Billy Maynard succeeds the retiring Thomas
Carrato
Health Net Federal Services, LLC, a wholly owned subsidiary of
Health Net, Inc., has named Billy Maynard incoming president,
effective May 1, 2015. He will replace Thomas Carrato, who will
retire later this year after nine years with Health Net Federal
Services, the last three as president.
Billy Maynard (Photo: Business Wire)
“While we are sad to lose Tom to retirement, we are fortunate to
have Billy’s in-depth understanding of the needs of the Department
of Defense and federal-sector business planning and strategy,” said
Jay Gellert, president and chief executive officer of Health
Net.
“Having both Billy and Tom on board at the same time will help
ensure a smooth and effective transition of duties and an
appropriate handoff of our Department of Defense partnerships and
relationships,” said Gellert.
Maynard most recently was a partner at the management consulting
firm InfiniTek, where he specialized in federal health care
strategy and provided significant consulting support to Health Net
and Health Net Federal Services over the past 12 years. Previously,
he held business development and strategy positions with advanced
technology defense-sector services companies.
“Billy understands Health Net and our TRICARE and Department of
Veterans Affairs lines of business very well,” said Steve Tough,
president of Government Programs for Health Net. “His deep
knowledge of the details of our government-based programs will help
this transition.”
A veteran of the U.S. Army, Maynard was executive assistant to
NATO's Supreme Allied Commander, Europe, from 1983 to 1990. During
this period, he was twice decorated with the Defense Meritorious
Service Medal for contributions in support of the NATO
Alliance.
Maynard is a graduate of the U.S. Army Institute of Personnel
and Resource Management (Adjutant General Corps); studied business
administration at the University of Maryland University College
Europe; and holds a postgraduate certification in organization
development from DePaul University.
Maynard will be based in Arlington, Va.
“Health Net is indebted to Tom for his leadership and guidance,”
said Gellert. “He had a remarkable career in the government health
care sector, including as a rear admiral in the U.S. Public Health
Service, and he helped enrich Health Net’s services to our nation’s
military families.”
About Health Net
Health Net, Inc. (NYSE:HNT) is a publicly traded managed care
organization that delivers managed health care services through
health plans and government-sponsored managed care plans. Its
mission is to help people be healthy, secure and comfortable.
Health Net provides and administers health benefits to
approximately 6.0 million individuals across the country
through group, individual, Medicare (including the Medicare
prescription drug benefit commonly referred to as “Part D”),
Medicaid, dual eligible, U.S. Department of Defense, including
TRICARE, and U.S. Department of Veterans Affairs programs. Health
Net also offers behavioral health, substance abuse and employee
assistance programs, managed health care products related to
prescription drugs, managed health care product coordination for
multi-region employers, and administrative services for medical
groups and self-funded benefits programs.
For more information on Health Net, Inc., please visit Health
Net’s website at www.healthnet.com.
Cautionary Statements
The Company and its representatives may from time to time make
written and oral forward-looking statements within the meaning of
the Private Securities Litigation Reform Act (“PSLRA”) of 1995,
including statements in this and other reports, in presentations,
press releases, filings with the Securities and Exchange Commission
(“SEC”), and in meetings with investors and analysts. All
statements in this report, other than statements of historical
information provided herein, may be deemed to be forward-looking
statements and as such are intended to be covered by the safe
harbor for “forward-looking statements” provided by PSLRA. These
statements are based on management’s analysis, judgment, belief and
expectation only as of the date hereof, and are subject to changes
in circumstances and a number of risks and uncertainties. Without
limiting the foregoing, statements including the words “believes,”
“anticipates,” “plans,” “expects,” “may,” “should,” “could,”
“estimate,” “intend,” “feels,” “will,” “projects” and other similar
expressions are intended to identify forward-looking statements.
Actual results could differ materially from those expressed in, or
implied or projected by the forward-looking information and
statements due to, among other things, health care reform and other
increased government participation in and taxation or regulation of
health benefits and managed care operations, including but not
limited to the implementation of the Patient Protection and
Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010 (collectively, the “ACA”) and related
fees, assessments and taxes; the Company’s ability to successfully
participate in California’s Coordinated Care Initiative, which is
subject to a number of risks inherent in untested health care
initiatives and requires the Company to adequately predict the
costs of providing benefits to individuals that are generally among
the most chronically ill within each of Medicare and Medi-Cal and
implement delivery systems for benefits with which the Company has
limited operating experience; the Company’s ability to successfully
participate in the federal and state health insurance exchanges
under the ACA, which involve uncertainties related to the mix and
volume of business that could negatively impact the adequacy of the
Company’s premium rates and may not be sufficiently offset by the
risk apportionment provisions of the ACA; increasing health care
costs, including but not limited to costs associated with the
introduction of new treatments or therapies; the Company’s ability
to reduce administrative expenses while maintaining targeted levels
of service and operating performance, including through the
Company’s master services agreement with a subsidiary of Cognizant
Technology Solutions Corporation (“Cognizant”); whether the Company
receives required regulatory approvals for Cognizant’s provision of
services to the Company and any conditions imposed in order to
obtain such regulatory approvals; the Company’s ability to
recognize the intended cost savings and other intended benefits of
the Cognizant transaction; the risk that Cognizant may not perform
contracted functions and services in a timely, satisfactory and
compliant manner; negative prior period claims reserve
developments; rate cuts and other risks and uncertainties affecting
the Company’s Medicare or Medicaid businesses; trends in medical
care ratios; membership declines or negative changes in the
Company’s health care product mix; unexpected utilization patterns
or unexpectedly severe or widespread illnesses; failure to
effectively oversee the Company’s third-party vendors;
noncompliance by the Company or the Company’s business associates
with any privacy laws or any security breach involving the
misappropriation, loss or other unauthorized use or disclosure of
confidential information; the timing of collections on amounts
receivable from state and federal governments and agencies;
litigation costs; regulatory issues with federal and state agencies
including, but not limited to, the California Department of Managed
Health Care and Department of Health Care Services, the Arizona
Health Care Cost Containment System, the Centers for Medicare &
Medicaid Services, the Office of Civil Rights of the U.S.
Department of Health and Human Services and state departments of
insurance; operational issues; changes in economic or market
conditions; investment portfolio impairment charges; volatility in
the financial markets; and general business and market conditions.
Additional factors that could cause actual results to differ
materially from those reflected in the forward-looking statements
include, but are not limited to, the risks discussed in the “Risk
Factors” section included within the Company’s most recent Annual
Report on Form 10-K filed with the SEC and the other risks
discussed in the Company’s filings with the SEC. Readers are
cautioned not to place undue reliance on these forward-looking
statements. Except as may be required by law, the Company
undertakes no obligation to address or publicly update any
forward-looking statements to reflect events or circumstances that
arise after the date of this report.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20150414005393/en/
Investor Contact:Health Net, Inc.Peter O’Neill,
818-676-8692peter.oneill@healthnet.comorMedia Contact:Brad
Kieffer,
818-676-6833brad.kieffer@healthnet.comwww.twitter.com/hn_bradkieffer
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