Friday, May 29, 2015

US Reps call for Independence Blue Cross, rivals' pay, profit data

U.S. Reps. Henry A. Waxman, D-Calif., and Bart Stupak, D-Mich., want Independence Blue Cross President Joseph A. Frick and his peers at Cigna, Aetna, Horizon, and dozens of other big health insurers to answer a few questions.

US Reps call for Independence Blue Cross, rivals' pay, profit data

U.S. Reps. Henry A. Waxman, D-Calif., and Bart Stupak, D-Mich., who run the House commerce committee and its oversight subcom, respectively, want Independence Blue Cross President Joseph A. Frick and his peers at Cigna, Aetna, Horizon, and dozens of other big health insurers to answer a few questions. Link to Frick letter here, see pp. 114-117; scroll through document to see letters to other insurers.

Among other things, Waxman and Stupak want:

- A list of any employee who collected over $500,000 in cash, perks and other pay in any year from 2003-08
- Compensation consultant reports justifying boss pay
- Pay to board members, which in IBC's case includes dozens of public officials, union and corporate executives
- Junkets (paid trips and conferences)

Plus:

- Sales, income and dividends, also for 2003-08
- Sales, expense and profit data for each business line, including Medicare and Medicaid as well as employer and self-insured

Deadline: Sept. 4. for the list of high-paid executives, trips, sales, income, dividends; Sept. 14 for everything else. IBC spokeswoman Liz Williams told me they're reviewing the request. Last month PA Insurance Commissioner Joel Ario called Frick's pay "comparable" to other Blue Cross health insurers, Inquirer post (and link to report) here.

About this blog

PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano