Billy Maynard succeeds the retiring Thomas Carrato
Company Website:
http://www.healthnet.com
ARLINGTON, Va. -- (Business Wire)
Health
Net Federal Services, LLC, a wholly owned subsidiary of Health
Net, Inc., has named Billy Maynard incoming president, effective May
1, 2015. He will replace Thomas Carrato, who will retire later this year
after nine years with Health Net Federal Services, the last three as
president.
Billy Maynard (Photo: Business Wire)
“While we are sad to lose Tom to retirement, we are fortunate to have
Billy’s in-depth understanding of the needs of the Department of Defense
and federal-sector business planning and strategy,” said Jay Gellert,
president and chief executive officer of Health Net.
“Having both Billy and Tom on board at the same time will help ensure a
smooth and effective transition of duties and an appropriate handoff of
our Department of Defense partnerships and relationships,” said Gellert.
Maynard most recently was a partner at the management consulting firm
InfiniTek, where he specialized in federal health care strategy and
provided significant consulting support to Health Net and Health Net
Federal Services over the past 12 years. Previously, he held business
development and strategy positions with advanced technology
defense-sector services companies.
“Billy understands Health Net and our TRICARE and Department of Veterans
Affairs lines of business very well,” said Steve Tough, president of
Government Programs for Health Net. “His deep knowledge of the details
of our government-based programs will help this transition.”
A veteran of the U.S. Army, Maynard was executive assistant to NATO's
Supreme Allied Commander, Europe, from 1983 to 1990. During this period,
he was twice decorated with the Defense Meritorious Service Medal for
contributions in support of the NATO Alliance.
Maynard is a graduate of the U.S. Army Institute of Personnel and
Resource Management (Adjutant General Corps); studied business
administration at the University of Maryland University College Europe;
and holds a postgraduate certification in organization development from
DePaul University.
Maynard will be based in Arlington, Va.
“Health Net is indebted to Tom for his leadership and guidance,” said
Gellert. “He had a remarkable career in the government health care
sector, including as a rear admiral in the U.S. Public Health Service,
and he helped enrich Health Net’s services to our nation’s military
families.”
About Health Net
Health
Net, Inc. (NYSE:HNT) is a publicly traded managed care organization
that delivers managed health care services through health plans and
government-sponsored managed care plans. Its mission is to help people
be healthy, secure and comfortable. Health Net provides and administers
health benefits to approximately 6.0 million individuals across the
country through group, individual, Medicare (including the Medicare
prescription drug benefit commonly referred to as “Part D”), Medicaid,
dual eligible, U.S. Department of Defense, including TRICARE, and U.S.
Department of Veterans Affairs programs. Health Net also offers
behavioral health, substance abuse and employee assistance programs,
managed health care products related to prescription drugs, managed
health care product coordination for multi-region employers, and
administrative services for medical groups and self-funded benefits
programs.
For more information on Health Net, Inc., please visit Health Net’s
website at www.healthnet.com.
Cautionary Statements
The Company and its representatives may from time to time make written
and oral forward-looking statements within the meaning of the Private
Securities Litigation Reform Act (“PSLRA”) of 1995, including statements
in this and other reports, in presentations, press releases, filings
with the Securities and Exchange Commission (“SEC”), and in meetings
with investors and analysts. All statements in this report, other than
statements of historical information provided herein, may be deemed to
be forward-looking statements and as such are intended to be covered by
the safe harbor for “forward-looking statements” provided by PSLRA.
These statements are based on management’s analysis, judgment, belief
and expectation only as of the date hereof, and are subject to changes
in circumstances and a number of risks and uncertainties. Without
limiting the foregoing, statements including the words “believes,”
“anticipates,” “plans,” “expects,” “may,” “should,” “could,” “estimate,”
“intend,” “feels,” “will,” “projects” and other similar expressions are
intended to identify forward-looking statements. Actual results could
differ materially from those expressed in, or implied or projected by
the forward-looking information and statements due to, among other
things, health care reform and other increased government participation
in and taxation or regulation of health benefits and managed care
operations, including but not limited to the implementation of the
Patient Protection and Affordable Care Act and the Health Care and
Education Reconciliation Act of 2010 (collectively, the “ACA”) and
related fees, assessments and taxes; the Company’s ability to
successfully participate in California’s Coordinated Care Initiative,
which is subject to a number of risks inherent in untested health care
initiatives and requires the Company to adequately predict the costs of
providing benefits to individuals that are generally among the most
chronically ill within each of Medicare and Medi-Cal and implement
delivery systems for benefits with which the Company has limited
operating experience; the Company’s ability to successfully participate
in the federal and state health insurance exchanges under the ACA, which
involve uncertainties related to the mix and volume of business that
could negatively impact the adequacy of the Company’s premium rates and
may not be sufficiently offset by the risk apportionment provisions of
the ACA; increasing health care costs, including but not limited to
costs associated with the introduction of new treatments or therapies;
the Company’s ability to reduce administrative expenses while
maintaining targeted levels of service and operating performance,
including through the Company’s master services agreement with a
subsidiary of Cognizant Technology Solutions Corporation (“Cognizant”);
whether the Company receives required regulatory approvals for
Cognizant’s provision of services to the Company and any conditions
imposed in order to obtain such regulatory approvals; the Company’s
ability to recognize the intended cost savings and other intended
benefits of the Cognizant transaction; the risk that Cognizant may not
perform contracted functions and services in a timely, satisfactory and
compliant manner; negative prior period claims reserve developments;
rate cuts and other risks and uncertainties affecting the Company’s
Medicare or Medicaid businesses; trends in medical care ratios;
membership declines or negative changes in the Company’s health care
product mix; unexpected utilization patterns or unexpectedly severe or
widespread illnesses; failure to effectively oversee the Company’s
third-party vendors; noncompliance by the Company or the Company’s
business associates with any privacy laws or any security breach
involving the misappropriation, loss or other unauthorized use or
disclosure of confidential information; the timing of collections on
amounts receivable from state and federal governments and agencies;
litigation costs; regulatory issues with federal and state agencies
including, but not limited to, the California Department of Managed
Health Care and Department of Health Care Services, the Arizona Health
Care Cost Containment System, the Centers for Medicare & Medicaid
Services, the Office of Civil Rights of the U.S. Department of Health
and Human Services and state departments of insurance; operational
issues; changes in economic or market conditions; investment portfolio
impairment charges; volatility in the financial markets; and general
business and market conditions. Additional factors that could cause
actual results to differ materially from those reflected in the
forward-looking statements include, but are not limited to, the risks
discussed in the “Risk Factors” section included within the Company’s
most recent Annual Report on Form 10-K filed with the SEC and the other
risks discussed in the Company’s filings with the SEC. Readers are
cautioned not to place undue reliance on these forward-looking
statements. Except as may be required by law, the Company undertakes no
obligation to address or publicly update any forward-looking statements
to reflect events or circumstances that arise after the date of this
report.
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Contacts:
Investor Contact:
Health Net, Inc.
Peter O’Neill,
818-676-8692
peter.oneill@healthnet.com
or
Media
Contact:
Brad Kieffer, 818-676-6833
brad.kieffer@healthnet.com
www.twitter.com/hn_bradkieffer
Source: Health Net
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