Humana Inc. ( HUM Quick Quote HUM - Free Report) recently inked a five-year deal with New York State’s leading healthcare provider Northwell Health that will bring in new services and products in the New York metropolitan area. The agreement is expected to result in better health outcomes. The deal will be effective Jan 1, 2021. Northwell Health is also a leading private employer and has 23 hospitals, nearly 800 outpatient facilities and more than 14,200 affiliated physicians. With the help of this transaction, Northwell will be able to combine its wide network and clinical quality with Humana’s reputation as a leader in Medicare Advantage. Both companies will work together to provide a Northwell retiree product for the next year and look forward to collaborate on products in the future. Both entities will continue with the successful trend of clinical initiatives like enhancing Northwell’s House Calls program. Undoubtedly, this move is in line with the health insurance giant’s commitment to improve benefits for its Medicare members. Last month, Humana announced an array of 2021 Medicare product offerings, such as Medicare Advantage and Prescription Drug Plans, etc. Beneficiaries will now be able to choose from 69 new MAPD plans across various additional counties. Humana will provide people under Medicare coverage with Humana Honor Medicare Advantage plans and even dispense the required health coverage to veterans for the second consecutive year. The company explored new locations for 2021 and even enabled safe enrolment for the beneficiaries. Medicare Business and Its Scope
The health insurance giant always showed consistency when it comes to widening the scope of Medicare business.
Constant tie-ups to enrich medical care facilities are one of its key major commitments. The health care provider flaunts a strong Medicare business across the United States where it has been offering at least one Medicare plan across 50 states. Notably, it has been providing private health plans falling under the Medicare program for more than three decades now. The COVID-19 outbreak coupled with an aging population in the United States further spurred demand for the Medicare Advantage plans. In order to reduce the financial burden imposed by the pandemic on its Medicare Advantage members, the company even eliminated additional costs for in-network primary care, outpatient behavioral health and telehealth visits for the rest of this year. The business line’s growth track is evident from the 54% rise in Medicare membership from 2013 to 2018. Although the same dipped 1% in 2019, Individual Medicare membership climbed 17.1% year over year, which is a positive. The full-year individual Medicare Advantage membership is now anticipated to be around 375,000 members, up from the previous range of 330,000-360,000 members. Over the past decade, the company saw maximum growth in Individual Medicare Advantage during 2019, which is pretty impressive. Zacks Rank and Price Performance
Shares of this currently Zacks Rank #4 (Sell) company have surged 34.1% in a year compared with the
industry’s growth of 26.6%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Other companies in the same space, such as Centene Corp. ( CNC Quick Quote CNC - Free Report) , Anthem Inc. ( ANTM Quick Quote ANTM - Free Report) and Molina Healthcare, Inc. ( MOH Quick Quote MOH - Free Report) have also rallied 27.5%, 17% and 70%, respectively, in the same time frame. Biggest Tech Breakthrough in a Generation
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