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.
“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.
