HARTFORD, Conn., May 9, 2006 — Aetna (NYSE: ΑET) announced today the launch of a new business unit — AdvantusSM — to provide products and services to insurance companies, third party administrators, regional health plans and other customers. Advantus will offer provider networks, such as those acquired in Michigan and Colorado last year, selected medical management services, and health care specialty services to customers outside Aetna’s core distribution channels.
"By establishing Advantus, we will have another independent and recognizable brand to sell high-quality, stand-alone products and services to other insurance companies and health plans," said Mark Bertolini, executive vice president and head of Aetna Regional Businesses. "The new business unit is part of Aetna’s strategy to expand aggressively into new customer segments."
Companies acquired over the past two years by Aetna, such as HMS HealthCare, HMS Health Management, PPOM, Sloans Lake, Mountain Medical Affiliates, Flora and ProNet will become part of Advantus. Those operations currently generate more than $100 million in revenue, have more than 400 employees and serve 1.8 million members. In addition, new products being offered initially by Advantus include Out-of-Network Claims Management, Dental Network Access, Stop Loss, Credentialing, selected Medical Management programs, and Behavioral Health Employee Assistance Programs and Disease Management. Other products and services are in development.
Advantus will be organized into several units: Advantus Networks, offering provider network access; Advantus Health Management, offering health management services; and, Advantus Health Plan Services, offering health care-related specialty services.
"We are excited to be launching Advantus," said Dan Fishbein, M.D., who will head the new business unit. "Advantus brings a number of our current product offerings under one name and provides excitement and a new focus that we will leverage to strengthen our market position. This business unit will provide Aetna with new opportunities for growth by pursuing new markets for both existing and acquired capabilities."
Initially Advantus will have operations in Michigan, Colorado, Texas, Connecticut and Maine. The Advantus brand roll-out will be phased in over an 18-month period, with some operations changing names immediately, while others will follow over time.
Aetna is one of the nation’s leading diversified health care benefits companies, serving approximately 28.3 million people with information and resources to help them make better informed decisions about their health care. Aetna offers a broad range of traditional and consumer-directed health insurance products and related services, including medical, pharmacy, dental, behavioral health, group life, long-term care and disability plans, and medical management capabilities. Our customers include employer groups, individuals, college students, part-time and hourly workers, health plans and government-sponsored plans. www.aetna.com
