Posted on: Thursday, February 10, 2011
15 Executives Who Get Paid Millions To Deny You Health Care Coverage
By Business insider, Wall St. Cheat Sheet
March 20, 2010
The business model of American health insurers is basically: try to get healthy customers as clients, and then resist as long as possible when it comes to paying out claims.
That’s actually not an indictment or a criticism.
It’s just the way our system works, and it’s screwed up.
Whatever you feel about Obamacare, you probably think our current system needs reform in some sense.
Below we present the posterboys of the problem. Top healthcare CEOs making millions, leading companies that deny you coverage.
Herbert Fritch, HealthSpring
2008 revenue: $2.2 Billion
Y/Y change: 39.0%
CEO compensation: $800,000 [$15,384/week]
Jay Gellert, Health Net
2008 revenue: $15.4 Billion
Y/Y change: 8.9%
CEO compensation: $1.34 Million [$23,103/week]
Ronald A Williams, Aetna
2008 revenue: $31.0 Billion
Y/Y change: 12.1%
CEO compensation: $38.12 Million [$733,077/week]
In order to increase profits year on year from 2009 to 2010, Aetna plans to raise premiums to the point where up to 650,000 people would have to drop their coverage in 2010, according to the Huffington Post.
Posted on: Thursday, December 15, 2011
Meet the new 1%: healthcare CEOs replace bankers as America's best paid
No bankers in top 10 of America's best-paid executives, but those in charge of healthcare and drugs firms are in the money
By Dominic Rushe
The Guardian, 14 December 2011
Pity Wall Street's bankers. Once the highest-paid bosses in the land, they are now also-rans. The real money is in healthcare and drugs, according to the latest survey of executive pay.
There are no bankers in the top 10 of this year's GMI survey of CEO pay. In fact, they have been out since 2007, when Goldman Sachs boss Lloyd Blankfein competed for the top slot with Richard Fuld, boss of soon-to-be-bust Lehman Brothers, and Angelo Morzillo, head of Countrywide, once the largest sub-prime home loan firm.
With the bankers still recovering from their tussle with hubris, old age and infirmity were 2010's boom businesses – at least in terms of pay. Leading the pack was John Hammergren, chief executive of McKesson Corporation. The firm's 52-year-old chairman, chief executive and president took home $145,266,971 [$2,793,595/week, more than 2 million a week!] in 2010.
McKeeson is probably the biggest company you've never heard of. Headquartered in San Francisco, the company is the largest pharmaceutical distributor in North America, distributing a third of the medicines used in the US. McKeeson's sales topped $112bn last year.
Hammergren's next closest rival was Joel Gemunder, outgoing boss of Omnicare, where he had been president since 1981. Omnicare is a pharmacy company that dispenses drugs in nursing homes – among other services – and had sales of $6.15bn last year. When Gemunder started at the firm it had sales of $150m. His 2010 total pay package was worth $98,283,242 [$1,890,062/week].