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Humana Inc.

Humana Inc.
Public
Traded as HUM
S&P 500 Component
Industry Managed health care
Founded August 18, 1961; 55 years ago (1961-08-18) (as Extendicare Inc.)
Louisville, Kentucky, U.S.
Headquarters Humana Building
Louisville, Kentucky, U.S.
Key people
David A. Jones, Sr. and Wendell Cherry, co-founders
Bruce Broussard, CEO and President
Revenue
  • Increase US$ 41.313 billion (2013)
  • Increase US$ 39.126 billion (2012)
  • Increase US$ 2.061 billion (2013)
  • Decrease US$ 2.016 billion (2012)
  • Increase US$ 1.231 billion (2013)
  • Decrease US$ 1.222 billion (2012)
Total assets
  • Increase US$ 20.735 billion (2013)
  • Increase US$ 19.979 billion (2012)
Total equity
  • Increase US$ 9.316 billion (2013)
  • Increase US$ 8.847 billion (2012)
Number of employees
52,000 (1Q 2014)
Website www.humana.com

Humana Inc. is a for-profit American health insurance company based in Louisville, Kentucky. As of 2014 Humana has had over 13 million customers in the U.S., reported a 2013 revenue of US$41.3 billion, and has had over 52,000 employees. In 2013, the company ranked 73 on the Fortune 500 list, which made it the highest ranked (by revenues) company based in Kentucky. It has been the third largest health insurance in the nation.

The U.S. Dept. of Health and Human Services investigated Humana in 2009 for sending flyers to Medicare recipients that the AARP characterized as deceptive. The company's managed care model has also been criticized for ethical lapses and limitations.

The health insurer Aetna said on July 3, 2015, that it had agreed to acquire its smaller rival Humana for $37 billion in cash and stock.

Lawyers David A. Jones, Sr. and Wendell Cherry founded a nursing home company in 1961. The company known in 1968 as Extendicare Inc., became the largest nursing home company in the United States. In 1972, Jones and Cherry sold the nursing home chain, to purchase hospitals.

In 1974, the partners changed the corporate name to Humana Inc. It grew in the following years, both by business and in 1978 through the takeover of American Medicorp Inc., which doubled the company's size, and growing into the world's largest hospital company in the 1980s. During this period, Humana developed the double corridor model for hospital construction. This design minimized the distance between patients and nurses by placing nursing support services in the interior of the building with patient rooms surrounding the perimeter.

As the American health care system changed in the 1980s, "one of its hospitals in Arizona lost a contract with the largest health-maintenance organization in the area [and] Humana created its own health insurance plan.


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