Company perspectives:
What makes us unique within the(Coventry) competitive health benefits market? We focus on doing the basics of our business better than other companies by maintaining financial security, maintaining top quality standards, supporting provider choice, providing excellent customer service and being innovative altogether areas of the business. We pledge to try to all of this with the highest degree of integrity.
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History of Coventry Health Care, Inc.
Coventry Health Care, Inc. may be a managed healthcare company based in Bethesda, Maryland. the corporate operates in 14 Midwestern, Mid-Atlantic and Southeast states and serves quite 2.1 million members enrolled in health plans under the names Coventry Health Care, Coventry Health and Life, Care link Health Plans, Group Health Plan, Health America, Health Assurance, HealthCare. USA, Southern Health and Well Path. Coventry focuses on secondary markets ignored by large health insurers and has fuelled its growth in recent years by acquiring hospital-owned health plans. By leveraging its medical claims and healthcare provider networks, Coventry is in a position to make these plans more profitable. Unlike the large health insurers, Coventry will tailor coverage to large employers who want to make self-insured plans. Coventry plans also include point of service, HMO, PPO, and Medicare and Medicaid products.
Founder from Coventry, physics student at Harvard within the 1960s
Coventry Health Care was founded by current Tennessee Governor Phil Bredesen, who grew up during a small town in upstate New York. He entered Harvard University in 1961 to study physics like his father, but before graduating he decided he wasn’t suited for a career in the field. Instead, he took employment as a computer programmer for Itek Corporation and also became involved in politics. In 1970, he quit his job for an unsuccessful bid to become a Massachusetts senator. Bredesen then accepted an edge with the pharmaceutical company G.D. Searle & Co. and worked overseas where he married Andrea Conte, a colleague of Searle’s who trained nurses the way to use computers.
While the couple was working in Saudi Arabia, Conte was offered employment as a corporate health consultant by Nashville’s Hospital Corporation of America. to hitch his wife in Nashville, Bredesen left Searle and took employment negotiating hospital management contracts for Hospital Affiliates International. In 1980, when his son was born, Bredesen decided to strike out on his own and fulfil his dream of owning his own business. With funding provided by the four founders of Hospital Affiliates, he launched Health plans, which later became referred to as Health America, a corporation that acquired and operated HMOs.
the corporate grew quickly and went public, but saw trouble in 1986 when the entire health insurance industry hit a rough patch that sent stock prices crashing. Although Bredesen wanted to last out the downturn, Health America’s founders, who retained a controlling stake, insisted he sell the corporate. In 1986, Bredesen found a buyer in Maxi care Health Plans Inc., who made $47 million for himself.
Founding of Coventry Corporation in 1986
Now wealthy, Bredesen co-founded the Coventry Corporation in 1986 with Joseph P. Williams, the previous chief financial officer of Health America. Williams served as CEO while Bredesen held the chairmanship, although he increasingly devoted his time to politics. He stepped down as chairman in 1990 but remained a director. In 1987, he lost a runoff election to become mayor of Nashville, a post he won during a landslide in 1991. He failed in his bid for governor in 1991, won a second term as mayor of Nashville, then tried for governor in 2002. governorship again. these points he won, and therefore the New York native became the 48th governor of Tennessee.
Like Bredesen with Health America, Coventry sought to grow through external means. In 1987, it paid $23 million in cash plus stock to accumulate American Service Life Insurance Company; American Service Underwriters, Inc.; American Service Telemarketing, Inc.; Private Enterprise Management, Inc.; also, as the assets of American Service underwriters.
In 1988, Coventry completed two transactions. Paying nearly $1.5 million in cash plus stock and other consideration, she acquired the agency, Jess Jordan. Coventry also acquired an 80 percent stake in Penn Group Corporation, a corporation formed to buy Bredesen’s original HMO, Health America Pennsylvania Inc., a provider of health plans in Harrisburg and Pittsburgh, for $8 million. Coventry’s largest deal in its early history was the $40 million cash-and-stock acquisition of Group Health Plan, Inc. in 1990. To finance further growth, Coventry made an initial public offering in 1991.
Coventry adjusted its business mix in 1992 when management decided to wind down American Service Company to consider running HMOs. Coventry’s plan was to seem at its current markets—Pittsburgh, central Pennsylvania (Harrisburg) and St. Louis—as centres from which to expand the business. therein regard, Coventry acquired Health pass, Inc., a provider organization affiliated with Pennsylvania State University located in central Pennsylvania, during a transaction valued at approximately $1.4 million.
within the western part of the state, Coventry expanded with the acquisition of Riverside Health Plan, added Beaver County, paid off $3.9 million in debt and assumed $5 million in liabilities. From its centre in St. Louis Coventry also began to form inroads into southern Illinois. Although the corporate was interested in entering other markets, it clearly focused on markets with no quite three million inhabitants.
