Word: merger
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Dates: during 1990-1999
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...week after the merger pact was signed, after a bone scan found that Christy had indeed responded to the initial chemotherapy, the deMeurerses signed an agreement of their own with UCLA, promising to pay up front the full cost of the treatment: $92,000, an amount equal to 0.08% of the $11.7 million that Health Net had accumulated in its transplant pool...
Soon afterward, most of Health Net's top executives left the company, seeing little future for themselves in the coming merger with the WellPoint Health Network. But in the new medicine, even leaving a company can prove immensely profitable...
...Hasan, in his Pueblo office--a cavern of polished wood, purple curtains and gleaming chandeliers--concedes that his primary motivation was to force Greaves into a merger, but second, if Greaves still refused, to force Health Net to pay far more into its shadow foundation and thereby reduce the capital it could deploy against QualMed's own California operations. As long as Dr. Hasan pressed the lawsuit, Greaves knew, Health Net had no hope of going public. "It was devastating to us," Greaves says. "My name was in the paper every day as a bad guy, a villain...
...Greaves began to like Hasan's plan. For one thing, it would allow Health Net to go public instantly, using the already public QualMed as a vehicle. The merger would also create an eight-state network and give both companies an edge in the rush toward consolidation, a fundamental imperative of the new medicine...
...merger also promised a more personal benefit. Under the old medicine, says Dr. Hasan, "the idea was, you don't go into the health-care business to get rich. But that system was very inefficient." Now the reverse is true, he argues. When he took his company public, his holdings became worth $150 million. "We all got very rich," he says, his delight bubbling out in a chuckle. The prospect of such wealth, Dr. Hasan argues, helped managed-care companies draw the best executives, who in turn applied corporate stratagems to compel doctors to become more efficient...