HARRISBURG, Pa., Oct. 27 /PRNewswire/ -- Francis S. Soistman, Jr., president and CEO of HealthAmerica and HealthAssurance, has been named as the new executive vice president of health plan operations at Coventry Health Care, Inc., effective January 1, 2005.
Coventry is the parent company of HealthAmerica, HealthAssurance and other health plans and insurance companies serving 3.1 million members. The organization’s revenues are expected to reach $5.3 billion in 2004. In his new capacity, Soistman will oversee the company’s health plan operations across its 15 markets.
Soistman’s successor at HealthAmerica and HealthAssurance will be announced before the end of the year.
During Soistman’s tenure, HealthAmerica and HealthAssurance achieved many milestones including:
- Since 1999, the companies’ revenue grew from $694 million to $1.38 billion by year-end 2003. - Membership increased from 479,000 to just over 739,000 as of September 2004. - Market service area expanded by 73 percent to cover 61 of 67 counties in Pennsylvania, resulting in a statewide seamless business capability. - The company’s administrative expenses were reduced from 17 percent to 10.8 percent of revenue. - Customer, member and provider satisfaction improved steadily throughout the past six years. - HealthAmerica and HealthAssurance maintained the Excellent accreditation for their HMO, POS, and Medicare Advantage products from the National Committee for Quality Assurance (NCQA). HEDIS scores continued to improve, leading all managed care companies throughout the past 5 years. - HealthAmerica and HealthAssurance were named by the Central Penn Business Journal as one of the “Best Places to Work in PA” in 2001 (# 9) and 2002 (# 3). - The insurers were ranked number one among the Central Penn Business Journal’s “Top 50 Fastest Growing Companies” in 2003 and 2004.
“As I transition to my new role at Coventry Health Care, I will leave HealthAmerica and HealthAssurance knowing that the organization is positioned to continue to create new opportunities and respond to the many challenges that lay ahead. The leadership team is prepared and equipped to continue building upon HealthAmerica and HealthAssurance’s outstanding record of profitable growth and overall business performance,” said Soistman.
Prior to coming to HealthAmerica in 1998, Soistman was regional vice president of Principal Health Care, Inc., overseeing eight HMOs operating in 12 markets throughout the United States. His experience also includes a long tenure with Blue Cross and Blue Shield of Maryland and affiliates, and covers all disciplines in health insurance and managed care.
Soistman is a 1979 graduate of Towson University where he earned a Bachelor of Science Degree in accounting. He is also a graduate of The Stanford University Executive Program. In June 2004, he was a recipient of the Ernst & Young Entrepreneur of the Year(R) award in the Healthcare Technology/Services category. Soistman was recently appointed by Governor Rendell to the Pennsylvania Health Care Cost Containment Council.
About HealthAmerica and HealthAssurance
HealthAmerica Pennsylvania, Inc., has a 29-year record in managed care. HealthAmerica, HealthAssurance Pennsylvania, Inc., and affiliate companies cover over 730,000 members in Pennsylvania and Ohio through HMO, POS, PPO, Medicaid, and Medicare Advantage plans. In addition, HealthAmerica earned an “Excellent” Accreditation for its HMO plan and HealthAssurance earned an “Excellent” Accreditation for the HealthAssurance POS by the National Committee for Quality Assurance, an independent, non-profit organization dedicated to measuring the quality of America’s health care. With corporate offices in Pittsburgh and Harrisburg, Pennsylvania, HealthAmerica and HealthAssurance provide managed health care products and services to over 11,000 employers in Pennsylvania and Ohio. HealthAmerica and its affiliates employ over 1,500 people in Pennsylvania. For more information, visit HealthAmerica’s website at http://www.healthamerica.cvty.com/ .
About Coventry Health Care
Coventry Health Care is a managed health care company based in Bethesda, Maryland operating health plans and insurance companies under the names Coventry Health Care, Coventry Health and Life, Altius Health Plans, Carelink Health Plans, Group Health Plan, HealthAmerica, HealthAssurance, HealthCare USA, OmniCare, PersonalCare, SouthCare, Southern Health and WellPath. The Company provides a full range of managed care products and services, including HMO, PPO, POS, Medicare Advantage, Medicaid, and Network Rental to 3.1 million members in a broad cross section of employer and government-funded groups in 15 markets throughout the Midwest, Mid-Atlantic and Southeast United States. More information is available on the Internet at http://www.cvty.com/ .
HealthAmerica and HealthAssurance
CONTACT: Kendall Marcocci, Director of Communications of HealthAmericaand HealthAssurance, +1-717-540-6746, or kmarcocci@cvty.com
Web site: http://www.healthamerica.cvty.com/