 contract with the Tennessee Titans, including an average annual salary of $850,000. HCSC's revenue continues to be concentrated in Illinois and Texas, accounting for 83% of premium for the full year 2017. Maurice Smith is President and Chief Executive Officer (CEO) of Health Care Service Corporation (HCSC). 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 and strategic planning of Illinois largest health insurance company, serving more than 8 million members. Maurice Smith. Health Care Service is the parent of Blue Cross and Blue Shield plans in Illinois, Texas, Oklahoma, New Mexico and Montana. Wed. 2021. The insurer says it expects 16 percent growth in the lucrative, fast-growing segment this year. greg_thompson@hcsc.net. Maurice also oversaw HCSCs subsidiaries and served as the Chairman of Dearborn National Life Insurance Company. Health Care Service Corp. has named a new chief executive with a three-decade history working for the company to lead the parent of Blue Cross and Blue Shield plans in five states. And Anthem this year launched its own pharmacy benefit manager, IngenioRx. Lesar will remain a member of the company's board. He has held many senior financial management roles at HCSC, including head of corporate transactions and investment strategies. President and Chief Executive Officer. Aetna, for example, combined with CVS Health 18 months ago to combine leading insurance and pharmacy offerings. 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. Opinions expressed by Forbes Contributors are their own. All Rights Reserved. Blue Cross and Blue Shield of Montana is a division of HCSC, a . [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]. Health insurers in the short term are profiting from an unexpected reprieve in paying claims tied to elective surgeries, which for weeks have been postponed to cope with the crisis. You are leaving this website/app ("site"). 11% of HCSC employees are Black or African American. Copyright Health Care Service Corporation. Throughout his nearly 28 years of service with HCSC, Smith also previously served as president of its Illinois health plan, where he was responsible for the overall financial performance, long-term growth strategy and strategic planning of Illinois' largest health insurance company. 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. "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. Connect with intelligence [object Module] Products Web Platform Chrome Plugin API. Company Description: Founded in 1936, Health Care Service Corporation (HCSC) is an independent licensee of the Blue Cross and Blue Shield Association, is the largest customer-owned health insurer in the United States, which operates its Blue Cross and Blue Shield Plans in Illinois, . 130 E. Randolph St. Throughout his nearly 27 years of service with HCSC, he also has previously served as president of Blue Cross and Blue Shield of Illinois where he was responsible for the . Maurice Smith drives HCSC's overall strategic direction, including its long-term growth strategy. The Hawks failed to score in the last 59 minutes Saturday and suffered their fourth consecutive loss. Maurice joined HCSC nearly 27 years ago as an intern. Health Care Service is the nations fifth-largest health insurer with nearly 16 million health plan members. Will His AI Plans Be Any Different? He holds an MBA from Pepperdine University and a bachelors degree in business administration from Roosevelt University. For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. some sites may require you to agree to their terms of use and privacy policy. How the coronavirus pandemic changes that equation, however, is challenging to predict. In addition, some sites may require you to agree to their terms of use and privacy policy. 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 . E-mail oureditor Finch stated that "lack of geographic diversification has historically kept HCSC out of the 'AA' rating category and that HCSC would be downgraded if it were no longer to market itself as a Blues plan. Chicago, IL 60601 Health Care Service Corporation Get the best business coverage in Chicago, from breaking news to razor-sharp analysis, in print and online. Health Care Service Corporation, a Mutual Legal Reserve Company. For more information, please visitHCSC.com, visit ourFacebookpageor follow us onTwitter. 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 into the future, Crains reported. Blue Cross of Illinois parent company, Health Care Service Corp., announced Tuesday it will slash about 400 positions to ready itself for fast industry growth, according to reports. This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Data Fraud Is Focus To Bolster Chinas Lackluster Carbon Market, China Gives New Backing to Coal Even as Clean Energy Accelerates, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? In general, to best serve our customers now and into the future of the rapidly changing health care landscape, we are rebalancing our resources to meet the diverse needs of our customers, provider partners and other stakeholders, the email said. Revenues last year totaled $38.6 billion, making it the country's sixth-largest health insurer. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX, President/CEO, Health Care Service Corporation. Chairperson: Maurice Smith. Maurice brings a broad perspective and deep understanding of the industry having held many senior financial management roles, including head of corporate transactions and investment strategies. Blue Cross Blue Shield Building, home of Health Care Service Corp. as photographed from Maggie Daley [+] Park in Chicago, Illinois on June 24, 2017. The company reported annualized return on capital of greater than 40% through the first half of 2018, where achieving a high single-digit ROC would be consistent with Fitch's median guideline for the current rating category. File is in portable document format (PDF). He succeeds Board of Trustees chair Patricia Harris, former chief global diversity officer of McDonald's Corporation. As of May 1, 2019, HCSC announced an in-house educational program aimed at developing the skills of its employees, dubbed Blue University. 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.. 15% of HCSC employees are Hispanic or Latino. 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. 312.653.7581 A potential contender for the permanent role is newly named HCSC President Maurice Smith, who has been with the organization for more than two decades and led Blue Cross of Illinois before Steiner's departure. Maurice Smith is President and Chief Executive Officer (CEO) of Health Care Service Corporation (HCSC). "Mauricehas 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, Lesar said in a statement. This new site may be offered by a vendor or an independent third party. Health Care Service Corporation 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., Health Care Service Corp. CEO Maurice Smith. 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.