Word: humana
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...Humana offers proof that health is a sound investment...
...sight of William Schroeder joking with his family last week was the best possible advertisement not just for the miracles of science but for Humana, the investor-owned medical conglomerate. In the fast-growing U.S. health care industry, investor-owned companies are challenging nonprofit organizations and community hospitals for a greater share of the nearly $1 billion-a-day business. Profitmaking companies now own or manage more than 20% of all U.S. hospitals, double the percentage of five years ago. Moreover, they are moving rapidly into affiliated areas such as health maintenance organizations, satellite clinics and surgical-equipment firms...
...Humana (fiscal-year 1984 revenues: $2.6 billion) is the most aggressive of the companies that believe medicine is a calling for businessmen as well as doctors. But though it has 91 hospitals in 22 states and three foreign countries, Humana is not the largest hospital chain. Still bigger, for example, is Hospital Corp. of America (estimated 1984 revenues: $4.2 billion). Last year Humana had profits of $193 million, up from $41 million...
...Louisville lawyers, David Jones and Wendell Cherry, started Humana in 1962 with one Kentucky nursing home and $1,000 of borrowed money. Their business strategy was to bring innovative management techniques to a field noted more for compassion than cost efficiency. Says Cherry: "When I started to talk with physicians about what we were doing-marketing to the customer-some didn't like the word customer...
...Humana sold its nursing homes, then numbering 41, for $ 14 million in order to concentrate on hospitals. Jones and Cherry at the time were buying a hospital a month, mostly from groups of doctors. Investor-owned hospitals were not a new phenomenon; doctors had been running them for decades. What was new was the idea of linking them in large chains...