Physicians’ Foundation Receives $10 Million From Aetna
NEW HAVEN, CT, June 10, 2004 — The Physicians’ Foundation for Health Systems Excellence, Inc., has received an accelerated $10 million contribution from Aetna, Foundation Board Chairman Tim Norbeck announced today. The Foundation was created as a result of a May 2003 settlement of a class action lawsuit between 19 state and local medical societies and Aetna. The Foundation’s mission is to provide physicians with the tools to improve practice management, facilitate physician education and promote patient safety.
The $10 million installment, which represents half of the total $20 million contribution to the Foundation to be made by Aetna, was received ahead of schedule and stimulated reaction from the Foundation leadership. "We commend Aetna, not only for recognizing the importance of improving relationships between the insurer and the physician community, but also for making it possible for the Foundation to begin its work earlier than we had expected", said Norbeck.
Aetna transferred the funds early "to expedite ... the Foundation’s mission to improve health care quality in this country," said John W. Rowe, M.D., chairman and CEO of Aetna. The payment follows an earlier $200,000 contribution, also ahead of schedule, that allowed the societies to obtain legal status for the foundation and begin preliminary administrative functions.
The Physicians’ Foundation for Health Systems Excellence, Inc., is a Section 501(c)(3) organization established exclusively to promote optimal physician practice management and high quality medical care, including, without limitation, assisting physicians in the practice setting and assisting the public to improve and enhance the quality of care received by patients in the evolving health care environment.