ADVANTAGE Bows Out of Medicare, Names Acting CEO

Posted: Updated:
(Image of former CEO Vicki Perry Courtesy of ADVANTAGE Health Solutions Inc.) (Image of former CEO Vicki Perry Courtesy of ADVANTAGE Health Solutions Inc.)
INDIANAPOLIS -

Indianapolis-based ADVANTAGE Health Solutions Inc. is discontinuing its Medicare Advantage business. The company says the move comes on the heels of a financial review launched by its board of directors that shows losses of more than $56 million through three quarters of fiscal year 2015. The board has named Michael Hone acting chief executive officer.

Hone, a corporate transition and strategy consultant, succeeds founding CEO Vicki Perry, who has been with the company since 2000.

The company is having an independent auditor review its financial and accounting procedures. It is also working with the Indiana Department of Insurance and the U.S. Center for Medicare and Medicaid Services to move patients to other coverage providers. Hone says "we appreciate IDOI Commissioner Robertson's commitment to protecting the interests of Hoosiers and will work with him and our colleagues at CMS regarding an orderly transition of coverage. We are also committed to standing behind our commercial lines of business."

ADVANTAGE says its two core shareholders, St. Vincent and Franciscan Alliance, will cover losses incurred from the transition and provide resources for coverage continuity for existing plan participants.

The company reported losses of $10.7 million during the previous fiscal year as its faces "industry-wide challenges and closures of other provider-owned plans." Chairman Robert Brody says it has become clear the Medicare Advantage business is "no longer financially viable."

  • Perspectives

    • School District Raises Questions About ILEARN

      Like all schools in Indiana, we were disheartened at the ILEARN results for school year 2018. We would like to raise several questions concerning this test as it relates to college and career readiness for our students. The annual Indiana Statewide Assessment (this year’s ILEARN) has been developed to evaluate college and career readiness at all levels tested. We are very troubled by our lack of understanding of what indicators in the test evaluate...

    More

Events



  • Most Popular Stories

    • School District Raises Questions About ILEARN

      Like all schools in Indiana, we were disheartened at the ILEARN results for school year 2018. We would like to raise several questions concerning this test as it relates to college and career readiness for our students. The annual Indiana Statewide Assessment (this year’s ILEARN) has been developed to evaluate college and career readiness at all levels tested. We are very troubled by our lack of understanding of what indicators in the test evaluate...

    • Purdue to Open Chick-Fil-A Amid Protests

      Citing overwhelming demand for Chick-fil-A’s food and services, Purdue University has announced it will allow the restaurant to open on campus. The university has been at the center of a debate over the Georgia-based food chain. 

    • (Provided Photo/ALOM Technologies)

      ALOM CEO: Indy 'One of Our Biggest Successes'

      The chief executive officer of California-based ALOM says in the two years since opening a fulfillment and distribution hub in Indianapolis, the facility has been one of the company's biggest successes. The supply chain management company this week cut the ribbon on its expanded 160,000-square-foot facility, which Hannah Kain says will lead to continued growth in Indy. When the project was first announced earlier this year, ALOM said it would increase employment by 25%.

    • Chatham Tap will open its third location on the campus of Butler University

      Butler Restaurant Void to be Filled

      Butler University has filled an empty restaurant space on campus, left vacant when Scotty’s Brewhouse closed in July. But it continues to look for a business to fill the former Metro Diner space which closed in March. The university says Chatham Tap will open a family-friendly eatery and pub in the former Scotty’s location, the third location in the Indianapolis area. 

    • Photo courtesy of Indianapolis Motor Speedway

      Red Bull to Discontinue Air Race World Championship

      The Red Bull Air Race at the Indianapolis Motor Speedway, originally scheduled for October, has been canceled as a result of Red Bull's decision to discontinue the Air Race World Championship following the 2019 season. The company says the races scheduled between June and September in Russia, Hungary and Japan will run as planned.