When I saw that CVS Health had replaced Karen Lynch with David Joyner as CEO and brought in Steve Nelson — a former UnitedHealthcare executive — to lead its Aetna subsidiary, I felt a mix of familiarity and concern. Karen and I go back to our days at Cigna, where both of us, along with people like David Cordani (now CEO of Cigna), climbed the corporate ladder. Back then, we shared a front-row seat to the early days of high-deductible “consumer-directed health plans” (CDHPs)—plans designed to shift more costs to patients while letting insurers pay out less in claims.
Although their claims may up, let's not join the pity party. Their margins on specialty medications is their main revenue drivers, not premiums & those profits are astromonical. And they have margins in hospitalizations as well. Premium profits are a small portion of the overall profitability of these mega, for profit gangsters.
Wendell Potter is a BOSS. Happy to see ole 'Aunt Karen Lynch' get the axe but CV$, United Health Cartel and the rest all put profits over patients care, it is their goal and they are great at it. Dump insurance.
Why should we have a system that takes profits out of the money available for healthcare? It's counter-intuitive that what should be a service a population pays for and provides for it's own should have a portion removed to support people who could be productive in society doing something else.
Although their claims may up, let's not join the pity party. Their margins on specialty medications is their main revenue drivers, not premiums & those profits are astromonical. And they have margins in hospitalizations as well. Premium profits are a small portion of the overall profitability of these mega, for profit gangsters.
Wendell Potter is a BOSS. Happy to see ole 'Aunt Karen Lynch' get the axe but CV$, United Health Cartel and the rest all put profits over patients care, it is their goal and they are great at it. Dump insurance.
Why should we have a system that takes profits out of the money available for healthcare? It's counter-intuitive that what should be a service a population pays for and provides for it's own should have a portion removed to support people who could be productive in society doing something else.
I lost track of how many emails & yes even letters I sent to Karen with no response. Caremark is a f*cking disaster.
And now Larry Robbins of Glenview joins the board with 4 seats. Watch what happens next. https://www.cnbc.com/amp/2024/11/18/cvs-strikes-deal-with-activist-glenview-capital-for-four-board-seats.html
Brilliant article today, Wendell, and will reStack ASAP 💯👍
David Joyner commits perjury during a Congressional hearing and then is promoted to CEO. This is astronomically bad.
https://oversight.house.gov/wp-content/uploads/2024/08/Letter-to-Joyner-FINAL-re-PBM-Hearing-Testimony.pdf