Humana expects to pick up 625,000 individual Medicare Advantage members in 2023, a nearly 14% hike from last year, said CEO Bruce Broussard on Wednesday following the release of the insurer’s fourth-quarter earnings.
As part of its year-end results, Humana announced it has tapped two executives to lead two units as part of a larger reorganization that was first announced last summer.
Sanjay Shetty will lead Humana’s healthcare services segment which includes CenterWell, it’s primary care and home health business.
Shetty will be the first to lead the segment after Humana announced last year that it was reorganizing the company into two distinct units, one focused on healthcare services and the other on insurance coverage.
Shetty most recently served as president for Dallas-based hospital operator Steward Health Care System.
George Renaudin, has been promoted to lead the company’s Medicaid and Medicare business. Renaudin has been instrumental in growing the company’s Medicare Advantage business, the company said.
Humana reported net income of $2.8 billion in 2022, a 4.3% decline from the prior-year period. The insurer generated revenue of nearly $93 billion for the year, a roughly 12% increase from the year prior.
Humana ended the year with 17 million members, flat year over year.
However, the insurer saw a 21% increase in its state-based membership, which is comprised of its Medicaid business.
Humana executives said its Medicaid footprint now reaches into seven states and covers more than 1 million people.