Humana's Testing Initiative to Aid Members Amid Coronavirus
Humana Inc. HUM recently announced that it will offer a pilot home-testing program to allow at-home coronavirus test collection for members. The company is the first insurer to provide this facility via LabCorp’s at-home test-collection kits. Humana members with Medicare Advantage, Medicare Supplement, Medicaid or Employer Group plans through the company will be eligible for the tests.
This breakthrough underlines the company’s commitment to provide its members with the best facilities despite the pandemic woes. This leading health and well-being company also announced a partnership with Walmart and Quest Diagnostics to enable members to undergo testing conveniently. Members will be able to get tested at hundreds of Walmart Neighborhood Market drive-thru pharmacy locations across the country, which will be done using the pharmacy drive-thru windows. Many of these sites are already available and other ones will be added between now and August.
The drive-through option will definitely lead to an enriched experience for members. The company also developed a COVID-19 risk-assessment tool at Humana.com/coronavirus, based on CDC (Centers for Disease Control and Prevention) guidelines.
Members with COVID-19 symptoms or those who are asymptomatic but have been exposed to the virus can access the at-home testing facility as the company is making LabCorp’s COVID-19 at-home collection test kit available. The test is available via LabCorp’s Pixel by LabCorp online platform. The physician-authorized test kit allows people to self-collect nasal swab specimens within the comforts of their homes. This solution is an addition to the company’s multifaceted, home-focused COVID-19 response strategy.
Members who would like to opt for a drive-thru test will be able to gain traction from Humana’s tie-up with Walmart, Quest Diagnostics and PWNHealth. Pharmacists will be present behind the drive-thru window as patients collect their samples.
Humana will continue to waive member expenses regarding COVID-19 tests as declared earlier. It is also eradicating out-of-pocket costs for office visits so that members can reconnect with healthcare providers. The company is even waiving in-network primary care costs for all primary care visits for the remainder of the year.
Additionally, Humana is waiving member expenses for non-facility based outpatient behavioral health visits through the rest of year. It is waiving consumer costs for treatment and diagnostic testing in relation to COVID-19-covered services including inpatient hospital admissions for enrollees of Medicare Advantage plans, fully-insured commercial members, Medicare Supplement and Medicaid members.
Humana also extended its telehealth cost share waivers for telehealth visits applicable to in-network providers through 2020. Moreover, it is providing safety kits to support visits to healthcare providers. It has above 2000 Humana nurses and other staff members who are making calls to members on a daily basis as well as coordinating care for their clinical and behavioral health needs and screening for social determinants of health.
The above strategic actions are part of the company’s dynamic stance on meting out quality health care solutions for its members. This leading health insurer repeatedly showed its dedication to healthcare by taking several measures during the ongoing crisis.
Zacks Rank and Price Performance
Shares of this currently Zacks Rank #3 (Hold) company have soared 50.6% in a year’s time, outperforming its industry’s rally of 12.8%.
The stock return looks solid when compared with other companies’ share price appreciation in the same space. For instance, Molina Healthcare Inc. MOH, UnitedHealth Group Incorporated UNH and Centene Corporation CNC have gained 26.4%, 23% and 23.3%, respectively, in the same time frame. Molina currently holds a Zacks Rank #2 (Buy) while UnitedHealth Group and Centene carry the same Zacks Rank as Humana at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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