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Aetna Inc. Message Board

  • C78596998785 C78596998785 Feb 17, 2000 8:07 AM Flag

    fair's fair-How I'd fix AET (part 2)

    ------ Communication
    * Take the time to
    discuss the lawsuits... Use press releases to highlight
    what the main issues are and what demands are being
    made... How Aetna feels about the issues and what should
    be done to address the issues.

    * Fix the
    issues first, don't wait for the courts... get ahead of
    this not reactive... It's a tough case to argue when
    the identified problems no longer exist... I once
    held a job where I provided service to thousands of
    people... I knew my environment well, I knew when problems
    existed... I also knew I had three weeks (pain initially
    tolerated, then communicated and finally addressed via
    management meetings) to fix the problems before I was in
    high level meeting. When the meetings occurred I would
    have already fixed the problems and would question the
    existence of an existing problem... A poll would be done
    and the issue would evaporate. The key is I would be
    aware of the problems before my customers and I'd work
    my tail off to have the problems resolved before the
    day of reckoning. The topic - pay the claims in the
    preceding section is a good example of fixing the problem
    before the court date (instead of a meeting) and it
    would also allow the doctors to do their jobs as noted
    in the provider section. Let the claim payment
    people handle the issues re questionable
    claims.

    ----- costs
    Yes some of this will effect margins....
    but there is a greater problem here... I'd rather see
    $.15 less in earnings a quarter and have a P/E of 20
    than have the $.15 with a P/E of 7.

    Nothing
    costs more than having your customers and providers
    feel like hostages... I do believe this can be turned
    around, I have been adding to my holdings since the stock
    broke below $40 and have never owned as many shares in
    Aetna as I do now... I may be critical, but I am so
    because I'd like to see the company prosper again... Had
    the old standards remained, they would own this
    industry today.

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    • I agree with your post 100%. USHC was a
      successful regional Co and no understanding of what being
      National is all about. I am fully aware of the problem,
      that is why I am retiring. I see it day to day. The
      infamous Peter principle.

    • Yes, AET's roots were destroyed. And now, some company just might buy up AET. But it won't be Sandy Weill, I don't think. He's too smart.

    • You are on target. The problem is not just Huber.
      The senior leadership of AUSHC in 3+ years has
      demonstrated they are in positions way over thier heads. They
      do not understand risk management, customer
      management or provider relations management. They came from
      a regional HMO. They continued to forget that most
      of AUSHC's membership was non HMO. They have
      promoted unqualified USHC employees to middle managment
      positions. You cannot repair 3 plus years of damage by
      replacing the CEO. The CEO and President of AUSHC would be
      a good start but you still would have serious
      competency issues with General Managers and other middle
      management promoted within the last few years.

    • Compton sold P&C to Travelers and totally blew
      the fact that the P&C reserves were the best in the
      industry. Now Huber with no experience in Health Care tries
      to run a company who's roots have been totally
      destroyed. Biggest problem is that the Board has and will
      remain a rubber stamp for current management. With HR
      10's cooling off period coming to a close (I believe
      120 days) Aetna could be an acquisition candidate
      even by some unknown Eouopean Financial conglomerate.
      With this stock price it is a steal!! Travelers as
      well as other well positioned companies are in the
      hunt for value companies.

    • See article on the Editorial page of Section One of this AM's WSJ vis-s-vis Huber, AET, etc.

    • My heart be still!!!!!!!!!!

      NO ONE currently at Aetna can run this great company. The new Chairman, CEO, COO, CFO, and CIO MUST come from the outside....or else "same old, same old"

    • Good news about that Forbes article. Looks like
      the Compton & Huber comedy team is finally getting
      their due. Now, if only AET can rebuild to even a
      fraction of what they were prior to the spring of '96.

    • Aetna is on the front page. Title: "TRAIN WRECK
      IN HARTFORD. Richard Huber bet $10 billion that
      Aetna should be in the health care business rather than
      in financial services. It was a bad
      bet."

      Huber is ripped apart in a two page article explaining
      how "Huber had a "ready-fire-aim" attitude at
      Continental Bank...spent $10 billion buying companies like U.
      Healthcare and Prudential Health...Aetna's shares are worth
      $5.8 billion...Aetna's operating margin in managed
      care has fallen from 7.5% (when Huber started his push
      into this business) to a dismal 3.3%..."

      My
      personal opinion: Huber has to be replaced fast. I agree
      with TxAggie60_60 that it would be a bigger mistake
      installing Cardillo or any of the USHC mob. USHC defrauded
      Aetna when it convinced Aetna to pay 4x the going price
      for USHC. The USHC people don't have a clue how to
      run a large respectable organization. Aetna needs an
      outsider from an outfit like Cigna to come in and dump
      Huber and most of the USHC management (screw their
      employment agreements from that sweetheart buyout deal)!

    • Mobsters, hum, yea,that's a pretty accurate description.

    • Huber wants to be a bully but the best this
      pathetic little man can do is to try to bully Mrs.
      Goodrich who lost her husband to cancer by describing her
      to the press as a "weeping widow". This was after
      she won a $120 million judgement against Aetna.
      Apparently Huber is still stringing the "weeping widow"
      along and we can expect him to take on Ian Malone any
      day now. Huber gave a badge to a pathetic little punk
      named Dick Farley, head of Aetna corporate security,
      and now hides behind him. What a pair of Dicks.

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