Coventry southern health
Company perspectives:
What makes us unique within the competitive health benefits market? We focus on doing the basics of our business better than other companies by maintaining financial security, maintaining top quality standards, supporting provider choice, providing excellent customer service and being innovative altogether areas of the business. We pledge to try to all of this with the highest degree of integrity.
History of Coventry Health Care, Inc.
Coventry Health Care, Inc. may be a managed healthcare company based in Bethesda, Maryland. the corporate operates in 14 Midwestern, Mid-Atlantic and Southeast states and serves quite 2.1 million members enrolled in health plans under the names Coventry Health Care, Coventry Health and Life, Care link Health Plans, Group Health Plan, Health America, Health Assurance, HealthCare. USA, Southern Health and Well Path. Coventry focuses on secondary markets ignored by large health insurers and has fuelled its growth in recent years by acquiring hospital-owned health plans. By leveraging its medical claims and healthcare provider networks, Coventry is in a position to make these plans more profitable. Unlike the large health insurers, Coventry will tailor coverage to large employers who want to make self-insured plans. Coventry plans also include point of service, HMO, PPO, and Medicare and Medicaid products.
Founder from Coventry, physics student at Harvard within the 1960s
Coventry Health Care was founded by current Tennessee Governor Phil Bredesen, who grew up during a small town in upstate New York. He entered Harvard University in 1961 to study physics like his father, but before graduating he decided he wasn’t suited for a career in the field. Instead, he took employment as a computer programmer for Itek Corporation and also became involved in politics. In 1970, he quit his job for an unsuccessful bid to become a Massachusetts senator. Bredesen then accepted an edge with the pharmaceutical company G.D. Searle & Co. and worked overseas where he married Andrea Conte, a colleague of Searle’s who trained nurses the way to use computers. While the couple was working in Saudi Arabia, Conte was offered employment as a corporate health consultant by Nashville’s Hospital Corporation of America.
to hitch his wife in Nashville, Bredesen left Searle and took employment negotiating hospital management contracts for Hospital Affiliates International. In 1980, when his son was born, Bredesen decided to strike out on his own and fulfil his dream of owning his own business. With funding provided by the four founders of Hospital Affiliates, he launched Health plans, which later became referred to as Health America, a corporation that acquired and operated HMOs. the corporate grew quickly and went public, but saw trouble in 1986 when the entire health insurance industry hit a rough patch that sent stock prices crashing.
Although Bredesen wanted to last out the downturn, Health America’s founders, who retained a controlling stake, insisted he sell the corporate. In 1986, Bredesen found a buyer in Maxi care Health Plans Inc., who made $47 million for himself.
Founding of Coventry Corporation in 1986
Now wealthy, Bredesen co-founded the Coventry Corporation in 1986 with Joseph P. Williams, the previous chief financial officer of Health America. Williams served as CEO while Bredesen held the chairmanship, although he increasingly devoted his time to politics. He stepped down as chairman in 1990 but remained a director.
In 1987, he lost a runoff election to become mayor of Nashville, a post he won during a landslide in 1991. He failed in his bid for governor in 1991, won a second term as mayor of Nashville, then tried for governor in 2002. governorship again. these points he won, and therefore the New York native became the 48th governor of Tennessee.
Like Bredesen with Health America, Coventry sought to grow through external means. In 1987, it paid $23 million in cash plus stock to accumulate American Service Life Insurance Company; American Service Underwriters, Inc.; American Service Telemarketing, Inc.; Private Enterprise Management, Inc.; also, as the assets of American Service underwriters. In 1988, Coventry completed two transactions.
Paying nearly $1.5 million in cash plus stock and other consideration, she acquired the agency, Jess Jordan. Coventry also acquired an 80 percent stake in Penn Group Corporation, a corporation formed to buy Bredesen’s original HMO, Health America Pennsylvania Inc., a provider of health plans in Harrisburg and Pittsburgh, for $8 million. Coventry’s largest deal in its early history was the $40 million cash-and-stock acquisition of Group Health Plan, Inc. in 1990. To finance further growth, Coventry made an initial public offering in 1991.
Coventry adjusted its business mix in 1992 when management decided to wind down American Service Company to consider running HMOs. Coventry’s plan was to seem at its current markets—Pittsburgh, central Pennsylvania (Harrisburg) and St. Louis—as centres from which to expand the business. therein regard, Coventry acquired Health pass, Inc., a provider organization affiliated with Pennsylvania State University located in central Pennsylvania, during a transaction valued at approximately $1.4 million.
within the western part of the state, Coventry expanded with the acquisition of Riverside Health Plan, added Beaver County, paid off $3.9 million in debt and assumed $5 million in liabilities. From its centre in St. Louis Coventry also began to form inroads into southern Illinois. Although the corporate was interested in entering other markets, it clearly focused on markets with no quite three million inhabitants.
In the 1990s, an outsized number of hospitals started their own health plans and HMOs. By the centre of the decade there were almost 3,300, but most clothed to be money-losing businesses that hospitals soon took an interest in, making companies like Coventry large acquisition targets and promising to enter new markets.
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