These operations also provide disability and life insurance products which were historically sold in connection with certain experience-rated medical products. Industry and Strategic Overview CIGNA believes that the health care business model is evolving to one that focuses more directly on the role of the health care consumer. Engaging consumers more closely in health care decisions can result in improved health care outcomes and remove unnecessary costs from the system. Consumerism represents a transition from a cost-based business model to a value-based model. Using this model, CIGNA seeks to provide actionable information about provider quality and cost, customer support tools and services, and health advocacy support, to assist consumers in making more informed choices regarding their health care and in achieving better health outcomes. CIGNA has developed products, educational resources and customer support tools for consumers and capabilities to provide information to employers about the health needs of their plan participants.
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Other Operations, including Corporate-owned Life Insurance. The Company uses its website as a channel of distribution for material company information. Important information, including news releases, analyst presentations and financial information regarding CIGNA is routinely posted on and accessible at www. As part of this mission, the Company remains committed to health advocacy as a means of creating sustainable solutions for employers, improving the health of the individuals that the Company serves, and lowering the costs of health care for all constituencies.
In this market, CIGNA is focused on expanding and deepening client and customer relationships across each segment. The Company plans to improve its strategic and financial flexibility by driving further reductions in its Health Care operating expenses, improving its medical cost competitiveness in targeted markets and effectively managing balance sheet exposures.
Virgin Islands. CIGNA HealthCare believes the most sustainable approach to enhancing quality and managing health care costs is to fully engage individuals in the decisions that affect their health and the health care services they receive. Accordingly, to assist individuals in making informed choices about health care for themselves and their families, CIGNA HealthCare makes available to them actionable information about health and advocacy programs, as well as about the cost and quality of health care services and supplies provided to them.
Principal Products and Services CIGNA offers a variety of products and services to employers and other groups that sponsor group health plans. CIGNA may sell multiple products under the same funding arrangement to the same employer. Commercial Medical CIGNA HealthCare provides a wide array of products and services to meet the needs of employers, other sponsors of health benefit plans and their plan participants i.
Like Network and Open Access Plus Plans, the PPO product line is offered on an insured guaranteed cost or experience-rated or self-insured basis, with a majority of the customers being in self-insured plans. Health Maintenance Organizations In most states, Commercial and Medicare HMOs are required by law to provide coverage for all basic health services and plans may only be offered on a guaranteed cost basis.
HMOs control unit costs by negotiating rates of reimbursement with health care professionals and facilities and by requiring advanced authorization for coverage of certain treatments. CIGNA HealthCare offers HMO plans that require customers to obtain all non-emergency services from participating health care professionals as well as POS HMO plans that provide some level of coverage for out-of-network care from non-participating health care professionals and facilities.
The out-of-network coverage is generally provided through separate insurance coverage that is sold with the HMO benefits. CIGNA intends to submit a waiver request for subsequent years through and including Funds in an HSA can be used to pay the deductible and other eligible tax-deductible medical expenses and can be rolled over from year to year.
Unused FSA account funds cannot be rolled over from year to year; they are forfeited by the employee. CIGNA offers a seamless integration of services to address the clinical and administrative challenges that are inherent in coordinating multiple vendors.
CIGNA operates nine onsite health centers and expects to continue to open additional onsite health clinics. In addition, the Company has expanded onsite services to include onsite pharmacies, dedicated health advocates at employer sites across the country, hourly coaching services and onsite biometric screenings through the acquisition of Kronos Optimal Health.
Services and operations are projected to continue to expand throughout and beyond. These programs, which may involve contracted vendors, are intended to control health costs through the reduction of out-of-network utilization, the auditing of provider bills and recovery of overpayments from other insurance carriers or health care professionals. CIGNA earns fees for providing or arranging these services.
CIGNA has a comprehensive list of conditions covered regardless of the pharmacy used to fill the respective prescription, or under which benefit the prescription falls.
TheraCare is coordinated with other CIGNA health advocacy programs and all data is captured for analysis and reporting. CIGNA Home Delivery Pharmacy provides an individual-focused, efficient home delivery pharmacy with high standards of quality, accuracy and individual care relating to maintenance and specialty medications.
Most of these customers are in self-insured plans, with guaranteed cost and experience-rated insured plans accounting for the remaining membership. All dental HMO customers are in guaranteed cost insured plans. CIGNA Dental Health stresses preventive dentistry; it believes that promoting preventive care contributes to a healthier workforce, an improved quality of life, increased productivity and fewer treatment claims and associated costs over time.
CIGNA Dental Health offers customers a dental treatment cost estimator to educate individuals on oral health and aid them in their dental health care decision-making.
Cigna Quarterly Reports and SEC Filings
Download [PDF] Cigna Overview Cigna is a global health service company with a mission to help improve the health, well-being and peace of mind for those we serve. Our global workforce embodies this mission through its collective role as champions for our customers and communities. Our strategic focus is centered on delivering high quality, affordable, and personalized products and solutions to our customers and clients by leveraging our differentiated strengths as well as our talent and localized approach. We continue to solve for the market needs of our partners that are ever evolving, including those of our customers, clients and communities, as well as the government and healthcare professionals. Our framework for driving growth and creating shareholder value: Capture headroom for growth within our existing businesses and targeted sub-segments.
Annual Reports and Proxy Statements
Cigna Corp (CI) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019
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